Word: awash
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Because U. S. banks are awash with funds to lend, many a U. S. oil company has lately found it advantageous to flaunt one of the oldest rules of corporate finance. The rule: retire bank loans as soon as possible by floating bond issues. The purpose: to substitute long term debt for short term debt. Instead, major oil companies have been borrowing from banks to retire long term bonds...
...President Roosevelt stepped firmly into the "hot oil" situation. Under the Industrial Recovery Act he issued an executive order making it a Federal offense to ship from state to state oil produced or withdrawn from storage in violation of any state law. It was reported that 600 tank cars, awash with "hot oil," had rattled out of the great flush fields of East Texas the night prior to beat the President's order. Placed in charge of the "hot oil" order was Secretary of the Interior Ickes who had done much to get the petroleum industry on record against...
...year ago on windy Lake Washington, the California crew that later won the Poughkeepsie Regatta and the Olympic Championship, won its first race of the season. The other boat was Washington's. Hopelessly outclassed from the start, rigged too low for the choppy water, with seat tracks awash after the first mile, it trailed in 18 lengths behind...
...craft with stubby low wings. Into the California dawn roared five such craft: Clair Vance's Flying Wing, Jimmy Wedell, Jimmy Haizlip and Roscoe Turner in Wedell-Williams Speedsters, Lee Gehlbach in a stubby "Gee-Bee" (Granville Bros.). Over the Mojave Desert Vance had to drop out his cockpit awash with gasoline from a leaking tank...
...handcar, for the Washington boat which lumbered along to the finish 18 lengths-nearly a quarter-mile-behind, most thoroughly beaten of any Coast crew for 29 years. Disgruntled Washington alumni learned the alibi: the Washington shell was rigged too low for the choppy course. Its seat tracks were awash after the first mile. California won the Olympic Rowing championship in 1928, may well defend it this year...