SECURITIES: Mail from the Great Northern

The day's mailbag was eagerly emptied by partners and officers of the principal underwriting houses in New York and Chicago last week. Each firm was expecting a letter from Frank J. Gavin, president of the Great Northern Railway. Most of Railroader Gavin's letters are notably brief, but this one was to be a little longer than usual. It was an invitation for competitive bids on $100 million 3½% refunding bonds of the Great Northern—the largest issue of topflight railroad bonds to come to market since 1900. The sale must be completed by Oct. 15.

In general, investment bankers do not...

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