Word: lumbering
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...Brown. Extending nearly three miles along the banks of the Androscoggin River in Berlin, N. H. are the mills of Brown Co., a $74,000,000 family-owned paper & pulp concern that was founded as a lumber company in 1852. It has smaller mills in Quebec, general offices in Portland. Me. and timber lands owned outright that are larger in area than the State of Connecticut. The original company was purchased during the Civil War by a Portland lumber merchant named William Wentworth Brown, who branched into paper & pulp in the 1890's. His four sons inherited the business...
...purified cellulose fibre used in the manufacture of yarns, fabrics, absorbents, fine papers and innumerable plastic products ranging from lighting fixtures to poker chips. The company itself manufactures finished products like yarns, conduits, shoe linings. A leader in forestry and reforestation, Brown Co. abandoned the last of its original lumber business...
Cliff Buyers. Cleveland-Cliffs Iron Co. owns a railroad, lumber tracts, coal mines, chemical works, charcoal plants. It has a large fleet of Great Lakes freighters. Normally it is also a producer of pig iron. But first & foremost Cleveland-Cliffs is a miner of iron ores. Its ore reserves in Minnesota rank second only to those of U. S. Steel Corp. And for that if no other reason Cleveland-Cliffs is a highly desirable property in any steelman's eyes. Whenever steel mergers are rumored, its name is sure...
Coal. A small corporation with an excellent pre-Depression earnings record is New Rochelle Coal & Lumber Co. of New Rochelle, N. Y. It sought permission to reorganize under Section 77b when a creditor, Shanferoke Coal & Supply Corp. of Delaware, sued to collect a bill of $26,051. A reorganization plan was approved by the court and by a majority of security holders and creditors, except Shanferoke Coal. That company tiled a petition in the U. S. Circuit Court of Appeals which resulted in a noteworthy decision...
Shanferoke contended that New Rochelle Coal & Lumber is solvent and therefore had no right to apply for reorganization under Section 77b. If solvent corporations could seek reorganization under the Bankruptcy Law, said the plaintiff, creditors would be deprived of their property (i. e. claims) in violation of the ''due process" clause of the Fifth Amendment. With this argument the Circuit Court did not agree. Ruling that no violation of the Fifth Amendment was involved, it declared, in effect, that a solvent corporation may apply for permission to reorganize under Section 77b. Last week Shanferoke Coal had 14 days left...