Word: moppings
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Twenty-two times have the Van Sweringen brothers of Cleveland drafted and printed a plan for the reorganization of their insolvent $661,000,000 Missouri Pacific Railroad. Each time creditors, bond holders or stockholders have knocked it flat. Last week RFChairman Jesse Jones, who has loaned MOP $23,000,000. declared he did not believe the Van Sweringens would put forward another unworkable proposal. But when Plan No. 23 was filed with the Interstate Commerce Committee last week, MOP's other creditors were less confident than Mr. Jones of its ultimate success...
Hugely complicated, the new plan would consolidate MOP and 30 separate companies into one corporation, would replace 83 issues of indebtedness with three and 35 kinds of stock with two. Only issues left undisturbed would be equipment trust bonds. Of the three new issues of indebtedness, only one, a 4% mortgage, would bear fixed interest. Interest on the other two, a 5% convertible general mortgage and a 4% convertible note issue, would be paid only if earned. Net result would be to cut fixed charges from $25,966,000 to $7,503,000 per year. Thus while MOP would avoid...
...later. The Stedman group objected particularly to substitution for first and refunding bonds of income bonds which would be "little more than preferred stocks under another name." Even more objectionable to it was the idea of allowing Allegheny Corp. to keep a 40% common stock equity in MOP. The Stedman committee wanted the Van Sweringen interest...
Actually, it is not the Van Sweringens who control MOP but a banking group headed by J. P. Morgan & Co. which loaned the Van Sweringens $48,000,000 and took Allegheny stock as collateral. This syndicate has the power to initiate reorganization plans and it presumably approved last week's proposal. But it also has the power to block such plans because it enjoys the status of an MOP creditor, having loaned that company...
...inevitable that before long another child actress would pop up in Hollywood. Yet 9-year-old Jane Withers, Fox's latest bid for prepuberty adulation, is all that Hollywood might suppose a popular child actress should not be. Her round irregular face is almost entirely surrounded by a mop of straight black hair. Her snub nose screws up like a Boston bull pup's. Her plumpish figure looks far better in East Side gingham than in dainty drawing-room voile. When so directed, she can be as unladylike in speech as a baseball umpire. These qualities indicate...