Article Text
RECEIVER FOR PHONE COMPANY M. D. EIDE OF HOWARD TO MANAGE AFFAIRS OF FIRM AT CANOVA. Canova, May 1.-Circuit Judge A. E. Taylor of Huron signed an order this week appointing M. D. Eide of Howard as receiver for the Peoples Telephone Company of Canova and Mr. Eide came down yesterday and has taken charge of the affairs of the company. The failure of the Peoples State bank of Canova last October left the telephone company in bad shape as the officers of the bank were also heavily interested in the phone company. The state banking department in cleaning up the affairs of the bank has acquired practically a controlling interest in the phone company and it is understood the department forced the receivership in order to get a complete check-up on the business affairs of that corporation. Whether or not there has been any mismanagement in the conduct of the phone company is not known at this time. Besides the local exchange the Peoples Telephone company owns the exchanges at Winfred and Roswell and a number of rural lines. The company was organized a couple of years ago by S. H. Butler and others. Mr. Butler was president of the company, P. T. Wick was secretary and Fred K. Sashman was vice president and manager and the latter has been in active charge of the affairs of the company up until the present time.
