Word: bankrupts
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...grave of Brigadier General Robert H. Dunlap, U. S. M. C., in Arlington Cemetery. His objection: it established a precedent contrary to Cemetery rules and constituted a discrimination against other holders of the decoration buried at Arlington. ¶ The President signed a municipal bankruptcy bill by which bankrupt towns and cities may, with the consent of a Federal District Court and 75% of their creditors, compromise their debts to get back on their financial feet. Good news was this for many a ruined town. Such municipalities as Atlantic City, Miami, Asbury Park, Asheville, Flint, Pontiac, Hendersonville (N. C.), Wilmington, Mobile...
...simply that he seems guileless. His own cryptic opinions are buried deep in the characters of his people. Only occasionally does he let his irony be seen: a cynical businessman defines the decision of a jury as "just an idle opinion expressed by twelve negligible onlookers"; when a bankrupt unsuccessfully pleads that the bank should not strip him to the buff, "the Colonel was amazed that anyone should compare the most conventional of American businesses with a gambling house...
When a corporation "hath not" it goes into bankruptcy and a judge puts it into the hands of a receiver. The receiver and receiver's attorney take away pay for their services from the bankrupt corporation. They may, if judges let them, take so much that there is scandalously little left for creditors. Last week Congress was stirred again by the administration of the U. S. bankruptcy laws...
Five years ago the Federal judges of the southern district of New York, anxious to stop greedy Manhattan lawyers from bleeding bankrupt firms, decided to make Manhattan's Irving Trust Co. receiver in all bankruptcy cases. So well did the trust company handle this new business that it won nothing but praise from the Federal court and the public-and nothing but bitter condemnation from local attorneys who had lost a lucrative practice. Twice they carried a fight to the State Legislature to forbid Irving Trust acting as receiver; twice bills to that effect were passed and twice vetoed...
John Hazard Browning's sons were not sorry when the Civil War came. They wangled a huge contract for soldiers' uniforms out of the Federal Government. After Appomattox they might have gone bankrupt had not a man named Henry W. King joined the firm. War had ruined their southern business, so Henry W. King opened a store in Chicago. It made so much money that the Brownings were glad to add his name to their corporate title, open other stores in the West. Browning, King had a chain of haberdasheries while the late James Butler, founder...