Word: wringer
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Dates: during 1930-1939
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...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...
...revision of rate-making procedure, regulation of water transport, elimination of Federal barge lines, passage of the Long & Short Haul Bill, Government payment of full rates for its traffic on land-grant roads. Reiterating his opposition to a subsidy and his belief that many roads should "go through the wringer," Chairman Wheeler disbanded the conference with an announcement that while it would be possible to put through emergency legislation at this session of Congress, a long-range program was out of the question. This week Senator Wheeler confers with a group of Government officials. ¶ Considered three radically new activities...