Word: receivershipped
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Woodman Spared, For many months a few disgruntled bondholders have sought to put Long-Bell Lumber Co., biggest in the world, into receivership (TIME, Feb. 1). In dismissing their petition last week Judge Merrill E. Otis of Kansas City praised the management of 81-year-old Lumberman Robert Alexander Long, found all his transactions aboveboard...
...Years Without Loss to any Investor." But last year many a Straus-sponsored bond defaulted, huge losses piled upon Straus investors. Last week, charged with selling bonds on properties whose taxes were in default and first mortgages that were not first mortgages, the company was thrown into receivership. Special law applied was New York's Martin Act which defines fraud as "all deceitful practices contrary to the plain rules of common honesty." Said Justice Alfred V. Norton in ordering the receivership: "It is tragical, to say the least, to compare the practices as engaged in by the defendants with...
...nearly 70," recalled a thin, grey, tight-lipped little man on the witness stand in a Kansas City court last week. "The organization was my own creation. . . ." It was the story of Long-Bell Lumber Co. that Chairman Robert Alexander Long, now 81 was telling. He was fighting a receivership long desired by certain bondholders (TIME, Feb. I). One day in 1918, faced with exhaustion of their southern pine reserves, Chairman Long had gathered his executives about him to ponder liquidation or continuance of the lumber business. Willingly risking his personal fortune, he joined in their vote to continue, promptly...
...bondholders suing for receivership contended that this arrangement jeopardized their security, constituted fraud. A protective committee representing 74% of the bondholders, formed by Halsey, Stuart & Co. (see p. 45), will shortly announce a reorganization plan...
Other Insull developments last week included receivership of Chicago North Shore & Milwaukee, model Insull-controlled interurban electric line. The road was unable to pay interest and taxes. Meanwhile, as State and Federal inquiries continued, louder & louder grew the clamor for the return of Samuel Insull and his son from Paris, of Martin John Insull from Canada. Each of them last week received a communication from State's Attorney John A. Swanson: "Revelations . . . disclosed by my investigation make it imperative that you return . . . for questioning. Advise by cable if you will return voluntarily...