Word: defaulting
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Dates: during 1930-1939
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...what interested SEC officials the most was the sale of some $8,000,000 of city bonds, long since in default. As any money spent by the municipality directly or indirectly advanced Mr. Merrick's dream, Coral Gables Corp. often arranged for the sale of the city's bonds. For one issue the corporation paid the city 97¢ on the dollar, then resold the bonds to bankers at 92¢, pocketing the loss because the proceeds were used to complete civic improvement promised lot-owners. Another $4,500,000 issue, which the corporation purchased from the city for a little less...
...cracking pyramid in 1930, the Van Sweringens scraped their strong boxes for such items as 196 shares of Long Lake Co.. 250 shares of Huron Fourth Co., a past-due note of Higbee Co. for $1,292,534, second mortgage bonds of Cleveland Terminals Building Co. now in default, a $2,595,399 subordinated note of Van Sweringen Corp, due last...
...yield them $250,000 annually. (Alleghany is their "public basket.") During the past few years they have staved off disaster through a series of heroic financial efforts, most important of which were voluntary adjustments in publicly-owned issues of Van Sweringen Corp. and Alleghany that were about to default. The Morgan loan was obtained five years ago largely to pay off nearly $20,000,000 owing to the brokerage firm of Paine, Webber & Co. and to purchase Government securities to bolster the shrinking collateral behind Alleghany debentures...
...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 but declared that renewed price-cutting following the death of the Blue Eagle plus wage boosts, plus increased freight rates, plus rising raw material costs, had again pushed their operation into the red. Furthermore, a financial...
...beat China, Mexico and Brazil (by default). Germany beat Italy, Australia and Czechoslovakia. Last week at Wimbledon they met in the Davis Cup interzone final to see which would play England in the challenge round...