The daily enterprise. [volume] (Livingston, Mont.) 1883-1884, 1884-03-21
RECEIVER APPOINTED.
The National Park Improvement Company
Meets It's Fate.
A. L. Love Appointed Receiver Of the In
solvent Institution.
FULL DETAILS.


fore the United States circuit court of
the state of New Jersey that the COM
pany was insolvent and unable to meet
it's indebtedness and prayed that a re-
ceiver should be appointed to take
charge Of the company's business in
the interest of creditors. Rufus
Hatch, president of the company
merely appeared in court to answer
that he had no defence to make and
the petition was granted. 1t need be
no secret that w. r. Stebbins, head of
the banking firm of Stebbins, Mund &
Co. of the Bank of Livingston, which
holds a large claim against the
company, was the principal instigator
of the movement for a receivership.
On his recommendation which was
coincided with by leading Stock
holders of the company, A. L. Love
of Livingston, was named receiver
about the 9th of March. AT that time
the twenty days given stockholders of
the company to raise funds to liqui-
date the pressing Indebtedness had ex-
pired, and at Mr.. Stebbins suggestion
it was extended ten days further or
until the 10th inst. Meanwhile bond
in the penal sum of $50,000. signed by
New York monied men, conditioned
for Mr.. Loves faithful discharge of
his duties, had been filed and his oath
to the same effect forwarded to him
for signature. This oath was sworn
to before Chief Justice Wade of Mon
tana, and forwarded to the New Jer'
sey court, so that Mr.. Love is now
bound by all legal formalities to exer-
else the duties of receiver of the Yel-
lowstone National Park Improvement
company. Yesterday a telegram ar
rived directing him to take possession
in the Park at once, and before this
reaches our readers it is probable that
he or his agent will have departed to
Mammoth Hot Springs for that pur-
pose.
The authority of the receiver COW
ers all that was owned by the company,
the townsite at Cinnabar, the trans
portation to and through the Park, the
hotel and other property at Mammoth
Hot Springs and all the very extensive
franchises and privileges claimed or
owned by them. 1t will be the re-
ceiver's duty to manage this property
and operate thees franchises in the
interest of the creditors Of the
company. He will open the ho.
tel about June 18th and operate
it under his personal supervision-do
everything, in fact, that has been or
could be done by the superintendent
of the company.
That the business will be managed
honestly. efficiently, and in the inter-
est of every claimant, those who
know A. l.. Love and the business
methods eff Stebbins, Mund & Co. will
readily admit. 1t is the avewed in
tention of the receiver to conduct the
company's affairs in such manner as
will enable every creditor to receive
the full amount of his claim. 1t may
not be possible to liquidate the entire
this summer, but as fast
as the receipts of the business accum.
ulate, dividends will be distributed
among creditors without preference.
This is fortunate unrayellng of
tangled financial difficulties. The
company allowed itself to become in
solvent. Its property, except that at
tached by G.. FL. Carver & Co., was so
situated that only by the most expen-
sive litigation in United States courts
could any portion of it it be reached
to satisfy claim. Again, a large
part of the profitable property was
not tangible, but in the shape of fran
chises only the operation of which
could be made profitable. 1t WAS pos
sible for heavy creditors to begin
and carry on expensive suits and
obtain Judgment with costs that
would cover the real property and
leave small creditors to whistle for
their money. All this has been obyi-
ated by tic appointment Of areceirer