In the 1930's and 1940's industrial revenue bonds were little known and seldom used as a method of long-term financing. After gaining some popularity in the early 1950's, chiefly among small industrial companies, the bonds have gained wide acceptance in the past decade and have been issued by some of the largest corporations. These bonds have thus far enjoyed the tax-exempt status of municipal issues; this special feature has recently been the subject of widespread debate. The pros and cons of industrial revenue bonds as related to the experience of one large steel company are offered for guidance.
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