Word: bond
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Dates: during 1930-1939
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Eighteen years ago, after several decades of lively discussion and legal preparations, Cincinnati went to work on the underground. Seven years later it had the excavations and stations for a subway. Cost: $6,100,000, financed by a bond issue...
Today, and for 18 years past, the subway has been a rat hole into which Cincinnati's tax money has been poured at the rate of more than $1,000 a day in bond interest. By the time its bonds finally fall due, in 1967, the Cincinnati subway will have cost $19,000,000. It has never carried a passenger. Once during a bitter Depression winter, a score of shivering hoboes holed up in one of its diggings, until they were driven out by the police. But no tracks were ever laid in its 2.6 miles of underground...
...week full of important utility events (see p. 58), North American's successful reshaping was not the least significant. It was: 1) the first publicly offered bond issue of 1939, and thus broke the capital market's ominous stagnation; 2) the first major public utility holding company financing since passage of the death sentence drove the industry into financial hibernation four years...
This is a time when the U. S., Great Britain and Canada are joining hands in a rising surge of good feeling and friendship, and the forthcoming visit of Their Majesties, King George and Queen Elizabeth, to our countries will still further cement this natural bond that is so welcome to all of our good citizens...
With most of Europe convinced that the fall of Barcelona was not the end of the trouble but perhaps the real beginning, war-scare was doubtless primarily to blame for the break. Brokers reported heavy liquidation from abroad. Acute weakness in foreign dollar issues led bond prices down. The Dutch guilder was weak. And, as always when Europe has the jitters, the heavy flow of gold to the U. S. quickened. In one day last week London arranged to ship...