Word: mortgagee
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Dates: during 1930-1939
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1) Let holders of the B. & M.'s $103,833,000 first mortgage bonds swap each dollar for 50? of 20-year 4% first mortgage bonds (or cash, if they demand it), 50? of 30-year bonds to pay 4% when it is earned.
2) Issue enough more first mortgage bonds to pay off $5,500,000 of bank loans plus $14,750,000 owed RFC, and raise up to $26,000,000 cash for paying off if necessary. (Obviously if more than 50% of the bondholders demand cash the plan falls through.)
Only a really brazen lover of the country could dote on these agricultural beauties without noting the rags and tatters that concealed some of them for many people and blotted them out entirely for others. U. S. farmers had little share of prosperity in the years before the crash. Depression...
Not one leaf of flue-cured tobacco has sold this week in all North or South Carolina. Nor last week. Nor the week before. Tens of thousands of Carolina farmers could get no ready money. It was like the Midwest in drought time. Banks could not collect fertilizer loans or...
What smart municipal management can do with a public utility Colorado Springs citizens heard when they gathered in the city auditorium one night this week to celebrate the mortgage burning. Its symbol was on the stage: shy, onetime sheriff, Mayor George G. Birdsall, who in 18 years on the City...