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While Harriman was able very promptly to carry through his first scheme and recapture the Oregon lines, which had been separately reorganized as a result of the receivership, he found it a far more difficult matter to secure a dominating interest in the great system of railroads controlled by Collis P. Huntington. Huntington was a hard man to deal with.
Before you go, you should give to someone a full power of attorney to take care of your interests. In the midst of juggled accounts and forgeries, there may be something left, and anyhow, the receivership cannot be closed without your consent." "You are right, as always, Fred, and you are the very person to have that power. Let's get it done right away.
He could see that he would be thrown out of court in the matter of the Consolidated Supply Company receivership, since Eaton's stock would now be in the hands of the enemy. But what was of more importance was the fact that Eaton's interest in the Mesa Ore-producing Company now belonged to Harley, who could work any amount of mischief with it as a lever for litigation.
Then came a letter from a brother lawyer who was looking after some details of the receivership. "By Jove! That makes it bad!" exclaimed Mr. Ford on reading this communication. "What is it, Daddy?" asked Grace, who happened to be in the library with her father when the mail came in. "Why, Travert writes me that Jallow has begun cutting timber on the strip that is in dispute.
Jay Gould was now becoming a dominating factor and in October of 1868 was chosen president. The various stock-market struggles that ensued from the ascendency of Jay Gould to the receivership of the Erie in 1875 is a long and intricate tale.
My! but she was pleased. And then she paid me out for the scare I'd given her by making me live on side-meat and corn-bread for a month, so she'd be sure not to get the sheriff after her again. Of course, I had to tell her all about it in the end, and though she's never forgotten what she learned about money during the receivership, she's never quite forgiven the receiver.
On the 13th of October, 1893, the United States Court at Omaha appointed S. H. H. Clark, Oliver W. Mink, and E. Ellery Anderson, Receivers, and in the following month Frederick R. Coudert and J. W. Doane were added to represent the interests of the United States, this receivership being forced on the Company by the very general business depression of 1893 and the consequent decrease in traffic and earnings.
A full investigation of past management disclosed that the records for the interim extending from the brief Morgan control under Spencer to the receivership contained the same kind of irregularities and errors of policy that had prevailed under the earlier Garrett management.
The real situation became apparent when William C. Whitney died in 1904 leaving an estate valued at $40,000,000. Not a single share of Metropolitan was found among his assets! The final crash came in 1907, when the Metropolitan, a wrecked and plundered shell, confessed insolvency and went into a receivership.
And, of course, with Old Hickory Ellins at the helm, the Corrugated Trust was right in the thick of it. About twice a week some fool yarn was floated about us. We'd sold out to Krupps and was goin' to close; we'd tied up with Bethlehem; we'd underbid on a flock of submarines and was due for a receivership oh, a choice lot of piffle!
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