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"As I've said, you're one of us, Ford, and I don't mind speaking freely to you. A receivership is looming in the distance, and the not very dim distance, for the P. S-W." "I thought so. How near is it?" "I don't know nobody knows definitely. If we had a man of resources at the head of things as we have not it might be stood off for another six months."
The president of the road who, according to the evidence submitted by Powers, was the principal offender, has resigned, and complications which have risen since point to the receivership. Meanwhile, the superintendent has gone back to his old work as a telegraph operator. I met him at the church yesterday. He impressed me as a man who had, like Maxwell, gone through a crisis in character.
The Supply Company had paid dividends ranging from fifteen to twenty-five per cent for many years, but Ridgway exercised his right as a stockholder to ask for a receivership. In point of fact, he owned, in the name of Eaton, only one-tenth of one per cent of the stock, but it was enough to serve.
The arrangement was thus similar to the later receivership plan, but its vulnerable point was that it was operated by a private concern. The first instalments of interest and sinking fund on these two bond issues were paid from the proceeds of the bonds, then for several months the "regie" supplied funds, and then came the first crash.
It not only has the management of the Army and the coast defenses, but its jurisdiction extends to the government of the Philippines and of Porto Rico and the control of the receivership of the customs revenues of the Dominican Republic; it also includes the recommendation of all plans for the improvement of harbors and waterways and their execution when adopted; and, by virtue of an Executive order, the supervision of the construction of the Panama Canal.
In its next issue the paper named the receivership after its true author, showing by a list of the officials that the road under Major Guilford had been made a hospital for Bucks politicians, and hinting pointedly that it was to be wrecked for the benefit of a stock-jobbing syndicate of eastern capitalists.
"Why did they think that, dear?" "That amazing rascal Buck Ogilvy used to be a C. M. me that the money had been deposited in escrow there awaiting formal deed. That money puts the Cardigan Redwood Lumber Company in the clear no receivership for us now, my dear one.
So we went carefully through the affairs of these crippled enterprises in the hard times of 1893 and 1894, carrying many of them for years after; sometimes buying the interests of others and sometimes selling our own interest, but all or nearly all escaped the expenses and humiliation of bankruptcy, receivership, and foreclosure.
"This morning the judge approved my settlement of the long-standing Norris case, I received a letter containing a draft of an outstanding debt, and now the important Wells bank receivership settles itself. Let me know the minute Shirley arrives." Davy's hours of impatience were interrupted on Saturday morning by a telephone call from Chicago.
He sank into an arm-chair, and, in a gasping voice, faltered: "It's done; we shall get the receivership." At this she fell on his neck and kissed him. "Really? Really?" she cried. "But I haven't heard anything. Oh, my darling husband, do tell me; tell me all!" She felt fifteen years old again, and began to coax him and whirl round him like a grasshopper fascinated by the light and heat.
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