Word: refundings
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Dates: during 1940-1949
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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...
Despite the offer by Alan Gottlieb '41, president of the Student Union, to refund all money taken in, the policemen refused to withdraw the ultimatum against the play...
...possible the first big financing of 1940. It consists of $30,000,000 in debentures, $8,000,000 of them at 2¾% due in ten years, $10,000,000 at 3¾% due in 20 years, $12,000,000 at 3¾% due in 30 years. They will refund a 5% issue of 99-year bonds which was to have run till 2028. Interest savings will give the sinking fund $900,000 a year (before taxes). American Gas will sell at the same time $35,562,300 (par value) 4¾% cumulative preferred stock and call an equal amount...