Word: junior
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Dates: during 1940-1949
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...important railroad decisions last week the Supreme Court in effect laid down a basic principle: It is more important for bankrupt roads to drastically revise their capital structures and get in tiptop working condition than it is to protect their junior bondholders and stockholders...
...Profits and the Losses. The court decisions raised hob. Hardest hit were junior bondholders and stockholders in receivership railroads. They have watched railroad profits soar skyward for months, had become convinced they could get the ICC-sponsored reorganization plans changed enough to make their holdings highly profitable. When the Court said no, receivership rail stocks on the New York Stock Exchange nose-dived 50 to 80%. Prices for junior bonds jumped the tracks. Western Pacific preferred stock flopped from $3 to 70?; Rock Island 7% preferred from...
...decisions, hard on the little fellows, were a windfall to speculators in senior bonds (equipment trusts, underlying liens, first mortgages). For, after the Court had barred the door to junior security-holders, it then declared that senior bondholders (who get inferior securities under most reorganization plans) should get compensation for the loss of their senior rights. Said Justice William Orville Douglas, who wrote the Milwaukee decision: senior bondholders should receive "equitable compensation, qualitative or quantitative...
...work in the Army, having worked his way through Illinois Wesleyan receiving his A.R. in '26. He graduated from North Western in '29 with the B.D. degree. Although but 20 years old, he was appointed a student Pastor and discharged these duties with great credit during his Junior and Senior years at College and the entire term of his Seminary studies. Upon graduation he immediately plunged into the active ministry, holding several Pastorates in Illinois. It was during this period that Chaplain Wilson married. The union has been blessed with two lovely children...
Colonel Wood has previously trained ROTC units. His post in Vermont was the site of the summer camp formerly attended by members of the reserve corps after their junior year, and he supervised the Yale and Harvard Field Artillery cadets during their drills there until they were abolished last year...