Word: bankrupt
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Dates: during 1940-1949
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Back in the U.S. in 1932 he showed other American qualities: almost overnight he pulled a bankrupt parish in a Boston suburb out of the red. Much more the administrator than the philosopher, he moved up as Archbishop of New York, richest see in the U.S. (and the world), managed its complex charities and institutions with a sure hand...
Furthermore, court-appointed receivers held on to war-brought cash "in far larger amounts than were needed or could be justified. . . ." They should have used it, said the report tartly, to reduce funded debt and thus reduce interest charges. Actually, fixed interest charges of bankrupt roads increased 4.1% between 1940 and 1944, while charges for other roads, free to use wartime earnings to decrease fixed charges, declined 12.5%. In effect, said the report, the road in trouble is "gouged...
...stockholders hoped that the Reed bill, introduced in Congress on Nov. 23, would add weight to their petition. Under its terms a bankrupt railroad whose average earnings for seven years have covered its fixed charges can be taken out of the courts, handed back to its stockholders. The Milwaukee's stockholders hoped to stave off approval of the reorganization until they had a chance of preserving their investment...
...plot is framed within the limits of "Going My Way"; the young lovers have been replaced by an older pair, the bankrupt church by a bankrupt school, the wayward boys by a wayward girl, one scrooge by another, and both establishments are saved by a somewhat dubious miracle...
...Hard Choice. Meanwhile, food stocks were growing slimmer. From Washington came encouragement: the U.S. would send food to Germany. Moreover, Washington had come around to the view that the U.S. would have to pay its own occupation costs rather than charge them to the bankrupt Germans. The U.S. preferred to add enormously to its bill for World War II in order to achieve one of the war's objectives: the permanent disarmament of Germany. Insistence on cash or goods from Germany would mean restoring her heavy industry and, with it, her war potential. Washington was willing...