Word: bankrupts
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Last week the following were news: A Federal grand jury in Chicago last week indicted 19 officials of the bankrupt Insull holding company, Corporation Securities Co., for using the mails to defraud. Among those indicted (on 25 counts) : The Insulls, Samuel, Martin John and Samuel Jr., Edward J. Doyle, president of Commonwealth Edison Co., Harold Leonard Stuart, head of Insull bankers Halsey, Stuart & Co., Stanley Field, board chairman of Chicago's big Continental Illinois National Bank & Trust...
...Chicago's Samuel A. Ettelson won his long fight to have Calvin Fentress ousted as trustee of bankrupt Insull Utility Investments, Inc. Because Trustee Fentress accepted the appointment at the invitation of bankers who hold $40,000,000 of collateral (for the return of which Insuil Utility Investments creditors are suing), Federal Judge Wilkerson said it was "difficult to see how he could be completely disinterested...
Arresting fact: Of the 5,800 golf clubs in the U. S., 1,100 are members of the U. S. Golf Association; 25% of U. S. G. A. member clubs have disbanded or gone bankrupt in the last three years...
...reason why the disbanding of golf courses is particularly unfortunate is that it greatly diminishes the value of surrounding real estate, by providing a superfluity of land and at the same time making the community less attractive. Other well-known U. S. clubs which have gone bankrupt or disbanded in the last two years: Bucks County at Langhorne, Pa.; North Hills at St. Louis; Glenoaks at Farmington, Mich.; Ojai Valley near Santa Barbara, Calif.; Hollywood Country Club; Lakeville Golf & Country Club at Great Neck, L. I. with land valued at $1,500,000, which in 1931 hired Gene Sarazen...
...together with 400 bankers, industrialists, artists and economists, was dined at the smart, beautiful and bankrupt Hotel Pierre in Manhattan. It delivered a broadcast speech through its Howard Scott, bragging that: "Months ago we were a quiet, unknown, non-profit organization. . . . We have written 14,000 words. Those 14,000 words, to judge from the results, are the most potent 14,000 words that have been written up to date, if action and interest and curiosity are any judge of results." Having spoken, it scowled fiercely at questioners, refused to answer. Earlier in the evening its Scott had said...