Word: nickel
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Dates: during 1930-1939
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SCENE THREE. Will he get the nickel if he wins the toss, Vag? Why do the players use so much mascara under their eyes when it shows so frightfully? Why do they yell Yoohoo over there? Why doesn't he blow the whistle, Vag? . . . Yes. No. Yes. No. Vag doesn't know. How can he know everything, oh lovely Simmous girl? There is still a mist over his eyes from the Harvard-Dartmouth Ball last night. Or is it his pride in the team? This afternoon he will know...
...finance the deal, the Nickel Plate floated $20,000,000 in 6% notes due in 1932. But when the notes matured, the Nickel Plate was losing $4,000,000 a year (it earned $7,000,000 in 1929) so the road paid 25% of each note in cash, got a three-year extension from the noteholders for the rest. In 1935 things were no better and the maturity date was again extended...
This year, as usual, the tarnished Nickel Plate cannot make the grade. In first seven months it lost $2,003,779, contrasted with its $1,510,936 seven-month profit last year. Hence, last summer it asked the noteholders to wait until 1941, added that it would need almost a 100% affirmative reply for this third extension...
Last week, three days after the deadline, only 83.5% of the old notes now totaling $15,000,000 were on deposit for exchange. Nickel Plate's President George D. Brooke, however, declared the extension plan operative. Next day, prices of the notes skyrocketed to 84, new 1938 high and 23¼ points above the previous day's close. The fact that price gyrations occurred several hours before official statements were issued prompted both SEC and the New York Exchange to start investigating the whole affair...
Warned President Brooke: "Substantially all the notes must be deposited if the Nickel Plate Railroad is to be assured of avoiding reorganization under Section 77 of the Bankruptcy...