Word: receivership
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Dates: during 1930-1939
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...Buffalo's Federal Court last week famed, 59-year-old Chautauqua Institution was gently laid to rest in the friendly hands of two receivers. Its New York neighbors have known for weeks that, with $700,000 in liabilities, its receivership was inevitable. Others, looking back a quarter century to the time when Chautauqua was the unquestioned summer capital of U. S. Culture, have long been apt to think of it in the past tense...
...years 1920 to 1929 set new highs for Chautauqua prosperity. Receipts never fell below $100,000, attendance averaged 50.000. By 1932 receipts and attendance had fallen off 40%. Brisk, earnest Dr. Bestor, who has been with Chautauqua since 1905, calls receivership a "breathing spell," has lost none of his faith in the gospel of adult education. Last week he was going ahead with plans for Chautauqua's 1934 season, hoping to finance it with contributions and the sale of $100,000 worth of receivership bonds...
Year ago smart, genial Whitefoord Russel Cole's Louisville & Nashville applied to the Interstate Commerce Commission for a reduction in coach fare from 3.6? per mi. to 2? A few Western roads (TIME, Oct. 23). Mobile & Ohio, struggling in receivership between two rivers and five competitors, and Atlanta & West Point R. R. followed suit. Meantime, the Southern was experimenting on branch lines with a 1½? coach fare. This line found that with base fares cut more than one-half, net earnings nevertheless increased appreciably. With these heartening precedents, more than 1,000 lines west of the Mississippi...
...December 1927 Myron C. Taylor was elected chairman of U. S. Steel's Finance Committee and promptly started a "fiveyear plan." First he retired $340,000,000 of Steel's funded debt, a display of foresight that may have saved Steel a receivership during Depression. Next he set out to rationalize Steel's production, closing poorly located plants, modernizing outdated equipment. Later he began providing Steel with an efficient personnel, inaugurated a retirement plan that enabled him to promote able younger executives. Last week, his financial and personnel plans completed, he resigned as chairman of Steel...
Early in 1931 Depression sniffed at the Grigsby-Grunow door. As a price for their aid the bankers insisted that shouting, swearing Mr. Grunow get out. He did. Last week Depression strolled boldly into the Grigsby-Grunow house. Protesting that it was perfectly solvent, Grigsby-Grunow was petitioned into receivership. Liabilities, petitioners claimed, were $5,200,000 exceeding current assets of $4,150,000 although total assets were...