Word: plans
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Dates: during 1930-1939
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...there are more ways than one of skinning a Yankee. In July, Furness Line boats adopted the ship-hotel plan themselves, right in Hamilton harbor. This time hotels ashore really felt the pinch. At a session of the Legislature, a new bill was offered. It mentioned no U. S. shipping line, carefully exempted "transit passenger ships" (cruise ships), and, as a loophole in case of protests* placed a power of exemption in the hands of the Bermuda Trade Development Board. Last week in Bermuda's Legislature, over protests from St. George merchants, this bill became a law, subject...
Last week the U. S. Government also did the following for and to U. S. Business : CL Approved a reorganization plan for the Chicago Great Western Railroad...
...Charles D. Mahaffie was appointed to the Interstate Commerce Commission eight years ago. Since then he has been ICC's chief dissenter - notably on railroad reorganizations which, he said in 1936, "have not been sufficiently drastic." Last week, with Commissioner Mahaffie alone dissenting, ICC approved a reorganization plan as drastic as any ever devised for a major U.S. railroad. Under this plan, portentous for an industry snowed under by its bonded debt, Chicago Great Western Railroad's capitalization will be cut from $139,247,313 to $62, 291, 827, its annual fixed interest charges from...
First reorganization of a major Class I carrier approved by ICC, this pro-bondholder plan is a far cry from most of those adopted before 1933's amendments to the Federal Bankruptcy Act. Formerly, the practice was for underwriters to get a friendly creditor to bring suit in a friendly court, thus in effect pick their own receiver-who generally favored stockholders over bondholders; often railroads were in as bad shape after reorganization as before. Under Section 77, ICC can insist on its own reorganization terms or rewrite plans originally submitted. ICC accepted almost wholly the trustee...
...Last year the road piled up a $902,363 deficit. Had it been operating under the ICC-approved reorganization, it would have earned only 1.4% on its capitalization. This fact presumably prompted Commissioner Mahaffie to dissent again, ask for a more thorough revamping. Said he: "The majority approve a plan that cuts obligatory interest severely and to a basis that in the past would . . . have been adequately covered. But the plan now approved is for the future. ... A new structure should protect creditor claims to earnings as far as is practicable. ... It should be calculated also to prevent the necessity...