Oppoetunity is Knocking
- “No branch of the securities business has experienced greater changes within the past year than the municipal bond field,” states Frank H. Morse, of Lehman Brothers, well-known investment bankers of New York. “The financial recovery of cities throughout the country has been accompanied by a swing in the prices of many municipal bonds from the lowest to the highest levels in their history.”
- All of which means that cities and towns everywhere ought to be in position soon to get the wherewithal to buy badly needed equipment. And there are indications that it won’t be long now before the rush starts.
- It’s a grand opportunity for everybody—let’s make the most of it!
“In the early months of the year only municipal securities of the highest grade were salable at any price and there was literally no market for second or third grade municipals,” Mr. Morse remarks. “In the latter part of 1934 some of the high grade municipals were selling above United Stutes government securities, while certain second and third grade bonds had recovered from 50 cents on the dollar to around par. Municipalities with unimpaired credit standing were able to borrow at record low interest rates.”