Word: postalized
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...four-and-a-half-year reorganization last week came what was left of the late Clarence Mackay's Postal Telegraph communications system...
...Postal system had two main units: the "Land Line System," with a domestic telegraph business, and a cable and radio system to Europe and Latin America. In 1928, Clarence Mackay decided that music was a more interesting medium of communication, sold the system to International Telephone & Telegraph. By June 1935, I. T. & T. was fed up with advancing Postal cash to pay the $2,500,000-a-year interest on its bonds, let it slip into 77-B. Largest independent bondholder: Lehman Bros, (and clients), whose Bondholders Committee finally represented some $30,000,000 (about 60%) of the bonds...
Upshot of the reorganization is two new companies: Postal Telegraph, Inc., which gets the land lines, and American Cable & Radio Corp., a holding company, which gets the old radio and cable lines (induding I. T. & T.'s South American radio properties). Two-thirds of A. C. & R. is to be owned by I. T. & T., one-third by bondholders in the old Postal. Traffic contracts will link Postal's land lines to the international network...
...Postal, it is now free of I. T. & T. control, owned by its former bondholders. In exchange for ceding its cable and radio properties to A. C. & R. these former bondholders also acquired first call on A. C. & R.'s earnings in the form of $9,210,632 of its subsidiaries' debentures. Another $3,293,562 of debentures went...
Terrified by the possibility that their bank account (Postal Savings) may be attached and their building converted into an Irish night club if Mickey Sullivan wins his $100,000 libel suit, Lampoon members last night made an unsuccessful attempt to obtain a hearing at the Cambridge City Council meeting...