Business & Finance: More Work for Bankers

Almost forgotten in the current swirl of corporate financing is the fact that three onetime Insull utility operating companies succeeded in refunding $65,000,000 of notes in the dark summer of 1932. Cost did not much matter: important thing was to lift the load of short-term debt. Typical of the three big units, operating in & about Chicago, was Commonwealth Edison, a triple A credit which had to sell $17,500,000 of 5½% bonds at a discount of 7 points from par.

Since then Samuel Insull has fled, returned, been tried and acquitted on numerous charges, and his stigma has faded from his former...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!