Word: solvents
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...from shipping grain, coal and steel. They were also mad enough four months later to do something about it. Nineteen shippers made up a $10,000 pool, used it to hire a smart lawyer. He went into Federal Court with a novel plea: the T. P. & W. (though highly solvent), was "physically bankrupt," so a receiver should be appointed to run the trains...
Prosperous Bankrupts. Despite all this, roads in reorganization have made so much money during the war that they are actually solvent. Some examples: in four and a half years, the Cotton Belt (St.Louis-Southwestern) earned its annual interest charges 42 times and made about $150 a common share to boot; in 1944, the Missouri Pacific had excess profits of $46,380,000-larger than any other railroad system in the U.S. except the Santa Fe. Yet the Cotton Belt, Mopac and other roads with good wartime profit records continue in reorganization...
When scholarly, able Roswell Magill was Under Secretary of the U.S. Treasury, he performed many a service for taxpayers. This week Mr. Magill performed another one. He and the Committee on Postwar Tax Policy, which he chairmanned through 16 months of work, put out A Tax Program for a Solvent America (The Ronald Press Co.; $3), the most comprehensive yet readable of all recent tax studies. It is also, the committee hopes, what an "intelligent and realistic
Although the Philippine Government has $220,000,000 on deposit in the U.S., the Islands have suffered staggering financial losses. Last week not one of the banks in the no important Islands of the Philippines was solvent. Filipinos hoped that the U.S. would grant them a 20-year preferential trade arrangement to help along the labor of reconstruction, hoped U.S. private capital and U.S. Government money would be available...
...mild-mannered Henry H. Reichhold (TIME, Dec. 18), underwriter of the Detroit Symphony's resurgence. A rich, German born manufacturer (Reichhold Chemicals Inc.) who has fiddled as a hobby, Angel Reichhold, 43, could now sit with more than usual pride in his usual box, congratulating himself that his solvent godchild was also a Manhattan-approved artistic success...