Word: receivership
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...Lumber Corp., world's greatest lumber concern under one ownership. Long-Bell grew to a company with $108,000,000 in assets. Yet assets do not always earn profits. Lumber has long been bad. Last week, alarmed by mounting deficits, certain bondholders of Long-Bell asked for a receivership. Prompt to protest was Chairman Long, now a thin, grey, tight-lipped little man of 87 whose wrinkled face wears a placid look. Proud of his company, old Robert Long was sure that the troubles of 1930-32 would vanish as did those of 1874-75. Surprisingly, Halsey, Stuart...
...Corp. whose tablets (Caneheart) were 6%. Depression has hit both companies. Last fortnight American Sugar, whose chairman Earl D. Babst has no faith in stabilization projects, bowed to the gale and cut its dividend from $5 to $4. And last week the same gale toppled Spreckels Sugar into a receivership...
...important question its directors will have to answer. The law gives them wide discretion, only forbidding them from accepting foreign securities. A sample case: a "sick" railroad comes before R. F. C. for help; it must meet a $40,000,000 bond issue within the month or go into receivership; the Railroad Credit Corp. has advanced it $15,000,000 from the increased freight rate pool and taken its last shaky collateral. Will R. F. C. let it have $25,000,000 on nothing more than its promise to pay? How R. F. C. directors answer that question and others...
Died. Jordan Lawrence Mott, 74, of Manhattan, onetime president of J. L. Mott Iron Works (now in receivership) ; of heart disease; in Nelson Harbor, Bahama Islands, B. W. L, on board the yacht of his friend Allison Armour...
...Beech-Nut Packing Co. (bacon, coffee, candy, chewing gum) last week sold its subsidiary Beech-Nut Co. of Canada, Ltd. to Life Savers, Inc., owned by Drug, Inc. Chief item in the sale was Beech-Nut's plant at Hamilton, Ont. equipped for making gum & candy. Hitz Hotels. In receivership is Detroit's smart, big (1,200 rooms) Book-Cadillac Hotel. Last week, however, a new destiny for the hotel was ordained. Ralph Hitz, managing director of Manhattan's big (2,500 rooms) Hotel New Yorker, said that he and associates had acquired operating control of the Book-Cadillac, would...