Word: mops
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...sophistication outwardly evident in a billowing grey mop and man-about-town monocle, Francophile Janet Planner still has a certain girlish naïveté. Her friends remember that when Vanity Fair asked her for a series on French murders she objected that Americans wouldn't be interested because French murders were so different from American murders...
...what wistful British investors remember as "the dear-money war" of 1914-18 you could rent your patriotic funds to King & country for as much as 5%. A daring pilot in the Royal Air Force in those days was Major Sir John Allsebrook Simon, who then sported a thick mop of hair. Last week, now bald as an egg, Sir John Simon rose in the House of Commons as Chancellor of the Exchequer again to do his bit for King & country, this time by trying to make World War II definitely "a cheap-money war" so far as Great Britain...
Last week, after six years' inspection of every scantling and joist of MOP's overbalanced capital structure, the Interstate Commerce Commission issued its plan of reorganization. For holders of common and preferred stock with a stated value of $152,000,000, the bad news was set down on Page 2 of a 280-page report: "The equities of the holders ... are found to have no value and the holders of those stocks are given no participation in the allotment of securities of the new company...
Cold as a surgeon's amputation was ICC's plan, which needs only the approval of the Federal Court at St. Louis to become effective. Under the management of Trustee Guy Atwood Thompson, onetime American Bar Association president, MOP has turned in a net operating income of between five and eleven millions a year. ICC whittled down fixed interest charges to fit, from $24,770,052 to $7,286,804. The capitalization of the system was chopped down from...
Best to fare in reorganization are the holders of $13,715,000 in equipment trust certificates whose loans went to keep MOP in first-class operating condition. They will be paid dollar for dollar. RFC, which lent MOP $23,134,800 to keep above water, and now has an additional $8,630,000 interest claim, gets $25,994,000 in bonds, the balance in cash and preferred stock. Holders of senior bonds get niggling amounts of cash, trade in the balance of their bonds for new MOP's prime security, ten-year collateral trust notes. Some junior bonds...