Business & Finance: Receiverships

McCrory. Into bankruptcy last week went $34,000,000 McCrory Stores Corp., operating through subsidiaries 244 5-&-10¢ retail units in Pennsylvania, Ohio and the South. Only the parent company was affected by the action. Blamed: 1) decreased sales, 2) refusal of banks to grant usual seasonal credits (see below).

Day Boats. Up & down the broad Hudson River between Albany and Manhattan big white steamers plough by day and plough by night. Just a year ago Hudson River Night Line, famed as all night lines are in many a locker room tale, ploughed right into receivership. Last week Hudson River Day Line (no corporate kin) ploughed into receivership, too. As receiver, courts appointed Alfred Van Santvoord Olcott, the Line’s president. Great-grandson of Commodore Abraham Van Santvoord whose “safety barges” were the talk of the river 125 years ago, Receiver Olcott said the company had been unable to obtain the usual bank loan to tide it over the winter months when its big white steamers are laid up.