Word: receiverships
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Last week Tri-Utilities Corp., a $400,000,000 holding company for public utilities, went into "friendly receivership." Big as it was, great as is its fall, it was a young company built by a young man. On March 4, 1929, while bands and flags and soldiers led Herbert Hoover to his oath of office, young George Lewis Ohrstrom, 35 then, was interested in a less publicized matter. On that historic day he was occupied with incorporation details at Wilmington, Del. Birthday of Hoover Prosperity, it was also birthday...
...Foshay utility system (Minneapolis) which crashed into receivership with the stockmarket in 1929. To his offices at No. 36 Wall Street, George Ohrstrom called help one night last week. There came : Richard Carley Hunt, utility-experienced member of the legal firm of Chadbourne, Hunt, Jaeckel & Brown; William Buchsbaum, utility executive and sportsman; and young, heavy-set Medley G. B. Whelpley, president of American Express Bank & Trust Co. As a reorganization committee (Mr. Hunt, chairman), they hoped to have an announcement to make by the middle of September, hoped the properties might continue to operate intact. The United States District Court...
...years across the Red River from Durant, Okla. to Denison, Tex. has stood a private toll bridge, now in receivership. Early this year Texas and Oklahoma finished building a free span close to the toll bridge. The toll bridge receivers went into Federal Court in Houston and obtained an injunction against Texas' opening the free bridge until such time as the Legislature authorized them to sue the State for $180,000 in damages to their property. Obedient to the injunction Governor Sterling had the Texas end of the free bridge barricaded. Wearied by this red-tape delay...
...Between 75 and 90 of the gasoline requirements of Richfield Oil Corp. of New York (solvent) will be filled by Arkansas Natural Gas Corp., Cities Service unit, according to a contract signed last week. Cities Service was expected to absorb Richfield Oil Co. of California after it went into receivership (TIME, Feb. 9), is still thought to hold much Richfield stock...
...State. Mr. Doherty at once obtained a temporary injunction against this, sought to make it permanent. But utility men throughout the land shuddered at the thought of what the suspension-weapon would mean if widely used. Governor Woodring hinted that he might throw the Cities Service companies into receivership for having "perverted and abused their power." The fight...