Word: hanauer
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...immediate cause of the failure was the road's inability to meet some $48,000,000 of its 4% bonds due June 1 this year. All winter, conferences have been held, but the road's bankers, led by Jerome J. Hanauer of Kuhn, Loeb & Co. and President Charles E. Mitchell of the National City Bank, Manhattan, evidently refused to float a new refunding loan. In this they were no doubt quite justified, since such a loan could not have been placed below 6%, even if at that figure: and since, on that basis, about $1,000,000 additional fixed charges...
...bond maturity date as he can; and even yet the bonds may be extended or exchanged in some way so as to avoid a receivership. But, since the immediate crisis is financial, the real future of the St. Paul is probably in the hands of two bankers, Jerome J. Hanauer of Kuhn, Loeb & Co., and President Charles E. Mitchell of the National City Bank of New York. Neither very naturally will talk for publication, and whether they will undertake to fund the aggravating loan of $48,000,000 can only be conjectured, But that they have hitherto proved reluctant...