Word: bond
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Dates: during 1940-1949
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...close to nervous breakdowns. "In ten cases there was definite threat of suicide ... in four cases mothers threatened desertion and in two, mothers threatened to 'do away' with their children." Cleveland's crisis came to an end when the City Council approved a $1,050,000 bond issue, restored "full relief." Commenting on the report, Governor Bricker disowned responsibility, said his duty was "not from the standpoint of administration, but only to see that funds were available. Any lapse there was the sole responsibility of the local stations...
...length bargaining"). The Commission chairman, Majority Spokesman Jerome Frank made clear the irrelevance of competitive bidding "since there is concededly no rule row in effect which requires such bidding." To speed matters up, Morgan Stanley and Bonbright agreed to "impound" their cut of the proposed $28,594,000 bond issue, do all their work for glory alone, if the Commission later found them to be C. & S. affiliates. The Commission accepted this offer, decided (New Dealers Henderson and Eicher again dissenting) to table the "affiliates" question...
...money, amounting to $10,000,000 of the proposed $28,594,000 bond issue (the remaining $18,594,000 would refund an older bond issue paying a lower interest rate). Under the statute, the Commission is charged with determining if a new security issue is: 1) necessary, 2) desirable for the issuing company. Halsey Stuart and Otis had offered to put up this new money for common stock instead of bonds, to take a risk as minority holders in Consumers Power instead of adding to its debt as C. & S. proposed. Because of this offer bond financing was no longer...
This time a different majority (Republicans Healy and Mathews dissenting) drew a moral from too much fixed charge financing by the railroads; admitted that Consumers would undoubtedly be able to meet the proposed interest and dividend bill; nevertheless pointed out that bond instead of common stock financing would aggravate Consumers' unfavorable comparison with other top-notch operating units.* Finding equity financing feasible, the majority decision disallowed the $10,000,000 of new debt financing. But the Commission emphasized that it wasn't telling Consumers it had to sell its common to Otis or any one else, in fact...
...money bond veto, only remaining point of contention, C. & S. and the syndicate were given ten days in which to appeal. Meanwhile, Wendell Willkie issued a statement that tried to make two main points: 1) if Consumers Power's $70,000,000 of preferred stock is added to its common, its ratio of stock and surplus to capitalization rises to 49%; 2) that inclusion of a minority interest in Consumers would complicate the problem of integration-a problem irrelevant to the proceeding at hand...