Word: pars
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Dates: during 1930-1939
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...under the Eastern railroads' four-party consolidation plan. Pennsylvania's wholly-owned subsidiary, Pennsylvania Co., was busy for the next two years buying up Wabash securities. By 1929 48.9% of all Wabash stock outstanding had been acquired. Pennsylvania Co. paid $63,041,000 for $67,580,000 par value of preferred and common stocks purchased. On the day of the receivership this investment had a market value...
...Aristocrat of the carriers, New York Central Railroad Co., found itself in urgent need of cash, applied to I. C. C. for permission to sell $100,000,000 of 5% bonds to mature in the distant year of 2013 and to be callable 5% above par in 1951. Never in receivership or reorganized in its 100 years of operation. New York Central faced a grave difficulty. Next month matures a large part of its $51,500,000 short-term loans and bank debts which it cannot meet with cash on hand. The road did not ask for permission to sell...
Significance- Laymen who could not understand why the German mark should almost touch par last week while the German Government claimed to be weltering in an "unprecedented crisis," were enlightened by their bankers. They also learned why Germany, having outstripped all competition in exports, remains hard-pressed, unable to meet her obligations...
That in such circumstances the German mark should touch par last week, wise-acres attributed to speculative confidence springing from the fact that Germany had at last taken the Hoover-Laval "initiative" and seemed on the way to a new easing of her threatened fiscal position. But for the Dawes Committee the post-War mark could never have been stabilized on a gold basis. But for the Young Committee it could not have been kept there. But for bright hopes spurting from the proposed new committee the mark might not have hung high last week...
...Specifically, to 23,800, last week. Par...