Word: receiverships
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...obtain publicity for his four Chicago hotels, now in receivership, Ernest ("Ernie") Byfield imported 20 dozen penguin eggs from Capetown, S. A. Promptly they were impounded by the Customs Office. Federal law forbids importation of wild fowl eggs. Wrote Hotelman Byfield, seldom serious, to the Customs House...
...executives of the company last week spent their fifth week in jail, serving for grand theft. Had they picked up a paper they might have read that Consolidated Oil Corp, (Sinclair-Prairie combine) was offering $18,000,000 par value 6% preferred stock for Richfield, which has been in receivership for 17 months. If the deal is acceptable to Richfield bondholders and the consolidated 6% stock is issued, it will probably sell to yield the same return as Consolidated's present 8% preferred stock. With the 8% preferred at $99 last week, the 6% had a theoretical value...
...Last week the Mobile & Ohio went into receivership (see p. 43). It was the first Class I carrier to collapse since R. F. C. began to operate...
...more bituminous coal than Consolidation but its reserves of a billion tons are only half of Consolidation's. Last year Pittsburgh earned a little more than half of its fixed charges, Consolidation earned two thirds. Last week it was no surprise that 72-year-old Consolidation should go into receivership. Operating an "open shop," Consolidation has had little labor trouble but all other coal woes have been its woes. The receivership was precipitated by failure to pay interest on an $18,927,000 bond issue...
...year-old Mobile & Ohio Railroad operated 1,159 miles of track between St. Louis and Mobile, Ala. It has been controlled by Southern Ry. since 1902. Last week the Southern decided to stop advancing funds to M. & O., saw its subsidiary consent to a receivership, announced, "The consequences of this decision must be to ease the Southern's own position." The receivership was the first in the railroad field since Reconstruction Finance Corp. was formed, first since the Wabash and Ann Harbor receiverships last December. The M. & O. had applied in vain...