Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1884-08-14
'non-r snt oi>ss,sasufsrs,

at the Mechanics Bunk. theres---
ing that much money to the recay wife
Gen.-Noble also rose and explce of
that steps for the Iron Mountain gnr1id
ishrnent at Chicago were done some
days before application had been made
for receiver.
WHAT THE HITCHCOCK SIDE REPRE-
SCENTS.
Mr.. Allen still condemned the attitude
In which the opposition stood before
the Court, and then showed that the
Hitchcock side of the fight were back
ed by the holders of Sill 900 of Vulcan
bonds, by $Sl9, 900 of first mortgage Ore.
and Steel Comqany's bonds by $4S7, OO0i
of second mortgage bonds, by ST, $50,
600 of stock and $54 900 of unsecured
debts, which was something decidedly
ahead of any figures the other sidef
could show. He quoted from the Mis-i
souri, statutes To show that the Direct
tors and officers of corporation in li71
quotation are trustees for the purpose
of winding up its affairs, and said
custom had changed relative to mf'".
ing officers of corporations their recefne
ers, aud instanced the recent appOiner
ment of Mr.. Scion Humphreys as re-
ceiver of the Wab sh. when his name
was on the back of that cOmpany's
the proposed confirmation of Mr..
Hitchcock. He ridiculed the idea of
issuing additional stock when times
were so depressed, as the law required
full value to be pail for all stock n He
read letter from the North Chicago
Rolling Mill showing that the recent
punishment had jeopardized the car
rying out of quite u valuable ecun-
tract, and closed by showing <on.t the
Hitchcock management had4s,lilr oved
the value of all the property to which
the bondholders had to look for their
principal and interest.
Col. p. T. Dyer appearf'aas repre-
sentative of MIR. Hitchcoeka and of Ger
tain general creditors. ne saw no
reason why the receiver should be
changed. but believed Mr.. Hitchcock
| would be the best man to bring the
| chief result of Col. Dyer's address was
| to bring out u sharp reply from Gen.
| Noble, who said his client, the Iron
Mountain Company, could certainly
| levy an attachment in another juris-
diction without being in contempt of
| this Court. AS for the betterments,
some of them had been made necessa-
| ry by fire, and as to the shrinkage in
| values, it certainly did not, in his mind,
| account for all the money spent. Mon
| ey had been misplaced and misspent
all the while. 1t was hardly probably
| that Mr.. Hitchcock could achieve him
self more than he had been able to do
| when aided by the advice of board of
twelve Directors.
WILLING TO COMPROMISE.
Things were getting decidedly warm,
| when Judge Ports rose and said he
| represented the Missouri Pacific, Wa
bash, Iron Mountain, Ohio and Missis-
sippi, and st. Louis and Cairo Rail-
| roads, to which, i'm the aggregate, the
st. Louis Ore and Steel Company was
indebted for freigh. charges in the sum
of $67 900. The roads were anxious to
see the company continue in business,
so they could get their past-due freight
and have more business for the future.
He deemed the company's property
worth at least all it was stocked and
bonded for, and as the roads were will
ing to aid the company by making
favorable rates, and as the company
ton of the roads, he begged to say that
the name of E. A. Hitchcock for re-
ceiver would not be disagreeable to the
interests he represented. But if this
gentleman was not acceptable to all
parties, and no one else could be agreed
on, he desired to submit in friendly
splritof compromise the name of Oliver
L. Garrison. There were few whis-
pered conferences between counsel, but
no name was agreed on, and Mr.. Hem
ry Hitchcock filled up the proceedings
by speaking a few words in his brother
Ethan's behalf.
HITCHCOCK APPOINTED.
At last they were all through, and
the Court, after expressing some doubt
as to the advisability in ordinary cases
of appointing as receiver any one in
terested in the operations of a corpora
ton, said in the present case the ques-
ton was who, under all the circum-
stances, could do most for the creditors,
and as he believed Mr.. Ethan A. Hitch
cock was that man he should make
him permanent receiver. The Besse-
m r steel money is to be kept careful
eacoount OF. and the receiver is to i'll
Itf3ice the Vulcan Mill forthwith.