Last week U. S. investment bankers were busy night & day manufacturing at least $1,000,000,000 worth of new securities for the spring trade. Very little of this financial excitement reflected any desire on the part of businessmen to build new plants or buy new equipment. With a few exceptions such as the prospective $40,000,000 Jones & Laughlin bond issue, three-fourths of which will go into new steel mills, and the $10,000,000 of equipment trust certificates to be sold by two of U. S. Steel's railroad subsidiaries for the purchase of freight cars,...
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