OCR Text |
Show TKK rKNNnriiVANIA FINAMCINQ Tlio Pennsylvania Railroad takes tho lead In railroad financing with its $60,000,000 ond offering, put out on 6,58 per cent yield basis, biasing tho way and setting tho rate for a considerable amount of now railroad Issues Just In the offlng. The fact that tho ooks were no sooner opened han they were closed because of oversubscription, attests at-tests the success of this financing and furnishes a test of ho absorptive capacity of the market for high grade railroad Investments. Incidentally It shows that railroad and public utility financing for 1921 will be taken care of on a moro favorable basis than for 1920 and that the corner cor-ner has bcon turned on high intorest rates for this class of sucurlttes. ".' -:;iT3injS5S- |