Word: bankrupts
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...bottom was a mystery. One of the companies in Standard's system, Pittsburgh Railways, had been bankrupt since 1938, but a 6% return was regularly being paid to stockholders of its 54 subsidiaries. Boshell found that the money was coming from another Standard-controlled company, Duquesne Light, and this was draining away $1,000,000 a year which might otherwise go to Standard stockholders. Boshell set out to reorganize Pittsburgh Railways, but had to unscramble 45 separate security issues and fight off Pittsburgh stockholders who went all the way to the U.S. Supreme Court to try to block...
...while in bed recovering from a broken leg suffered in a fall from a horse, Crown studied the balance sheet of the bankrupt Rock Island railroad. Against the advice of the road's own lawyer, he bought $4,000,000 worth of defaulted bonds, exchanged them for 100,000 shares of common and preferred stock when the Rock Island was reorganized. Railroad Juggler Robert R. Young had exactly the same idea; he had picked up 250,000 shares, and wanted the Rock Island as a link in his projected transcontinental rail system...
These are the GOP solutions, then, bankrupt solutions, devoid of any long-range considerations, and devoted primarily to buttering up voters by away of their pocket books and their love for their children. Its philosophical basis is the archaic notion that the West can enforce its image of Asia by the sword, and a childish insistence on "getting it over with...
...first time that Barium's Chairman Joseph A. Sisto has been in legal hot water. Born in Newark, Sisto went to work in Wall Street at 25, opened his own brokerage house in 1923. In the Depression he went bankrupt, and was suspended by the New York Stock Exchange until he satisfied his creditors by paying 50? on the dollar. In 1933 he founded Barium Steel. In 1938, his investment firm was booted out for good, after investigation showed that he had violated Exchange rules by juggling his books. Joe Sisto then concentrated on the steel business with...
...never to help dealers by relaxing his credit restrictions. Said he: "If I don't give [businessmen] loans they will have to sell merchandise-because they have it in stock-and you will pay 70 or 80 pesos for a suit instead of 500 . . . And if they go bankrupt, what do I care...