Word: westerners
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Dates: during 1930-1939
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...Western Reserve University summer school in Cleveland, Isaac S. Metcalf Jr., writing a thesis on the subject of what minnows eat, discovered that the best way to get minnows for experiments was out of the stomachs of fresh fish, spent the summer fishing...
Last week the U. S. Government also did the following for and to U. S. Business : CL Approved a reorganization plan for the Chicago Great Western Railroad...
...reorganizations which, he said in 1936, "have not been sufficiently drastic." Last week, with Commissioner Mahaffie alone dissenting, ICC approved a reorganization plan as drastic as any ever devised for a major U.S. railroad. Under this plan, portentous for an industry snowed under by its bonded debt, Chicago Great Western Railroad's capitalization will be cut from $139,247,313 to $62, 291, 827, its annual fixed interest charges from $1,705,532 to $767,071. Common stockholders will not get a cent; preferred stockholders will swap their shares (par value: $46,073,500) for new common stock...
...pick their own receiver-who generally favored stockholders over bondholders; often railroads were in as bad shape after reorganization as before. Under Section 77, ICC can insist on its own reorganization terms or rewrite plans originally submitted. ICC accepted almost wholly the trustee's draft of the Great Western plan, which will take effect Jan. 1, 1939 if approved by the Federal Court in Chicago...
Organized in 1892. Great Western was sold under foreclosure in 1909. asked for reorganization under the Federal Bankruptcy Act in February 1935. It has never paid a common stock dividend, has never paid its $4 preferred in full. Last year the road piled up a $902,363 deficit. Had it been operating under the ICC-approved reorganization, it would have earned only 1.4% on its capitalization. This fact presumably prompted Commissioner Mahaffie to dissent again, ask for a more thorough revamping. Said he: "The majority approve a plan that cuts obligatory interest severely and to a basis that...