Word: receivershipped
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...gateway of a populous, raw-producing hinterland. The Wabash developed a system 2,500 mi. long, with 4,500 mi. of track, 701 locomotives, 26,000 freight and 411 passenger cars. Last week this whole property, $358,000,000 in assets, passed out of stockholders' hands into receivership. The railroad industry saw its first major bankruptcy since Depression, looked on glumly as the stockmarket absorbed the news like a draft of poison...
Wabash 5½% bonds of 1975 broke 19 points, the 53 of 1939 17 points. Average price of 20 listed rail bonds made a new bear market low at 72.7 against 102.2 a year ago. The receivership surprised rail investors more than it should have. Bankers & brokers had known for months that Wabash must have help or failure was inevitable. The public, shocked at the news, had supposed aid would come from one of three sources: the Government, the road's bankers (Kuhn, Loeb & Co.) or Pennsylvania Railroad Co.. largest stockholder. The Wabash management tried all three sources...
...still pushing its own consolidation plan, ordered Pennsylvania to get rid of its Wabash stock. I. C. C.'s plan was to consolidate Wabash and Seaboard Air Line (put in receivership December 1930) into a fifth eastern trunk line to be known as System No. 7. This scheme has pretty well collapsed but the I. C. C. order has not been withdrawn...
...been an officer of Rio Grande Oil Co, Authorities such as Standard Statistics were surprised. They had listed Mr. Sinclair as Rio Grande's board chairman ever since newspaper announcements of last April, which were never denied. Oilman Sinclair's denial last week swiftly followed a receivership action brought by creditors of Rio Grande's chief subsidiary, Rio Grande Oil Co. of Texas...
...increase in freight rates; let loans-not gifts-be made from the pool to roads unable to pay their fixed charges; let the strong roads ultimately get back the money they made by the increase. The A. of R. E. petition excluded as pool borrowers lines which were in receivership or already in default, or which would be unable to meet their interest payments even with a loan, or which earned less than 50% of their total revenue from freight.* The "best available collateral" would be required for these loans, running a maximum of four years. No borrowing road could...