Word: bankrupt
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Dates: during 1940-1949
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...order to save their dwindling industry, they induced the Roosevelt Administration to begin a wool-buying program. The Commodity Credit Corporation bought every pound of domestic wool at a fixed price. But Australia, which is much more efficient at sheep-raising and must sell wool or go bankrupt, sold to U.S. manufacturers at a lower price, in spite of the tariff wall. Combed U.S. wool was priced at $1.20; combed Australian, generally a finer grade, was sold at $1.09, which included 34? tariff. U.S. manufacturers bought Australian wool while U.S. wool piled up in Government warehouses. Last spring the warehouses...
Like a mourner laying a nosegay on a grave, Miss Josephine Roche last week paid the first liquidating dividend of her bankrupt Rocky Mountain Fuel Co., the company the United Mine Workers loved. The dividend of 25? on each of the company's 758,720 shares of common stock came from sales of coal lands and royalties from mines leased to other companies...
Moderate improvement in Britain's financial situation might well increase rather than decrease the likelihood of another loan application. Britain clings to financial respectability as a bankrupt tycoon might cling to his last good suit, and one of the most powerful arguments against another loan has been the uncertainty that it (or the first one) could be repaid. Furthermore, proud Britons, if they must ask it at all, would far rather ask it as a helpful stimulus to quicker recovery than as a desperate last resort...
Collateral Issue. At the time the B. & O. declared itself bankrupt, said Young, it had $246 million in cash, bonds, and "quotable collateral" which it could have used to pay its RFC loans. The B. & O. has argued that it needed its cash for working capital. Young said this was nonsense. His own rich Chesapeake & Ohio Railway Co., which did its biggest business ever in World War II, did it with a working capital of only a few million dollars...
...been grossly mismanaged," he cried. "They have been in bed with Wall Street." Like a "Shylock" demanding its "pound of flesh," RFC in cooperation with Wall Street had played "power politics" with the Erie Railroad, the Missouri Pacific, the Chicago & North Western, "and half a dozen other bankrupt railroads." By appointing former RFC employees as trustees of the bankrupt roads, RFC had in effect created an evil "voting trust." As a result, Young declared, "those railroads have been grossly, almost criminally mismanaged...