Word: common
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Dates: during 1940-1949
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...first review is in Math A, tonight at 7:30 o'clock in the Upper Common Room of the Union. Philip M. Whitman, instructor in Mathematics, will lecture and answer questions. The complete schedule will be announced later...
...would refund an older bond issue paying a lower interest rate). Under the statute, the Commission is charged with determining if a new security issue is: 1) necessary, 2) desirable for the issuing company. Halsey Stuart and Otis had offered to put up this new money for common stock instead of bonds, to take a risk as minority holders in Consumers Power instead of adding to its debt as C. & S. proposed. Because of this offer bond financing was no longer necessary. Thus the only question was whether it would be good for Consumers...
This time a different majority (Republicans Healy and Mathews dissenting) drew a moral from too much fixed charge financing by the railroads; admitted that Consumers would undoubtedly be able to meet the proposed interest and dividend bill; nevertheless pointed out that bond instead of common stock financing would aggravate Consumers' unfavorable comparison with other top-notch operating units.* Finding equity financing feasible, the majority decision disallowed the $10,000,000 of new debt financing. But the Commission emphasized that it wasn't telling Consumers it had to sell its common to Otis or any one else, in fact...
...bond veto, only remaining point of contention, C. & S. and the syndicate were given ten days in which to appeal. Meanwhile, Wendell Willkie issued a statement that tried to make two main points: 1) if Consumers Power's $70,000,000 of preferred stock is added to its common, its ratio of stock and surplus to capitalization rises to 49%; 2) that inclusion of a minority interest in Consumers would complicate the problem of integration-a problem irrelevant to the proceeding at hand...
...Common stockholders of Detroit Edison have an equity of 49% of its depreciated property value (after bonds): common stockholders of Cleveland Electric Illuminating have a 42% equity (after bonds and preferred stock). In Consumers Power the common has only an 11% equity (after bonds and preferred stock...