Sign of Life

Marketed last week, at record low interest rates for industrial bonds, was a Standard Oil Co. (N. J.) $50,000,000 issue of 15-year, 2 3/4% debentures and a$35,000,000 issue of serial notes yielding from 1 3/4% to 2 1/2%. In early bidding the debentures jumped to a premium of 99 1/2 (formal price was 99), while the notes (priced at 100) went to a premium of 1/2 point. Same day Crown Cork & Seal Co., Inc., sold $10,000,000 in 4 1/2% debentures at 99. These offerings were the first sign of life in the capital market since U. S. Steel's $100,000,000 bond issue last month (TIME, June 13). Whereas Big Steel's big issue was to finance plans laid some time ago, Standard's will be spent largely on plant expansion planned since Depression II got under way.

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