Word: bond
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Dates: during 1930-1939
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President Roosevelt would like to see railroads and utilities shake themselves free from a part of their burden of bonded debt. One good way, he suggested, was to establish sinking funds to retire bonds before they matured. Chicago & North Western hastily took up the Roosevelt idea. Since then, however, financial fashion has dictated a different method of achieving this same end. Faced with a large maturity in April, American Water Works & Electric lately announced a $15,000,000 issue of bonds convertible into stock. Last week New York Central announced plans for meeting its nearby maturities with...
...choice did Water Works and Central sweeten their new bond issues with conversion privileges. Convertible bonds are always popular with timid investors in any period of rising prices because they offer a bond's stability of principal and income together with the speculative possibilities of stock. Last week on a when-issued basis Water Works' new bonds were promptly bid up to 5% above par, Central's 17½% above. Both issues are the first major financing in their respective fields since the Securities Act. Water Works' bonds carry the full civil liabilities imposed...
Already waist deep in the commercial banking business, the Federal Government last week for the first time set itself up as a dealer in municipal bonds. Public Works Administrator Ickcs has on his shelves some $58,000,000 of such securities which he bought to finance labor-making projects. Like any smart bond dealer he saw in the present municipal bond boomlet a fine opportunity to turn over his capital. Last week while financial sections of the Press blossomed with municipal bond advertisements, Bond Dealer Ickes offered for public sale his first batch of PWA municipals...
...some town & county elders PWA's offering came as a shock. Their contracts permitted PWA to sell the bonds, but every municipal and county official had hoped against hope that these securities, which represented 70% of the cost of local projects, would eventually lapse to a par with the 30% outright grant. Bond Dealer Ickes, however, was dead set on turning over his inventory so he could buy more bonds, make more work...
Edwin H. B. Pratt '34 (K) defeated Edward P. Davis '34 (E) 3-2; Douglas Scott '35 (K) defeated John M. Hartwell '36 (E) 3-1; Soth H. Low '35 (K) defeated Douglas D. Bond '34 (E) 3-2; David Weld '34 (E) defeated Frank E. Arohbar '36 (K) 3-2; Nathaniel T. Winthrop '34 (E) defeated Richard S. Salant...