HIGH FINANCE: An Embarrassing Situation

A Boston dowager once dismissed Frederic Christopher Dumaine, 84-year-old president and chairman of the New York, New Haven & Hartford Railroad Co., in a single frigid sentence: "Mr. Dumaine is the sort of person who spits in the fire." When he heard of the remark, improper Bostonian Dumaine turned to a friend, asked blandly: "Well, what the hell? Doesn't everybody?"

Last week, hardfisted, hardheaded old Fred Dumaine disdainfully spat on the hot fire stirred up under him at the New Haven's annual meeting. Stockholders were asked to approve the purchase of the outstanding 5% debenture bonds of the long-bankrupt Boston &...

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