Word: bonding
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Dates: during 1930-1939
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...Venezuela was one of few countries in the world last week with a balanced budget and a treasury surplus. Not a single foreigner owns a Venezuelan government bond and her money is the soundest in the world. Venezuela claims to have the finest highway system in Latin America, built entirely since 1912 and largely by the forced labor of political prisoners. Farmers pay no land taxes at all and may borrow up to 50% of the value of their land from a government farm bank. Caracas has been rebuilt. School attendance has been upped 300%. There is little...
...which meant a saving over the bankers' offer of $1,000,000 annually, not including fees. Indignant, the Wall Street Journal whipped off an editorial on ''Taxpayers as Underwriters." pointed out that a year and a half ago Mr. Jones underwrote in effect a Baltimore & Ohio bond issue with a 4½% coupon when bankers thought it should have been 5%. The bonds have since declined 9 points...
...improvement program. Fourth largest unit in the industry and the biggest family-owned .steel company in the U. S., Jones & Laughlin will spend $25,000,000 for a strip & sheet mill, enter that market for the first time. Though about $5,000,000 of a proposed $40,000,000 bond issue will be used for refunding, the balance represents one of the biggest bids for new money since the capital market started to revive...
Well pleased with himself last week was William Coleman Bitting Jr., energetic head of the St. Louis security house of Bitting & Co., specialist in church bond issues. Two summers ago, acting for his bondholders, Mr. Bitting set about trying to recover as much as possible of some $3,000,000 in issues floated for and defaulted by the house's most vexatious clients, organizations of the Methodist Episcopal Church (TIME, July 30, 1934). Year ago one of these issues was up for argument in U. S. District Court in Portland, Ore. After adjourning one day, Judge James Alger...
Meantime SEC attorneys moved heaven & earth to confine their legal war with holding companies to SEC's own suit against Electric Bond & Share. Nevertheless, process servers with complaints in holding company injunction suits continued to stalk SEC's Washington headquarters. SECommissioner Robert E. Healy perfected the routine of accepting service to the point where he could take the papers without looking up from his work or interrupting a conversation. One deputy marshal from the District of Columbia Supreme Court appeared so often that Mr. Healy's secretary would merely pop her head in his door, wearily announce...