Word: receiverships
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...just been bought from Transmarine Line for $400,000. Transmarine is a subsidiary of Submarine Boat Corp. which was formed in 1915, made money during the War, made its permanent dive into the sea of losses in 1925. In 1929 Submarine Boat, still submerged in losses, crashed into a receivership. Shippingmen thought it unlikely that the Dollar Line would place Transmarine's vessels back in the well-served intercoastal route from which they were withdrawn in 1928. At present the Transmarine fleet is anchored at Port Newark...
Early this year Richfield Oil Co. of California, whose $85,181,551 assets contained only $921,691 in cash against $24, 745,564 current liabilities, went into receivership (TIME, Jan. 26). It was soon rumored that Cities Service was in control of the company, would absorb it. But Cities Service, it developed, awaited definite figures on Richfield. Last week Commissioner Haight, after an eight-month investigation, revealed that Richfield has a $54,000,000 deficit. More sensational was his statement that there are "strong indications" that the records had been falsified. And even more sensational was his assertion that Outstander...
Steel Wages Off. Employes of Empire Steel Corp. recently refused to accept a 5% reduction, balked at another 10% reduction in wages. Harassed, Empire went into receivership (TIME, June...
...turning point in his own political tide. His attorneys assured him he would be quickly cleared of the indictments against him at Knoxville and Asheville, growing out of the Caldwell & Co. crash. He expected shortly to get back his Memphis Appeal and his Knoxville Journal which have been in receivership. Then he would start battling again against the Crump faction of Tennessee Democracy, attempt to regain his lost political ascendancy in the State. Gradually in the public mind a distinction was being made between Col. Lea and Mr. Caldwell. The latter was the promoter who had undertaken to finance...
...deal on which Father & Son were working last week consisted of selling the Eastern electric and water properties of Atlantic Public Utilities, Inc., to the Insull interests. After getting control of Atlantic last year through a holding company Mr. Fitkin promptly placed it in receivership. Atlantic has $60,000,000 in assets, more than half of which will be sold to Insull. The remaining assets are in water and ice properties and the 160-mi. Cleveland Southwestern Ry. What Mr. Insull buys from Mr. Fitkin is the electric and water service of 200 communities in 13 states, most of which...