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...

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!