Word: bankrupts
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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...
...house was unoccupied until 1781, when a wealthy shipowner bought it, holding resplendent balls in what had once been the officers' wardroom. At one dinner party he served genuine frog soup, with a live bullfrog jumping around in each plate. The result of all this was that he went bankrupt. A few years later Dr. Andrew Craigie bought the mansion, giving it its present name. Another extravagant fellow, he added two piazzas and tried desperately to make his young, beautiful, and eccentric wife happy there. But he went bankrupt, too, and only left the house on Sundays because he couldn...
...standard of living must point inevitably toward overpopulation far beyond any possible supply of resources. But Mather countered with his belief that these countries, if given encouragement from the rest of the world, would be able to solve this difficulty. The science of economic botany, he said, "is not bankrupt in Cambridge, in Chungking, or in Calcutta...