Word: wringers
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...hours after SEC's decision Mr. Whiteford sent Associated to the wringer. Without cash to meet a Jan. 15 payment of $263,000 on its 1949 debentures ($11,686,500 in the hands of the public), it filed a petition in bankruptcy. Long had Associated been considered the most tangled of the utility systems. By putting on pressure where it did the most harm, SEC had maneuvered it into reorganization-where SEC and the courts will have a chance to make it over. Soon to lose his new job, Mr. Whiteford was being discussed last week for appointment...
...long after Fisk Rubber Co. was pulled through the receivership wringer in 1933, the House Select Committee on Investigation of Real Estate Bondholders' Reorganizations roundly spanked the firm's reorganizers (most of whom were bankers who had financed Fisk) for sacrificing the bondholders to suit their own fiscal interests. The old company was sold for $3,030,000 to a new corporation which wrote it up to $13,000,000, but new Fisk Rubber Corp. was clean in one respect: it had no bonded debt. And it prospered...
This measure, already passed by the House, is precisely the sort of legislation Chairman Burton K. Wheeler of the Senate Interstate Commerce Committee and the New Deal's braintrusters disapprove. Instead of putting such roads as the B. & O. "through the wringer" by wiping out junior securities and cutting down capitalization, it provides for voluntary adjustment of fixed charges between the road and its bondholders and for postponement of interest payments. Nonetheless, Chairman Wheeler, who could stop the Chandler Bill if he wishes, is letting it by with but one change-he intends to amend its technicalities so that...
Election Day in the U. S. is followed by wash day. Dirty linen aired in campaigns, or kept out of sight until afterward, goes into the tub and comes out through the wringer. Last week saw political laundries worked overtime. Most notable part of the week's wash was another big indictment by New York City's crusading paladin, District Attorney Tom Dewey (see p. 13). Elsewhere...
Last summer, as talk of rewriting Section 77 grew, ICC put on the pressure. Western Pacific was the fourth Class I railroad shoved through the wringer in four months.* Giving a clear indication of its temper, ICC last week declared: "If . . . reorganization is to be successful, the capital structure of the reorganized company must be realistically related to its actual earning power...