Word: drexel
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Dates: during 1930-1939
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...offices of Drexel & Co., Philadelphia associates of J. P. Morgan & Co., there is an upstairs room on the walls of which are large maps. When Drexel-Partner Thomas Newhall is talking about Philadelphia & Reading Coal & Iron Corp. (he is chairman of the executive committee, also a director), he is very likely to take his listener to this room, punctuate sentences with references to the maps...
Philadelphia & Reading Coal & Iron Corp., known to stockmarket traders as PRC, is a holding company formed in 1923, marking the complete segregation of Reading Railroad's coal properties. For the first few years after 1923, it is safe to say that PRC's bankers, Drexel & Co., were not especially proud of these properties. Production fell off, profits came hard, sometimes did not come at all. In the opinion of coalmen, statisticians and investors, PRC was definitely on the downgrade. Now Drexel-Partner Newhall is very apt to feel proud when he points to PRC maps. A noble experiment...
About a year after this inspection, PRC raised the needed money by floating a $30,800,000 debenture issue. Apparently even the name of Drexel on the offering would not have been sufficient to sell it as a straight 6% issue. The bonds were given the remarkable conversion feature of being exchangeable at any time during their 20-year life into 40 shares of common stock...
Thus last week PRC perhaps moved a step nearer prosperity. And Drexel-Partner Newhall had new things to tell about PRC. But the anthracite road has become rough. Although most of the consumption is by domestic users (80%), therefore relatively steady, these users have been hard to hold. One reason is that the coal companies have had difficulty in making regular deliveries. This has made the consumers ready to accept such substitutes as gas, oil. Then too, imported coal has been mounting. The U. S. S. R. and Wales have been leading foreign sellers of coal...
East: Brown v. Holy Cross, at Providence; C. C. N. Y. v. Drexel, at New York; Columbia v. Williams, at New York; George Washington v. Dickinson, at Washington; Harvard v. Dartmouth, at Cambridge; N. Y. U. v. Fordham, at New York; Penn State v. Colby, at State College; Pittsburgh v. Notre Dame, at Pittsburgh; Princeton v. Navy, at Princeton; Syracuse v. St. Lawrence, at Syracuse; Yale v. Army, at New Haven...