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Word: loans (lookup in dictionary) (lookup stats)
Dates: during 1930-1939
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When rising costs and falling revenues snipped the net operating income of Erie Railroad from $1,200,000 in December 1936 to $45,000 in December 1937, it could no longer meet its debt charges. When RFC refused Erie's request for a $6,006,000 loan because Erie's wealthy parent company, the Chesapeake & Ohio, would not guarantee the loan (TIME, Jan. 17). the jig was up. Last week, therefore, Erie wearily filed a petition to reorganize under section 77 of the Bankruptcy Act, its fourth reorganization in 100 years...

Author: /time Magazine | Title: Business: Weary Erie | 1/31/1938 | See Source »

Harassed by the same swelling costs and shrinking revenues which face most U. S. roads, the Erie last month petitioned RFC for a loan of $6,006,000. Last week- though RFC was on record as willing to lend money on any "reasonable" railroad request and though it agreed to lend $8.000,000 to the Baltimore & Ohio after only a week's thought (TIME, Jan. 10)- it refused to aid the Erie. While some Erie bonds broke as much as 16 points and its common stock fell from $6.25 to $3.25, the Erie thereupon defaulted on $1,849.000 interest...

Author: /time Magazine | Title: Business & Finance: Funny Thing | 1/17/1938 | See Source »

Chairman Jesse Jones explained RFC's hardheartedness as simply that "a matter of principle is involved." The ICC approved an RFC loan to the Erie on the I condition that C. & 0. guarantee it or put j up part collateral. C. & O. flatly refused, explaining that its first duty was to protect its own stockholders. Snapped Jesse Jones, after new C. & 0. President George D. Brooke refused to discuss the matter: "If C. & 0. is unwilling to nurture its own child. I do not see why the Government should. It seems a funny thing to me that a railroad...

Author: /time Magazine | Title: Business & Finance: Funny Thing | 1/17/1938 | See Source »

...past has lent the B. & O. a total of $82,110,000. Last week, $79,842,823 of this debt was still outstanding and the RFC held as collateral securities worth $89,279,610 at the present market. In petitioning for an additional $8,233,000 loan-on this same collateral-to be due in 1942, the B. & O. announced that it had been unable to borrow from any other source and that "with these funds the company will be in a position to maintain its property to the present standard of efficiency, avoid the reduction in maintenance forces which...

Author: /time Magazine | Title: Business: Royal Blue's Blues | 1/10/1938 | See Source »

Since RFC Chairman Jesse Jones recently said that his commission stood ready to make reasonable railroad loans, it seemed likely last week that the B. & O. would get its loan. Without the loan it seemed equally likely that the line would have to join the 37 other U. S. Class I rail-oad lines now in the courts...

Author: /time Magazine | Title: Business: Royal Blue's Blues | 1/10/1938 | See Source »

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