Bond Pool

On June 3, 20 Manhattan banks formed American Securities Investing Corp. They agreed to place up to $100,000,000 at A. S. I. C.'s disposal and gave it $10,000,000 to start with. A. S. I. C., directed by Morgan Partners Thomas William Lamont and George Whitney, proceeded to buy bonds. If the company has done no better than the "averages." it may well have made 20% or $2,000,000 on its first $10,000,000.* But the directors, meeting last week, said nothing about paper profits, confined themselves to a modest interest payment on the total of $23,000,000 which the banks have now invested in it.

* In the six months since June 1, Dow-Jones average of 40 bonds has risen from 65 to 78.

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