Word: loans
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Dates: during 1930-1939
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...fixed indebtedness, on which it has had to pay over $31,000,000 in interest annually. B. & O. lost $720,695 last year, $11,741,308 in the first half of this year. In January. B. & O.'s shrewd old President Daniel Willard got an $8,233,000 loan through his good friend, RFC Chairman Jesse Jones. In June, to meet an interest payment, B. & O. sold its nearly forgotten Chesapeake & Ohio Canal, unused for shipping since 1923, to PWA for $2,000,000. Last week, resourceful B. & O. resorted to another expedient. It filed with ICC a plan...
When last week's deal was negotiated, eleven Dollar ships were laid up, only four were in commission. To get them afloat again, the Maritime Commission will make a loan of $1,500,000, and get an RFC loan of $2,500,000 for working capital, grant a five-year operating subsidy of some $3,000,000 a year. To the Commission goes all the line's Class B stock (2,100,000 shares), almost half of its 252,000 shares of Class A stock. Six months after the transfer, the Commission will abandon the Dollar name...
Argentina has a high credit rating in the U. S. It borrows frequently, pays its interest with the punctuality of a conservative savings bank. Remembering that last year a long-term Argentine issue went for 91, insiders figured the Government was unwilling to let its short-term loan go for the price (93-95) the underwriters reputedly were planning...
Although the sudden move was officially termed a postponement. Argentina might well seek the loan in Europe or at home, where its 5% bonds are selling at a premium...
Wheat futures last week tumbled to 62? a bu., lowest since 1933 and 13? below the wheat loan figure (at Chicago) set last month by Secretary of Agriculture Henry A. Wallace. Corn futures also hit the skids, dropping below 50? a bu. for the first time in four years. However, the Department of Agriculture's official estimate of a 2,566,221,000 bu. 1938 corn crop meant that the harvest (plus the carryover) will be 27,000,000 bu. short of an "excessive supply"; hence there will be no referendum to give farmers an opportunity to get marketing...