Word: refundability
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...August the San Antonio subsidiary decided to refund a $16,500,000 bond issue at a lower (3½%) rate. To merchandise the issue, it contacted another Mellon family unit-Mellon Securities Corp...
Last week the Duquesne Club busily tried to prove to a Pittsburgh Federal judge that all of these activities added up to nothing more than the normal functions of a businessmen's luncheon club. Reason: the club wanted the Government to refund $75,000 worth of taxes it had collected from 1935 through 1938 because the Duquesne was a social organization...
Many more issues, which had been in the works for some time, were postponed indefinitely. One of the first and biggest of these was Indianapolis Power & Light, which had successfully floated new common stock in April (TIME, April 15), was ready to refund $32,000,000 of 3¾% bonds just as the panic began. Lehman Bros, put the issue back on ice. W. C. Langley and Halsey, Stuart did the same to $12,660,000 of mortgage bonds of Iowa Southern Utilities. Other long-planned issues, postponed...
...Scovill Manufacturing Co., facing a copper & brass fabricating (for ordnance) boom, had planned to help widen this possible bottleneck by selling $8,374,000 of new debentures and $15,000,000 of new capital stock, refund $7,850,000 of 5½% debentures at the same time...
...itself. New York Central, which had a narrow squeeze in Depression I, still barely covers fixed charges, has hacked manfully at them since 1932. Fortnight ago, facing $20,000,000 in bank loans due April 30, it announced a plan to pay off $4,000,000, refund the rest at lower interest rates...