Word: bankrupts
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Often it took the fear of imminent bankrupted to bring union and management around. This sort of life-raft conversion characterized most of Seanlon's clients in the late 'thirties, and, as he recounts, "Slichter's boys came down from Harvard and wrote theses about our work. They concluded that the plan worked, but they said it wouldn't work outside of a bankrupt situation. That was a challenge." Seanlon has met the challenge: his plan has worked as well in profitable plants as in failing ones...
...Scanlon was president of his local at an Ohio steel company which had been organized two years before by the Steel Workers Organization Committee, (now the United Steelworkers). The industry was still groggy from the effects of the depression: Scanlon's company was nearly bankrupt, and he was afraid it would fold, leaving the men without jobs. So, with some persuasion, he induced the company's president to go with him to S.W.O.C. headquarters in Pittsburgh to consult Clinton Golden, at that time vice-president of the steel-workers...
Last week, hardfisted, hardheaded old Fred Dumaine disdainfully spat on the hot fire stirred up under him at the New Haven's annual meeting. Stockholders were asked to approve the purchase of the outstanding 5% debenture bonds of the long-bankrupt Boston & Providence Railroad Corp. for $3,250,000. Who owned the debentures? None other than Chairman Dumaine and a few of his friends. They had bought the bonds for $2,256,800 in 1945 when Dumaine was just a New Haven director. Now they stood to clear a $993,200 profit on the deal...
Some of the lower-standard four-year colleges that cannot attract the national scholarship money may still collapse. But Federal aid to state systems would provide two-year colleges to replace whichever of ht weaker four-year schools still go bankrupt in the crush...
Triangular Trade. After some man-to-man bargaining, Prí offered Pawley the concession if he would pay $1,500,000 to the near-bankrupt trolley company's bondholders and get buses rolling in place of the sway-backed trams. But when Pawley went home to line up financial backing, no fewer than eleven U.S. banks, including the Export-Import Bank, turned down the deal...