Word: bond
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Dates: during 1930-1939
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...eight outstanding Methodist Episcopal issues, totaling $5,000,000, are currently in default. The one which pains him most is that of the California Missionary Society. To help pay for a Methodist Hospital in Los Angeles, the Society in booming 1928 had Bitting & Co. float a $600,000 bond issue. In 1931 the Society paid off $55,000 of the principal, in 1933 made one interest payment. Not one other cent has it paid. By July 1, 1934 it had defaulted $67,000 principal, $59,950 interest...
...bring Dr. Schacht to his senses the Commons, well aware that Germany has a favorable trade balance with Great Britain, passed a bill enabling Chancellor Chamberlain to confiscate enough British payments due on German goods to make good the Fatherland's announced default on Dawes and Young bond interest payments. By brandishing this authority from the Commons last week, Chancellor Chamberlain scared Berlin into a promise to make full interest payment on the bonds concerned for the next six months...
Significance. Officials in the U. S. Treasury were not at all upset to see Government bonds go to a yield of less than 3%. It meant that in spite of the topheavy public debt, the Government can still go on borrowing the New Deal's pocket money easily and cheaply. To be sure, if investors take confidence and start once more to invest in industry, the great surplus of investable cash will subside and Government bond prices will sink. But this possibility would please the Treasury even more, for relief expenses would fall, the Government would spend less...
Largest hotel in the world is Chicago's Stevens which is in receivership. Second largest is Brooklyn's St. George, with 2,632 rooms and seven miles of corridors. St. George pays no interest on its bonds. Bondholders' committees have repeatedly tried to get a re-accounting, new management and some money on their investment. Last week a petition was filed in Brooklyn Federal Court to reorganize the hotel's operating company under the new Bankruptcy Reorganization Act. "The said debtor corporation," read the petition, "is insolvent and for 18 months has been unable to meet its debts as they...
...died while in an airplane flight to Chicago fortnight ago. Ireland-born, Manhattan-educated, Mr. Bovenizer started with Kuhn, Loeb as an office boy in 1897. Big, genial, approachable, he was elected a partner 30 years later, is immensely popular as manager of Kuhn, Loeb's bond and syndicate department...