Word: par
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Dates: during 1930-1939
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...Rand mines of South Africa, producers of half the world's gold. Benguet and Balatoc, managed by John W. Haussermann, a U. S. citizen long resi- dent in Manila, comprise about 80% of the Philippine gold industry. Not listed on U. S. exchanges, Benguet stock (par value: 5?) is traded over the counter. Current price: $15. Near Benguet's holdings at Baguio, Philippine summer resort north of Manila, there were 16 other companies in 1932, including Big Wedge Mining which in January, 1932, uncovered a rich new field. When the U. S. started buying gold last year...
...Stewart-Warner reported a $1,791,000 loss for 1933 but in February sales were running 150% ahead of last year. In last week's annual report, a model of frankness, the new management asked the stockholders at the annual meeting in April to authorize a reduction in par value of the stock so that another write-off of $2,400,000 could be taken. Stockholders were also asked to sanction a new name for their company-Stewart-Warner-Alemite Corp...
...time, be fitted for military service, but modern aerial warfare is too quick and deadly to await their reconstruction. Obviously, what the situation demands is not a larger air force, but an air force whose existing equipment is effective, up-to-date, and at least on a par with that of the private lines...
...banking group headed by Central's old friends, J. P. Morgan & Co., has agreed to take up the rest if necessary. A long and involved deal, it will require an increase of authorized Central stock from 7,000,000 shares to 10,000,000, a change from $100 par to no par stock and the stockholders' sanction. Temporary loans were arranged to tide over the period between the maturity of old bonds and the actual sale of new. President Williamson's major problem of 1934 has been solved but heavy over his head still hang bank loans...
...some town & county elders PWA's offering came as a shock. Their contracts permitted PWA to sell the bonds, but every municipal and county official had hoped against hope that these securities, which represented 70% of the cost of local projects, would eventually lapse to a par with the 30% outright grant. Bond Dealer Ickes, however, was dead set on turning over his inventory so he could buy more bonds, make more work...