Word: bond
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Dates: during 1930-1939
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...Mitchell undoubtedly regrets his copper crusades profoundly but his retirement from Anaconda was not precisely an act of atonement. Simultaneously Anaconda filed a registration statement for a new $55,000,000 bond issue. Listed as one of the underwriters was Mr. Mitchell's Blyth & Co., which will probably head the banking syndicate. Under the Securities Act, Mr. Mitchell must deal at arm's length with Anaconda, may not serve as a director of a company whose securities he plans to purchase for resale...
...long expansion program it had piled up bank loans of $70,000,000. During the past few years the company has whittled this figure down to about $57,000,000 but Anaconda's balance sheet is still enough to give a banker the jitters. Proceeds of the bond issue will be used to convert the loans into long-term indebtedness, thus reducing Anaconda's current liabilities to pleasing proportions...
...addition to an annual sinking-fund appropriation of $1,000,000, Anaconda will apply 20% of its profits for the next 15 years (with certain limitations) to debt retirement. In boom years when copper profits are fattest, Anaconda will be spending millions buying in its bonds-a shrewd selling point, for sinking-fund buying will provide strong market support at a time when rising interest rates generally send the bond market into a decline...
...from the banks to pay off a high-coupon bond issue. Last week, to pay off the banks, United-Carr marketed 50,000 shares of preferred stock through Boston's firm of Hornblower & Weeks...
...what interested SEC officials the most was the sale of some $8,000,000 of city bonds, long since in default. As any money spent by the municipality directly or indirectly advanced Mr. Merrick's dream, Coral Gables Corp. often arranged for the sale of the city's bonds. For one issue the corporation paid the city 97¢ on the dollar, then resold the bonds to bankers at 92¢, pocketing the loss because the proceeds were used to complete civic improvement promised lot-owners. Another $4,500,000 issue, which the corporation purchased from the city for a little less...