Word: creditors
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First reorganization of a major Class I carrier approved by ICC, this pro-bondholder plan is a far cry from most of those adopted before 1933's amendments to the Federal Bankruptcy Act. Formerly, the practice was for underwriters to get a friendly creditor to bring suit in a friendly court, thus in effect pick their own receiver-who generally favored stockholders over bondholders; often railroads were in as bad shape after reorganization as before. Under Section 77, ICC can insist on its own reorganization terms or rewrite plans originally submitted. ICC accepted almost wholly the trustee...
Assistance for U. S. exports was made necessary by three great post-War changes -the building of huge tariff walls, the U. S. shift from a debtor to a creditor nation and the establishment by competing nations of export credit agencies. With almost every foreign nation in debt to the U. S., none had money to buy U. S. products; and the U. S. banking system, developed for a debtor nation, had no machinery for providing foreign buyers with long-term credits. The first Export-Import Bank was created by Franklin Roosevelt in 1934 to fill the need for Russia...
Britain's individual settlement with the Reich leaves the other Austrian creditor nations to fend for themselves, with little hope of compensation unless they are willing to accept payment in German goods. The U. S., with at least $20,000,000 owed on the Austrian debt, is in no position to drive a settlement since she annually sells $29,280,000 more to Germany than she is forced to buy. So far, Washington has dispatched three notes of protest against Germany's failure to pay. Germany has not troubled to answer...
...Democrats in 1932 and the $140,000 he put up for his own campaign in 1934. But until last week few suspected that their Sugar Boy turned Laborcrat was unable to repay a paltry $6,000, even though the continued existence of such a debt to such a creditor would menace any politician. From the Governor's bosom friend and Philadelphia's Democratic City Chairman John B. Kelly came the only explanation. Said Mr. Kelly: "We all know that George Earle has been in the sugar business all his life. We who are his friends know that...
That relations between Mr. Lewis and the President were running the normal course of creditor and debtor appeared last winter during the automobile strikes when the C. I. 0. chief bluntly reminded the Democratic Party that his United Mine Workers had contributed $500,000 to last year's campaign fund. For his pains he got a public rebuke. The split was widened by Mr. Lewis when he demanded that the Administration chastise the Southern Democrats who were scuttling the Wages & Hours Bill. For the past two months the stories about an imminent break have been inspired by none other...