Word: bonding
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Dates: during 1930-1939
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Until last week the largest chain of weekly newspapers in the land was Ohio s Procter group of 17, assembled by the late Col William Cooper Procter (Ivory Soap) and Charles Bond (Two-Pants Suits) at a cost of $300,000. Last week the Procter chain fell into second place as the three Woodyard brothers of West Virginia marched into New York State. With the help of their good friend Spruille Braden, whose father made his money in Chile copper they raised some $60,000 new capital, acquired control of eight weeklies on Long Island's plump, profitable North...
While John Speculator was grumping over the summer listlessness of the stock and commodity markets last week, John Investor was finding plenty to make him smile. Into his lap dropped $800,000,000 in quarterly and semi-annual dividends and bond interest due on or about July i. Chrysler Corp. paid him 25? per share plus an extra 25?. National Lead paid him $1.25, Eastman Kodak, $1, Montgomery Ward Class A, $1.75, Coca Cola, $1.50. Manhattan's Fifth Avenue Bank added $10 to its regular dividend of $6 while First National Bank was paying its customary...
...first major piece of new public railroad financing since President Roosevelt took office was announced last week when Pennsylvania Railroad sold to Kuhn. Loeb & Co. for public offering a $50,000,000 4½% bond issue, maturing in 1984. Proceeds are to be used for "proper corporate purposes." Like all railroad securities the issue was exempt from the Securities Act, though its underwriters were subject to the equally drastic Investment Bankers Code. The prospectus issued by Kuhn, Loeb contained Pennsylvania Railroad's condensed income statement for ten years and a letter from President William Wallace Atterbury reporting that...
...Revenue Laws 10,000 Bankruptcy & Receivership Proceedings 17,500 Conservation of Wild Life Resources 7,500 Nazi Propaganda 30,000 Holding Companies 100,000 Veterans' Pensions 7,500 Petroleum Industry 25,000 War Department Expenditures 30,000 Tin Resources of World 10,000 Congressional Campaign Expenditures 10,000 Bond Holders Committee...
Thirty-one years ago the Iron Mountain Railroad (now part of the Missouri Pacific) floated a 30-year bond issue with the promise to repay the bonds when due in U. S. gold coin "of the present standard of weight and fineness." In May 1933 when the bonds were due, Manhattan's Bankers Trust Co. demanded payment in gold or its equivalent in dollars. When this was refused, the bank took the question into Federal Court in St. Louis. Later Bankers Trust tried to withdraw its suit, but Judge Charles Breckenridge Faris refused permission, on the ground that...