CHEMICALS: The Next 1 ,000 Years

Sixty-one years ago, in a letter acknowledging a bank draft of $75, Dow Chemical Co.'s Founder Herbert H. Dow wrote: "I think this will last us quite a while." Last week, in the Wall Street offices of Smith, Barney & Co., Dow's present President Leland I. Doan received another check. The amount: $100,425,000. Doan didn't think it would last long. Dow will probably be looking for more money in four years.

Dow's fresh money was the biggest single public financing ever done by a U.S. chemical company, a 3% convertible debenture issue that investors snapped up the minute it came...

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