Word: underwritten
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Last week government ownership of railways finally went completely into effect in France when the Popular Front Government took over control of six private roads, merged them with two other lines the nation already operated. Since 1931 France has underwritten some $1,050,000,000 annually in losses for these six private systems. In the future the government will hold 51% of the new capitalization, including a $1,046,000,000 assessment for the private lines, and private shareholders will have virtually no say in their operation...
...conference last week, Chairman Leo T. Crowley of Federal Deposit Insurance Corp. had something to say to the nation's bankers on distinctly smalltime money matters. Releasing his 1936 report, Mr. Crowley lit into the members of FDIC for dabbling in speculative bonds. Warned the man who has underwritten 14,000 banks: "Low earnings are making some banks reach out and deal in more or less low-grade bonds. They are in and out of the bond market, as you or I would be in or out if we were dealing in the stockmarket...
...since 1921, when 4,683 ft. was deep enough for a world record, C. Offered last week by Kuhn, Loeb & Co., Lehman Bros, and a syndicate of 72 banking houses were $40,000,000 worth of 15-year 3^% sinking fund debentures of Tide Water Associated Oil Co. Also underwritten were 500,000 shares of $4.50 cumulative convertible preferred stock. Until Feb. 8, holders of Tide Water's 626,221 shares of 6% preferred will have first call on the new preferred, which unlike the old carries voting rights. They may exchange old for new on a share...
...thirds of the bondholders and creditors and last week by long-suffering Federal Judge William Parry James in Los Angeles District Court, the reorganization provides for a new company, Richfield Oil Corp., to which Rio Grande will contribute assets of between $15,000,000 and $20,000,000. Underwritten by Rio Grande, by Consolidated Oil and by Cities Service will be an issue of $10,000,000 in debentures, available to Richfield and Pan American bondholders and creditors through subscription certificates given them along with shares of stock in the new company. Underwritten by Kuhn, Loeb, by Consolidated...
This deal will be underwritten by a banking group headed by Manhattan's Goldman, Sachs & Co., which floated Sears's first public offering 30 years ago. The price then was $50 per share. Through split-ups and stock dividends each original share has multiplied to nearly 16 shares, worth close...