Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1929-11-07
FOSHAY co, IN
RECEIVER HANDS
Voluntary Petition Filed, Twin
City Banks Will Be Con-
tinued.

Minneapolis, Minn.-Three Foshay
companies, the w. B. Foshay Co., the
Public Utilities Consolidated Building
Corporation and the Foshay Building
Corporation were thrown into the
hands of receiver after the w. B.
Foshay Co., parent company, had fled
. voluntary petition in bankruptcy.
Joseph Chapman of Minneapolis was
appointed receiver of the three com.
panies by United States District Judge
John B. Sanborn, which corporations
controlled all of the holdings of w. B.
Foshay and associates in North and
Central America, and included Alaska,
Canada, Nicaragua and California.
Petitioners were H. H. Henley, exc
cutive vice president of the w. B. Eos
hay company, for the parent organiza-
ton; the o. M. Spratt corporation, in
surance company for the Public Uti-
lities company and Mr.. Chapman for
the building corporation. The judy
ments totaled about $667,O00.
Mr.. Chapman, receiver, is chairman
of the board of directors of the L. S.
Donaldson Realty company, trustee of
the Northwestern Mutual Life Insur-
ance company of Milwaukee, director
Of the Great Northern railroad and a
director of the Northwestern National
bank.
The company has more than $4,000
stockholders scattered throughout the
United States, most of them on the
Pacific coast, with small proportion
in Minneapolis. In its own right and
through the Public Utilities Consoli-
dated corporation, all of whose secu-
rites it holds, the Foshay company
has holdings in more than $50 towns
and cities in this country and Central
America.
The Foshay Trust and Savings bank
has been taken over by the North
west incorporation, while the Third
Foshay State bank has been absorbed
by the First Bank Stock corporation.
Depoistors at both banks will be taken
care of by the bank holding compa-
MES.
The Foshay State Bank of st. Paul
was closed on order Of A. ]. Veigel,
state commissioner of banking. He
posted a notice on the doors of the
bank that property and assets were
taken over by the state banking de-
partment.
The company was owner of the
Foshay Tower, Minneapolis tallest
building valued at 100000 and OF
the bennington Hotel in Minneapolis,
valued at S1,500,O00. The value of the
Public Utilities corporation was esti-
mated at $20,000,000. William B. Fos-
hay, who organized the companies and
headed them would make no state
ment.
Nine Minnesotans In Administration.
gton-Announcement of G.. A
Youngquist, present attorney general
of Minnesota, to be assistant attorney
general of the United States, in charge
of prohibition enforcement calls atten-
ton to the important place Minnesota
has in the affairs of the government in
Washington. Pierce Butler of st. Paul
is associate justice of the United
States Supreme Court. William d.
Mitchell of st. Paul, formerly of Wi
mona, is attorney general of the Uni
ted States. George Akerson of Min
neapolis is President Herbert Hoovers
personal secretary. Walter H. Newton
Of Minneapolis is the Presidents pri-
vate secretary and political adviser.
Arch Coleman of Minneapolis, former
postmaster, is the first assistant post
master, is the first assistant postmas-
ter general. w. F. Schilling of North
field is dairy representative on the fed
eral farm board. DR.. John L. Coulter,
although appointed from Fargo, is a
Minnesota man, and is chief econo-
mist Of the tariff commission. DR..
James Doran of st. Paul is at the head
Of the prohibition enforcement depart
ment. Mr.. Youngquist's duties will be
to have charge OF. tax and prohibition
cases. He will rank third in the at
torney generals department, being out
ranked only by the solicitor general
and the assistant in charge of trus.
cases.