Word: leatherizing
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...Farm's former champions. Rock & Tom. Scorning to pick his ground, but hitching where Contractor Adrian's horses had left the load, he quieted his prancing giants, then eased their reins and let them lean into their collars. When he clucked them "G-up!" they heaved, set leather straining and tug chains tight. Whipping and rein-slapping are not allowed but were not needed to keep Rock & Tom's huge hoofs pounding, tearing, tossing up clods in their mighty struggle. The load moved, it kept moving. When ponderous Rock & Tom brought up with their snorting nostrils against...
Easing back in their red leather chairs one afternoon last week, homesick Senators yawned and dozed through a drearisome duet by their reading clerk and the Vice President of the U. S. Twice as fast and half as intelligible as a train announcer, the clerk rattled out the amendments by which the Senate Finance Committee had revamped the House's tax bill into something more suitable to Franklin Roosevelt. Whenever the clerk's voice dropped, John Nance Garner mumbled: ''Without objection, adopted...
...Leather. Meanwhile most solvent corporations will continue to thresh out recapitalization plans with security holders and creditors outside the courts. Two notable companies which have completed this process are Wilson & Co. and Armour & Co. One still in the throes of reorganization without recourse to Section 77b last week was American Hide & Leather...
Founded in the gaudy 1890's, American Hide & Leather today has only two tanneries, one in Lowell, Mass., the other in Ballston Spa, N. Y. No dividends have ever been paid on its common stock. Arrears on $10,000,000 of preferred stock now stand at $21,000,000 or $214.25 per share, highest arrearage of any preferred issue on the New York Stock Exchange...
...common stockholders have long realized that they would see no dividends until the preferred arrears are removed. But the arrears cannot be paid without ruining the company. American Hide & Leather was last week proposing to its stockholders to solve the dilemma by replacing the 7% preferred with new 6% preferred, reducing the dividend requirement from $700,000 a year to $300,000. Preferred stockholders were asked to accept four shares of new common in lieu of their rights to the unpaid dividends. Finally, the company proposed to put an end to the extravagant hopes of its founders by writing...