Over the Hurdle

"It took a lot of shoe leather and nervous energy," said World Bank President John J. McCloy, "but we're over the hurdle. Now we know we're a real honest-to-goodness bank."

The hurdle was the sale of the first issue of World Bank bonds, $250 million worth. They were quickly oversubscribed, thanks to more than 1,600 securities dealers, the biggest bond-selling network ever formed. Most of the buyers were insurance companies and banks attracted by the 2¼% and 3% interest. A few minutes after trading in the bonds began on the New York Stock Exchange, they were bid up from the...

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