Last year after Depression deficits of $21,000,000 had frayed the fiscal treads of B. F. Goodrich Co., its president, James Dinsmore Tew, decided it was time for the rubber firm to get a new set of financial tires. He asked his stockholders to approve a new $45,000,000 first mortgage of which $28,000,000 was to be raised immediately. Of this sum $6,000,000 was for working capital to finance increasing business and $22,000,000 was to reduce interest charges by retiring 5 ½%, 6 ½% and 7% obligations of Goodrich and its subsidiary, Hood Rubber. This plan...
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