Word: floating
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Dates: during 1940-1949
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First electric utility to float new-money common stock since 1932 was Indianapolis Power & Light, whose $17,000,000 issue was oversubscribed in less than two hours (TIME, April 15). Last week came the second. The issuer: West Penn Power Co., biggest operating subsidiary of American Water Works & Electric. The amount: $4,000,000 (160,000 shares), coupled with $3,500,000 in bonds. The purpose: a new 60,000-kilowatt steam generator in Windsor, Ohio. As with the Indianapolis issue, the public gobbled...
...February, Chicago Union Station Co. decided to float a refunding issue of $16,000,000 in 3⅛% first mortgage bonds, called in its banker, Manhattan's Kuhn, Loeb & Co., to handle the financing. As Morgan Stanley and the other noncompetitive firms would have done, Kuhn, Loeb withdrew when ICC suggested that Union Station should open the issue to competitive bidding...
...story: Four years ago, at Wahnsien, on the rushing Yangtze River, he called for help to a watching throng as his ship was about to collide with the landing float. "First to volunteer," explained he, "was no strong husky male but a frail Dresden China 'doll'. . . . Other persons promptly followed and, in their eagerness, pushed the celestial maiden overboard. . . . Although the girl was drowning in full sight of thousands of Chinese they, with much better appreciation of China's tremendous population than I, passively watched her float past...
Basking in a comparatively southern atmosphere, the Eli sweepswingers have been in the open since March 6, and M.I.T. has already been sufficiently affected by Boston's balmy breezes to set up float stages, thus gaining a head-start on the ice-bound Crimson...
First disinterested name to float from the judge's office was that of a modest, softspoken, pro-bono-publico millionaire. Johnny Hanes had left Wall Street to serve as liaison between business and the New Deal, first as an SECommissioner, then (until last December) as Undersecretary of the Treasury. He had quarrelled with many New Dealers, was anxious to get back into business, had turned down several lucrative offers. The Associated trusteeship tempted him because it combined business with a chance to do a job in the public interest. But no sooner was his name proposed than lightning began...