Business: Sign v. Signal

Through no less than 102 underwriting firms headed by Morgan Stanley & Co., U. S. Steel Corp. last week offered the biggest single industrial bond issue since the Securities & Exchange Act—$100,000,000 in 3¼% debentures. Priced at 100, the bonds met a voracious demand from all over the U. S., jumped to a premium of 102. This was the chief item in the biggest week's volume of new bond issues in two years. Other principal offerings in the $205,394,000 total were Commonwealth Edison Co's. $33,000,000 in first mortgage 3 1/2% bonds at 102¼% which, sold through a group headed by...

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