Word: default
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Dates: during 1930-1939
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...finances. At present the Council is supported by voluntary contributions, three-fifths of its income being gifts from bankers. SEC has no very high opinion of bankers, particularly those bankers who helped foist on the U. S. public the $2,000,000,000 worth of dollar bonds now in default. Moreover, SEC found that bankers in their various capacities of trustees, paying agents and underwriters were frequently lined up on the side, not of their customers, but of their clients, the defaulters...
...last year there were $5,374,000,000 in foreign dollar bonds outstanding. Of this grand total no less than $2,000,000,000-38%-were in complete or partial default. Many an issue is so hopeless that market quotations are no longer available. In listing a 6% issue of the State of Coahuila (Mexico) the council was unable to learn the original offering price or the purpose for which it was sold. Yet Russian Imperial bonds repudiated by the Soviet 20 years ago, are still active on the New York Curb Exchange. Last week's price...
...worst default area is Latin America, which accounts for more than one-half of all dollar bonds in default. Approximately 75% of the $1,500,000,000 worth of Latin American dollar bonds outstanding have gone sour in some degree. Only country with unblemished standing in this area of blighted credit is Haiti, which was, in effect, thrown into receivership by the U. S. Marines in the days of Woodrow Wilson. The neighboring Dominican Republic which also received ministrations from the U. S. Marines, has kept up on interests but is behind on sinking fund payments. In national credit standing...
...career, his just reward was obviously a fight with Champion Braddock. When after contracting for the fight, Champion Braddock withdrew to fight Challenger Louis, Challenger Schmeling lived up to his end of the bargain (TIME. June 14), sailed home last month claiming to have won the title by default. His claim strengthened when the man whom he had defeated defeated the champion, Schmeling was last week training for a "world's championship" fight in London in September, against England's current heavyweight hope. Tommy Farr. Major problem of Promoter Jacobs this summer will be to persuade Schmeling...
Less unrealistic than it seemed, Schmeling's stubborn conduct had a purpose: to force the New York State Athletic Commission, whose function it is to give prize fighting an air of respectability, to award him the title by default. Last week, when Schmeling went from Speculator to Manhattan to weigh in at the Athletic Commission offices for the phantom fight, his hopes were disappointed. Instead of awarding the title to Schmeling, the Commission merely voted to fine Braddock and his manager $1,000 each, suspend the champion for an indefinite period. In such a rage that a scheduled radio...