Word: bond
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Dates: during 1930-1939
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...morning last week in a modest Manhattan office at No. 31 Nassau St. subscription books were opened for a $180,000,000 bond issue. By the afternoon of the next day the issue was sold, the books closed. With the same absence of fanfare, Charles R. Dunn, fiscal agent for the twelve Federal Land Banks, disposed of a $100,000,000 issue last December, one of $239,000,000 last June, another of $162,000,000 a year ago. Last week's offering brought the total of Federal Land Bank financing for the past twelve months...
Born 56 years ago in New Market, N. J., Charles Dunn went to work at 17 as a wholesale grocery salesman, later learned all there was to know about the commercial paper business, was with the banking and commercial paper house of Bond & Goodwin in 1929 when Eugene Meyer, then Federal Farm Loan Commissioner, telephoned him from Washington. After that long-distance interview he became a fiscal agent, with his amazingly wide acquaintance among U. S. bankers, acquired in distributing commercial paper, as his most valuable asset. A large, plump, kindly man with close-cropped hair, Mr. Dunn raises prize...
Having been delayed a fortnight while the borrower took stock of damage done by Pittsburgh's floods, a notable bond offering occurred last week.* The issue was backed by a first mortgage on the fourth largest aggregation of steel properties in the U. S. The company was by all odds the biggest family-owned steel business in the land. The money-$30,000,000-was for expansion, not refunding. Jones & Laughlin Steel Corp. was ready to build in its Pittsburgh works a new continuous strip-sheet mill, which is an exceedingly expensive chunk of machinery...
...However, 70% of its capacity is in other heavy steel products, such as pipes, mer chant bars and structural shapes. Though J. & L.'s plants are the envy of the industry, this preponderance of heavy products, which slumped worst in Depression, was what inspired last week's bond issues. A big modern strip-sheet mill will help balance its output...
...Another notable bond offering last week was a $40,000,000 issue of New York Central bonds, proceeds of which, together with $22,900,000 of short-term notes, will be used to fund Central's colossal bank loans (TIME...