Word: receivership
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...York Central 4½s sold at 58. That meant a yield of 8% to anyone willing to buy those bonds-a sky-high yield for 1940, even before taxes. Their price discounted every economic horror imaginable, including a peace depression which might put roads like the Central into receivership. If the war and defense lasted, the bonds were safe from everything but inflation. What they were worth depended on your view of the future. The price of Central 4½s was Business' prevision. Since Business no longer controlled the future, its view was glum...
Most perennially disgusted group of U. S. stockholders are those who own railroad shares. Long familiar facts: a third of U. S. railroad mileage is insolvent or in the courts. Another third operates in a twilight zone halfway between receivership and solvency, periodically sparked by RFC handouts. Only the top third of U. S. rails (some of them, like the gilt-edged Union Pacific, heartbreakers to earlier generations of stockholders) pay steady dividends...
...drug fantasy was first announced, a Price, Waterhouse man exclaimed, "Why, that's the best-run department in the business." Wrote Coster to Price, Waterhouse in 1936: ". . . Only in auditing [has] our company really got its money's worth." During the two years since McKesson's receivership and Coster's suicide, McKesson (under Trustee William Jed Wardall) has made gradual progress toward reorganization. One of Trustee Wardall's jobs is to recover assets; one source of recoveries was Coster's board of directors, who gave him enough votes of confidence to expose themselves...
Since 1930 more than 100 railroads (almost one-third of the nation's railroad mileage) have relapsed into receivership or bankruptcy. While investors wait, their $6,000,000,000 of capitalization is slowly unraveled in the courts. Last week ICC reported what it has done to help them: 1) approved or recommended cuts of $2,133,875,000 in the capitalization of 25 roads; 2) slashed their combined debt from $3,708,484,000 to $1,609,526,000; 3) reduced annual fixed charges...
Most of the water to be squeezed out of M. & O. (in receivership since 1932) will shower on Southern Railway, owner of 94% of the ailing road's common, which will be wiped out. For $7,839,500 worth of M. & O. bonds Southern gets 93? on the dollar. To pay Southern off, G. M. & N. borrowed $7,500,000 from RFC last month, will get another $2,000,000 to pay additional merger expenses...