Word: ups
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Dates: during 1930-1939
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Since 1934 Chicago's mammoth Marshall Field & Co., depression-riven, has had its face lifted. Shorn of its wholesale division, many a retail outlet and mill, the company turned a 1937 deficit of $1,654,452 into a 1938 profit of $3,492,238. Last week, with three-quarters...
The plan: to clear up, the $9 a share accrued on 287,225 preferred shares, exchange of each old 6%, $100-par preferred share for ½ share of new preferred and 2¾ common. The plum if the deal goes through: payment of a 30? dividend, first since 1931, on...
>For railroads which are not yet insolvent Federal Loan Agency Administrator Jesse Jones turned up with an idea. He has quite a few railroad loans not of the best (e.g., $86,261,578 to the nearly bankrupt Baltimore & Ohio), but the immediate problem he tackled was the Boston & Maine.
2) Issue enough more first mortgage bonds to pay off $5,500,000 of bank loans plus $14,750,000 owed RFC, and raise up to $26,000,000 cash for paying off if necessary. (Obviously if more than 50% of the bondholders demand cash the plan falls through.)
Now former Investigator Douglas had been suspicious for years about plans being railroaded through courts without the judges having had a chance to decide whether they were scrutinizably fair, feasible and equitable. He had attacked many a plan as inequitable for giving the common stock rights when it really had...