Not 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.

Its sales rose from $10,229,000 in 1934 to an...

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