Word: receivership
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...than one-half of all dollar bonds in default. Approximately 75% of the $1,500,000,000 worth of Latin American dollar bonds outstanding have gone sour in some degree. Only country with unblemished standing in this area of blighted credit is Haiti, which was, in effect, thrown into receivership by the U. S. Marines in the days of Woodrow Wilson. The neighboring Dominican Republic which also received ministrations from the U. S. Marines, has kept up on interests but is behind on sinking fund payments. In national credit standing Argentina outranks all Latin America but several Argentine city...
...York Steam has had more than its share of financial troubles, including a receivership in 1918. After the subsequent reorganization the company boomed, profits rising to a record $2,000,000 in 1931. Since then its revenues have been relatively stable but its costs have soared, chiefly due to higher taxes-up from $867,000 to $1,400,000 in the last five years. Last week New York Steam suddenly passed dividends on its preferred stocks. The 7% issue broke 19 points on the news while the 6% issue, which had been around $100, sold...
...present all-time high, nearly $25,000,000,000. Total insurance in force was below the boom peak but still at the incredible figure of $104,000,000,000. It was not precisely true that life insurance had weathered Depression without damage (more than 40 companies went into receivership) but the record was comparable only to that of mutual savings banks...
Minneapolis & St. Louis went into receivership in 1923, was ordered sold in 1929. Old bondholders have not been willing to put up the cash necessary to put through a reorganization. RFChairman Jesse Jones was all ready to partition the fallen carrier among other western railroads (TIME, Sept. 23, 1935), but that plan involved abandonment of 500 miles of line. The communities which would lose their railroad put screws on their Congressmen, who have thus far blocked the Jones partition plan. Old Frederick Henry Prince, who has bought and sold a railroad or two in his 77 crotchety years, also...
Last week the roads were not just counting their money, they were spending it on much needed improvements in equipment and right of way. Union Pacific cracked out an order for 25 new locomotives. New York Central, headed for receivership in the depth of Depression, was about to cut its interest charges by refunding old bonds. And Pennsylvania announced that it would start immediately on electrification of 85 mi. of four-track main line west to Harrisburg, Pa. Various yard, branch and freight lines will be electrified at the same time, bringing the cost of the whole project to about...