Word: refundings
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Dates: during 1930-1939
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...until last week, however, did any corporation take advantage of the new form. Then Swift & Co. registered $43,000,000 of bonds to refund outstanding securities at lower interest rates. The new Swift bonds will carry a 3¼% coupon, probably the lowest rate for an industrial bond issue since before the War when General Electric sold an issue of 3½s. When Swift officials reported that the 50-page registration was no more troublesome than an oldtime prospectus, Chairman Kennedy, happy as only a Boston Irishman can be, exulted: "This issue is very good evidence that at least...
...began the Board of Tax Appeals hearings on: 1) the Government's claim for $3,075,103 in back taxes and penalties, based on a charge that Mr. Mellon had deliberately cheated in his 1931 income tax return; 2) Mr. Mellon's counterclaim for a $139,045 refund on that return, based on an assertion that he had not reported all his philanthropies. Last week spry Counsel Hogan's chief job was to tackle government counsel as it attempted to dart out of bounds on what looked like purely grandstand plays. Once the Government's Chief...
...generally honors its equipment trust issues so that it will not lose its rolling stock.* So deep in receivership is Seaboard Air Line (mileage: 4,309) that last week it submitted to the courts a reorganization plan not only to adjust the interest on underlying bonds, not only to refund equipment trust maturities, but even to refinance receivers' certificates, which take precedence over every other outstanding security...
...hearings which began last week in a courtroom of Pittsburgh's new Federal Building was to determine whether Andrew William Mellon owed the Government $3,075,103 in back income taxes & penalty, or whether the Government owed the onetime (1921-32) Secretary of the Treasury a $139,045 refund. But in effect it was a trial of two great reputations at the bar of public opinion. One reputation seemed bound to emerge incalculably damaged. Mr. Mellon, as an Old Deal statesman, stood to be convicted of a deliberate, contemptible attempt to cheat his Government while holding high public office...
...actually overpaid his 1931 income tax by $139,045. The Bureau of Internal Revenue revived its original charge, slapped on a 50% indemnity for fraud. Last week three members of the Board of Tax Appeals went to Pittsburgh to hear Mr. MelIon's appeal and petition for refund...