The first major piece of new public railroad financing since President Roosevelt took office was announced last week when Pennsylvania Railroad sold to Kuhn. Loeb & Co. for public offering a $50,000,000 4½% bond issue, maturing in 1984. Proceeds are to be used for "proper corporate purposes." Like all railroad securities the issue was exempt from the Securities Act, though its underwriters were subject to the equally drastic Investment Bankers Code. The prospectus issued by Kuhn, Loeb contained Pennsylvania Railroad's condensed income statement for ten years and a letter from President William Wallace...
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