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It is the same story that has been told of most of the large railroads of those days. Strenuous efforts were made to save the property from a receivership, and a committee was appointed in September, 1889, to devise ways and means of reform and reorganization. The new management of the Santa Fe was a rational one and substantially reduced the obligations of the road.

It will be observed that a complicated and expensive receivership was imposed on the Liberian people when an arrangement much more simple would have served. The loan of $1,700,000 soon proving inadequate for any large development of the country, negotiations were begun in 1918 for a new loan, one of $5,000,000.

Bassett was unfailingly punctilious in forecasting his appearances in town, and his explanation that legal matters had brought him down was not wholly illuminative. Dan knew that the paper-mill receivership was following its prescribed course, and he was himself, through an arrangement made by Bassett, in touch with Fitch and understood the legal status of the case perfectly.

In short, the receivership has demonstrated its ability, even under unfavorable economic and political conditions, to do the work for which it was intended. This Government was obliged to intervene diplomatically to bring about arbitration or settlement of the claim of the Emery Company against Nicaragua, which it had long before been agreed should be arbitrated.

A little stock in the hands of a hireling, a request made to a court of record to examine the books of the company in order to determine whether a receivership were not advisable, a simultaneous attack in the stock market, selling at three, five, seven, and ten points off, brought the frightened stockholders into the market with their holdings.

His great coup was the rebuilding of the Union Pacific. A railroad with 7,500 miles of track, a giant crushed by its own weight, it had gone into a receivership in the panic of 1893. For five years it stayed there, despite the utmost efforts of the giants of finance to lift it out.

It was three years from the date of the receivership before the Erie property was taken out of the hands of the courts. In April, 1878, a new company, the New York, Lake Erie and Western Railroad, took over the property; Jewett was elected its president, and a new chapter in the history of the property began.

But they were more than cheerful about it; the whiskey made them indifferent to external ills as they warmed themselves by its bright fire. At that time a famous and much envied, admired and respected "captain of industry," having looted the street-car systems, was preparing to loot them over again by the familiar trickery of the receivership and the reorganization.

The Company was known to be making enormous extensions, and it was said to have overreached itself; there were whispers that its officers had been speculating, that the Company would be unable to meet the next quarterly payment upon its bonds, that a receivership would be necessary.

The new receivership will consist of a general receiver of customs designated by the Government of the United States and three receivers of customs designated by the Governments of Germany, France, and Great Britain, which countries have commercial interests in the Republic of Liberia.