Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-02
RECEIVER TAKES
UP FOSHAY AFFAIRS
inventory Of $4,000, 900
Properties Begun, With
Court Directing Routine.
Ry the Associated Press.

BY the Associated Press.
MINNEAPOLIS, November 1.-THE
task OF untangling the affairs of the
w. B. Foshay Co. Of Minneapolis was
started today under direction of q re-
ceiver, whose aides began an inventory
of the involved properties, estimated to
be worth $2O,0OO,O0O.
A voluntary petition in bankruptcy
was filed in Federal Court yester-
day against the company, which is
the holder OF rublic utility, industrial,
banking and real estate properties scat
tered over the North American COnti-
nent.
Joseph Chapman, Minneapolis banker
and merchant. who was PANIED receiver
by the Federal Court, left late yester-
day for Phoenix, Ariz., to attend the
funeral Of his brother. He expects to
return late next week.
Court Supervises Routine.
In the meantime, routine operations
of the company will be carried on by
executives at the Minneapolis head
quarters under supervision of the court.
Before Mr.. Chapman left he organized
a staff to appraise the FoShay holdings
in 80 States, and in Alaska, Canada and
Central America.
The most pressing Of the tasks In
volved was the saving of two Minneapolis
banks in the chain Of three, which the
Foshay interests controlled. One, the
Third Foshay State Bank, was taken
over by the First Bank Stock Corpora
ton and reorganized as the Hennepin
State Bank. The other. the Foshay
Trust & Savings Bank, Is to be taken
over by the Northwest Incorporation
The third bank. the Foshay State
Bank, st. Paul, was closed by order
OF the State bank examiner, but ON
Gals of the institution announced ne
gotiationS will be started today in an
effort to reopen.
Three petitions were filed in the re-
ownership proceedings. In addition to
the W. p. Foshay Co, others named
we're the Public Utilities Consolidated
sidiary of the concern. and the w. B.
Foshay Building Corporation.
Liabilities Total sI2.eee,OOo
Their liabilities, the petitions charge.
total ST., 900. 900. The petitions set forth
as reasons for the receivership overeX-
pansion of business and lack of q mar
ket for securities OF the Foshay COM
panies.
The list OF Foshay subsidiaries, each
of which operate one or more properties,
all of them controlled through the
Foshay Co.'S public utilities consolidated
corporation, includes the following:
Citizens Light, Power d Water Co.,
Ketchigan, Alaska: Central American
Power Corporation, Managua, Mica
lIya AZ
Power Co, Ltd, Walkerton. Canada;
Saugen Electric Light & Power Co.,
Ltd, Southampton, Canada; Com
pania de Gas de Nogales, Nogales,
Sonora, Mexico: Northland Transport
tatiOn Co.. Public Utilities Georgia Cor
poration, Public Utilities Vermont Cor
poration, Princeton Gas Co., Public
Utilities Kansas Corporation and Public
Utilities Honduras Corporation, San
Pedro Sula, Honduras.
In addition, Public Utilities COnsoli-
dated also has become successor to
Ketchikan Cold Storage Co., Ketchikan,
Alaska; Citizens Light, Power 4 Water
Co, Katchikan. Clarke Otero Coun-
ty Gas Co, Claypool Water Co.
j.: III. j. Macksy Water Plant; Pc,
Light l. Water Co., Canyon Light &
Water Co., Mullan Light Co. and Mullan
Water Co., Mullan, Idaho: Mission
Range Power Co., Flathead Valley Elec-
trio Co., Southern Arizona Power Co.
North Sacramento Light & Water Co,
Mountain Power Co., Smith River Power
Co., DR.. Nichols Electric Property.
Mount Spokane Power Co.; Russian
River Water Co., Roseville Water Co.,
Missisquoi Light Co, Union Water Co..
Newport Water Co., Elk Grove Tele-
phone Co.. Elk Grove, Idaho: Planta
Electrical, Inc, San Pedro Sula, Hon.
duras; Sauble Falls Light 81 Power Co..
Wharton. Canada; Nevada, Calf. and
Oregon Telegraph Telephone Co.. RiC
Vista Telephone & Telegraph Co, Citi-
zens' Water Co., Chloride Water Co.;
Arizona. Calf. and Nevada Telephone
Co.: Half Moon Bay Water Co., Granite
Rock Water Co., Montana Water Co
and the j. M. Hotchkiss Electric Ligh;
Plant. There are also q large NUMBER
of local utilities enterprises which had
been owned and operated through the
Foshay Co.