Biggest Issue

To bond salesmen, already excited by signs of a real revival of activity in the bond market, there was tossed last week the biggest single bond issue since 1926. It was $100,000,000 of 5% convertible debentures of the famed Texas ("Texaco") Co. Just as the big 1926 issue of $120,000,000 of 5% Standard Oil Co. of N. J. bonds was oversubscribed immediately, so last week's Texas offering was sold between its release in the late afternoon and 10 o'clock the next morning.

In announcing the financing, Texas Co. President Ralph C. Holmes said the proceeds would be used for expansion of the present organization rather than the acquisition of new units. Already one of the greatest in the world is the system to which this expansion will be brought. Texas Co.'s oil and gasoline are the only brand sold in every state. To supply this demand, as well as foreign markets, the company controls 6,431,151 acres of oil land from which flow 147,000 barrels a day. Pipe lines carry this oil 6,505 miles to 17 refineries, after which it is transported in a fleet of 6,863 tank cars and 30 ships. In the U. S. alone are 40,000 distributing outlets.