Word: vanderbilt
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...fact that Mr. Vanderbilt's bankers could demand payment at any moment is what bothers Mr. Jones. It does not bother Mr. Vanderbilt so much because he knows his bankers have no intention of calling their loans. Indeed, with money-lending what it is today, the bankers are only too glad to accommodate him. Behind his much-publicized, diligent playing with yachts and bridge hands, Mr. Vanderbilt is a quiet-loving, diligent businessman who applies his able mind to the affairs of his clan's biggest heritage, the New York Central Lines. Each winter business day he conscientiously...
Having twice been rebuffed on a suggestion that the bankers make their loans payable at some definite date five or ten years in the future, Mr. Jones advanced another solution last summer. To replace the $90,000,000 of short-term debt, he urged that Mr. Vanderbilt issue $90,000,000 of bonds paying 4% interest. Mr. Jones was willing to buy $45,000.000 of those bonds, which would cancel Central's debt toRFC and leave$18,000,000 to apply on Mr. Vanderbilt's debts to the bankers...
...this feature Mr. Vanderbilt objected strenuously, arguing that it was too high a price to pay for having his problem solved. If all the bonds were converted, it would add 3,600,000 shares to his capitalization, nearly a 50% dilution of stockholders' equity...
...Jones suggested, they hinted that he was tricking them into "an underwriting . . . forbidden by [New Deal] law." And, listing all the other objections they could think of, together with a counterproposal (put both bank and RFC loans on a six-month-notice basis), Messrs. Reynolds & Whitney wrote Mr. Vanderbilt, who forwarded the letter to Mr. Jones with a covering note. Mr. Vanderbilt began cajolingly: "Dear Jesse...
This sort of letter put no tenderness in Mr. Jones's heart, no amenities on his tongue. Sternly he dictated: "Dear Mr. Vanderbilt...