Word: bonding
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Dates: during 1930-1939
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Retiring Morgan partners are Harold Stanley, William Ewing and Henry Sturgis Morgan, second son of the firm's aging head. The two Drexel partners are Perry E. Hall and Edward H. York Jr. Also leaving are two key Morgan employes, Manager John Maurice Young of the bond department and Manager Allen Northey Jones of the statistical department...
...canny, close-knit, tight-lipped clan are the Browns but Depression in the paper & pulp industry was too much for even them. Though they carefully kept all common stock within the family, both preferred stock and bonds were sold to the public. Preferred dividends were stopped in 1931 but despite a series of deficits footing up to more than $14,000,000 in four years, bond interest was paid promptly. Last week, however, with "deepest regret," the Browns announced that they would have to default their obligations. They admitted that business was better in the first half of this year...
...home and campaign. Postmaster General Farley, vacationing westward, had as usual wired the chief Democratic nominee ''best wishes" on a happy term in Washington. And even Secretary of the Interior Harold Ickes, who supposedly never plays politics, telegraphed support of the Democrats' chief issue-bond issues...
...Grand Rapids racetrack. After college and law school at Boulder, Colo., he turned up in Manhattan as a law clerk in the famed firm of Simpson, Thatcher & Bartlett. One day he prepared a contract on short notice for Sidney Zollicoffer Mitchell when that dynamic utilitarian was president of Electric Bond & Share. Mr. Mitchell liked the contract, thought Clerk Odium a versatile young man. Then & there he installed him at Electric Bond & Share as a private assistant. Before he left in 1931 Floyd Odium had become vice chairman of Electric Bond & Share's potent subsidiary, American & Foreign Power...
Twenty-two times have the Van Sweringen brothers of Cleveland drafted and printed a plan for the reorganization of their insolvent $661,000,000 Missouri Pacific Railroad. Each time creditors, bond holders or stockholders have knocked it flat. Last week RFChairman Jesse Jones, who has loaned MOP $23,000,000. declared he did not believe the Van Sweringens would put forward another unworkable proposal. But when Plan No. 23 was filed with the Interstate Commerce Committee last week, MOP's other creditors were less confident than Mr. Jones of its ultimate success...