Word: receivership
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Worms & Snails. The M. & St. L. was a rackety, poor man's railroad long before it slipped into receivership in 1923. Begun in the '70s by Minneapolitans eager to challenge Chicago's monopoly of Midwestern railroading, the line stretched itself into 1,690 miles of jerkwater track running north & south across Minnesota and Iowa, with branches to Peoria and Leola, S. Dak. It never got to St. Louis-and from the day its first track was laid, it was more often in than out of the courts. Its debt was too high, its farm traffic too meager...
Back in 1933, Willys nose-dived into receivership. In 1939 tall, round-faced, 200-lb. Joseph Washington Frazer came to Willys as president and general manager. To Joe Frazer the auto business was old stuff. At 20 he left Yale to take a mechanic's job with Packard Motor Car Co. at 16? an hour. He wanted to be in a business "where everything moved." One of the fastest movers was Joe Frazer. He left Packard for General Motors, switched to Chevrolet, left to form the Pierce Arrow Finance Co., settled down for a long stay with Chrysler Corp...
Debentures and 60? Lunches. Chances are the Childs Co. will ride out its latest financial crisis too-but not without going through receivership for the first time. Last year the company tried to persuade its debenture holders to trade their $4,943,000 of bonds due this April for identical new ones due in 1957. Only some 60% of the debentures have been turned in on the offer, and the deadline is near. Childs plans to fight the bankruptcy action on the grounds that it is by no means insolvent, but, unless the other 40% turn in their bonds within...
...Dahlberg promoted the original company which developed an insulating board out of a waste product (sugar cane stalks after the juice is squeezed out) and sold these boards to a building industry which knew little about heat insulation. A sugar famine and 1929 put Celotex into receivership. Reorganized under Dahlberg, Celotex acquired control of Certainteed Products Corp. (roofing, gypsum, plaster), began to merchandise many of the products required to build a house. Celotex makes Cemesto-a waterproof, fire-resistant building material 1½ inches thick, made of an inner core of Celotex faced with an asbestos cement-and with Cemesto...
...only immediate loophole was suggested last week by a city attorney: perhaps, since all the lines were in receivership in Federal Court, the State Commission had no jurisdiction. The receivership judge, Michael L. Igoe, clutched at this straw. Said he: "If the Commerce Commission has no jurisdiction, and you can prove it to me, no one will be happier than this Court...