Word: bond
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Dates: during 1930-1939
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...California. Last year it had a neat net of $905,849.89 on a total gross operating income of $5,743,420.37. It now wants to expand, at the same time retire some bank loans. But, like many another gun-shy firm today, it distrusts the standard form of bond issue, which can cause such a crisis as that now afflicting the B. & O. railroad by maturing during depressed times (see p, 62). So last week Sunray Oil filed with SEC registration for what it believed to be a new type of security- "a corporate contractual obligation of indebtedness without fixed...
Carloadings fortnight ago rose to 620,511, some 20% under a year ago, yet a new high for 1938. But signs of increasing revenue-like hopes for lower wage costs (see above)-are only details in the sorry railroad picture; last week bonded indebtedness still cast its shadow. Prime example of a railroad staggering under top-heavy debts is 111-year-old Baltimore & Ohio, fifth largest U. S. railroad (in revenue). The line has some $685,000,000 in fixed indebtedness, on which it has had to pay over $31,000,000 in interest annually. B. & O. lost...
...issue of new Pure Oil stock attracted so little interest underwriters had to put the bulk of it in cold storage; on $48,000,000 worth of Bethlehem Steel debentures underwriters were estimated to have lost $1,725,000. Other businesses contemplating new stock and bond issues called off their plans...
...Costa Rica's beautiful up-to-date capital, San José, sirens last week blared the death-knell of the very company which supplied them with power-big Electric Bond & Share Co.'s little Costa Rican affiliate which supplies San José and 32 nearby towns with electricity. For a year the Central American Republic's unicameral Congress has engaged in a tiff with Bond & Share. Bond & Share sought a new franchise for its affiliate, asked permission to charge higher rates. The Congress considered the proposed rates exorbitant. Month ago the Congress broke the resultant deadlock...
Unlike Mexico, which expropriates private property, then pleads inability to pay, Costa Rica is obliged by its Constitution to pay first, then expropriate. Last week President Léon Cortés Castro approved a plan to dig up the necessary payment-a Government bond issue mortgaging the firm's $3,000,000 power plant. The sirens which acclaimed future Government control of a U. S. public utility were premature, however. Three million dollars would be a staggering amount for agricultural Costa Rica's 591,000 inhabitants to kick in for such a bond issue at home. Abroad...