Finance: A Welcome Drop

All summer borrowers have been waiting for evidence that a drop in interest rates would turn out to be the real thing rather than a temporary flutter. Last week they got a strong sign as the bond market passed a critical test. On a single day, New England Telephone and Telegraph and International Harvester simultaneously floated issues totaling $275 million, a financing load that in almost any week earlier this summer would have depressed bond prices and sent interest rates soaring again. Somewhat to the surprise of underwriters, nearly all of the...

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