Business: Business, Aug. 2, 1937

supplied from earnings. As it is, the plowing back of capital is a high-priced luxury. Biggest seeker of working capital last week was Manhattan's R. H. Macy & Co. Feeling that it was smart to be thrifty about the undistributed profits tax, President Percy Straus persuaded his directors to authorize an offering of rights to Macy's stockholders in the ratio of one new share for every ten now held, at a price to be announced. Declared the Macy directors in a statement which might have been improved by Macy's copy department:

"It is prudent...

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