The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-12-01
THE OREGON PACIFIC.
The Latest Order of the Court
Concerning It's Man.
agement.

agement.
Those persons who were in the circuit
court last Wednesday evening were treated
to somewhat of an expose of the inside of
the receivership of the o. P. railway petit
tion from w. H. Burns, and others of the
creditors and employees of both the late and
present receivers was read. From this doc
ument it appears that there is a large ac
cumulation of debt for both labor and ma
terial going on. To outsiders who know
little of the affairs of the road beyond a
general impression that Receiver Hadley
claims that he had from the earliest time of
his appointment last March been able to
make profit where his predecessor had
! made big loss, it was somewhat of a shock
to hear of a debt for material only of up
| wards of $50, 900, besides about three months
| wages of the men unpaid, which would be
| about $25, 600 more, and an indefinite
sum for expenses.
The petition represented upwards of $l9,-
600 of these debts. Quite long discussion
| followed in reference to one part of the
prayer of the petition for receivers certlfi.
Gates, in case of the ability of the receiver,
Hadley, to make prompt payment of the
indebtedness. The judge expressed his
anxiety to do anything TO make the men
who had supplied either material or labor
| safe, to the best Of his ability, and in the
| end an order was made on Saturday morn
| ing, which gave the petitioners the choice
| to take tire certificates or not, as they
| might think best for their interest. But
the order was direct for payment by Re-
| ceiver Hadley of these claims within ten
days from that date. The material part of
the order was as follows:
Now the petitioners appearing by their at
torney, Wallis Nash, the plaintiff herein by
its attorney, j. r. Bryson, the said Receiver
E. w. Hadley by his attorney 9. II. Gest,
and the defendant accompanied by their at
torney, L. Flynn, having been duly. served
with a copy Of such petition and Of the order
fixing and directing the time for hearing the
same, and having accepted service and
waived all objections.
Now, after arguments of counsel and full
consideration by the court of the said pc
tition, and Of the supplementary petition Of
r. G. Pierce, another Of said petitioners,
which was by order of the court heard at the
same time. 1t is ordered, that as to
so much Of the Indebtedness shown in the
schedule the said petition as is admitted on
the books of the said receivership, or is ad-
justed between the said creditors and the
said Receiver E. w. Hadley within ten
days from the time Of making this order,
payment to be made to the said creditors by
the said Receiver E. w. Hadley, within
such period of ten days, and, specially, that
the said Receiver E. w. Hadley shall apply
ployes of the former receiver, I. 4. Hogg,
are concerned, such sums as were received by
the said Receiver E. W. Hadley since the
date Of his appointment from the receipts and
earnings of the defendants company during
the months of April, May, June and July,
1898, in excess of the then current operating
expenses under his said administration, such
payment, so far as the same may go, being
made for the wages of all employees and
laborers which had accrued within the six
months prior to the appointment OF the said
e, w, Hadley as receiver. And, that as to |
so much Of the said claims as shall not be ad-
justed between the said creditors and the said
receiver within ten days from the Tune OF
making this order that the same shall be rel
ferred to such referee as may be appointed to |
PASS the accounts of the said receivers, L. |
3. Hoeg and E. w. Hadley. And, it is |
further ordered, that as to so much of the
said indebtedness as shall within the said
period Of ten days from this date be admitted
on the books of the said receivership and
shall not have been paid by the said Receiver
E. w. Hadley; that the SAID Receiver E. W..
Hadley shall issue to and in favor OF such of
the said creditors as shall demand the same
within the said period of ten days from this
date receivers certificate bearing interest
from this date Of issue at the rate Of eight
per cent per annum, until paid, tor the total
amount Of each Of said claims then unpaid,
such certificates to rank equally with all re-
cever's certificates heretofore issued by and
under the authority Of this court by either Of
the said receivers, and to be payable pro rata,
with all of such certificates heretofore legally
issued by the said receivers or either Of them
out Of the proceeds Of the sale Of the said
railroads and other properties Of the defend
ant corporations in priority to the bonded in
debtedness Of the defendant companies, and
to be payable at least within one year from
the date Of issue.
Done in open court, in the city of Corval-l
lis, this 22nd day Of November, 1893.
(Signed) J. c.. FULLERTON,
The attorney for the receiver brought into