Magazine content is available exclusively for TIME subscribers.Brake on the Market
The biggest new-money corporate financing in history floored the stock-market last week for a count of nine. On Wednesday, the American Telephone and Telegraph Co. announced it planned to issue $351 million in debentures and increase its authorized capital stock from 25 million to 35 million shares. No sooner had word reached the Street than A. T. &T. stock took a dive.
At the close of business it had fallen 3⅞ points to 193. Next day it opened at 187¾, down an additional 5¼ points. Nervous motor and steel stocks dropped too; others sagged one to eight points. Soon the...
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