FINANCE
W A L L S T R E E T OF C H E M I S T R Y Chemical companies decrease rate of long-term borrowing during 1952 to less than half 1951 rate . . . Total of $ 3 5 4 million obtained by 32 firms '"•p HIRTY-TWO manufacturers of chemicals -*- obtained long-term financing from life insurance companies and other institu tional investors aggregating $354,238,000 last year, according to The 1953 Yearbook of Private Placement Financing, published in July by E . V. Hale & Co., Chicago pri vate placement specialists. This represents a considerable drop from $831,242,000 ob tained by 38 chemical concerns in the preceding year. Total private placement financing in 1952 amounted to $5,032,803,000 as com pared with $5,085,238,000 the year be fore, The Yearbook states, with 1124 issues in 1952 as against 1256 in 1951. Industrial corporations accounted for S3,249,588,000, or 65c/c of the total, as com pared with $3,564,000,000, or 70 r /r, in 1951. Largest loan to any chemical company in 1952 was an issue of $75 rr> llion 35year 3.75% notes o f American Cyanamid Co., sold to a large group of institutions. Monsanto Chemical Corp., sold an issue
of $65 million 50-year 3.75% income de bentures to a group of five life insurance companies, and Mathieson Chemical Corp. obtained $58,250,000 through sale of 3.625% 25-year notes to two institutions. A 25-year 3.75
