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$10,000,000 CONCERN FAILS IN MINNESOTA Foshay Company Asks Receivership After B a n Failure Northwest's Greatest Economic Disaster Carried Operations in Banking, Public Utilities and Real Estate. ST. PAUL, Minn., Nov. 1.-(U.P.) -Recelvership was asked today for the W. B. Foshay Company, $10,000,000 mid-west banking, public utilities and real estate firm with headquarters in Minneapolis. The request for receivership was filed by three other officials of the company shortly after the Foshay State Bank here was closed by order of the state banking commissioner. No reason for the crash of the company was given and officials refused to discuss its position in the recent stock market crash. The Foshay Company controlled vast blocks of stock in power plants, bus lines and steamship companies and was heavily Interested in Minnesota real estate. During period of expansion extending over the past six months the company took over three Twin City banks, and completed construction of a 30-story tower office building in Minneapolis. Thousands of investors in the Northwest and Midwest were believed to have been wiped out in the crash. The Minneapolis and St. Paul bankers halled the passing of the gigantic Foshay combine as perhaps the greatest economic disaster in the history of this section. It was announced that the Northwest Bancorporation will take over the Foshay Trust and Savings Company of Minneapolis and the Third Foshay State Bank, also of Minneapolis, will become affiliated with the First Bank Stock Corporation. Neither of the holding companies was believed negotiating for the closed St. Paul bank, however The Foshay Company was organ-
