Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-08-20
ITS ANNUAL.
Continued from page -

| ton respecting all his rights he deal
WIN n, y pa party 70 the controversy. Instea,
! to deal Justly with all and who have n,
| personal interests, he finds men defjnitrl,
committed TO policy and determined L
| Where creditors representing mort
gagors or lessons have sought The indie
pendent control of their propertv An,
| nave pointed to the letter of their con
| tract. IN every case their application has
| been opposed by the receivers who hav,
| resisted the application Of the parties II
| interest Tor the appointment of n separate
| trustoe 20 represent definite interest
AS oihcial advisors Of the court. the re-
| ceiVers SIT Ivy its side on the bench while
AT me same time they appear before it ms
parties; Sometimes the receivers have re.
SSteu foreclosure proceedings and all at
| tempts by creditors to assert their con.
tract rights which could lead to the dis
integration of The system. This has re-
Ssnnited IN practical denial of justice
re debtof railway company has been
leit III possession not only Of its own
property but of other properties to which
~ rlSht mas been forfeited. ana thus the
court through its officers holds creditors
~ bay until they are ready to compromise
| their rights
After long and expensive contest the
Seli-const'uted REORGANIZATION Committee
appears ana bcndholders are offered their
choIce between a contest conducted AT
great disadvantage and expense and the
acceptance Of such terms as may be
accept. in fact they do not dare to refuse.
me expense of the reorganization has
peeh ~ many cases enormous and in fix
ing Il there is no one to audit the ac-
counts no one to represent the creditors
" no suffer while their trustees profit.
Whenever an agreement is reached the
ohsl ructioh ceases. The foreclosure pro
ccodings move swiftly and the officers Of
the court no longer resist the claims Of
sutors at the bar. The reccivership has
accomplished it's purpose.
liz IA ii
example. Many Il man sees the savings
Of q life time swept away BY the mis-
management Of corporation and sees
thu managers continue in charge in spite
OF all opposition that creditors can make
70 tho reckless use Of power by the man
ayers of great corporations and by those
VINO profit in their downfall. We mus
attribute much of the discomfort. tbs
hatred Of capital ana capitalists. of cor
porafions and their officers which under
lies the movement which now eXcites oul
alarm.
II Is to the courts that we must look foi
protection. Their authority rests peculiar
ly on the respect Of the people for theit
absolute impartiality, and IN the long rur
they observe the Well-settled rules Of
Judicial procedure and unless they Respect
and enforce every legal claim. parties
must be left To determine for Themselves
whether their interests WIN or Wgll not b.
served by. the assertion OF their rights
The moment hat the courts undertake tc
,ii , Nam tb cont WIZ ~ 1' bi ie nm
muuity receives q shock and no mar
knows on what pc c.n rely. u the courts
a,,rii,.f,.,,s for r+@c,,5rs y,Ear ~,
nc debtor corporation. or even r ms
he'd selected impartial receivers aho
,','ttS r,,r,d ,,o,i Nv,
oreanlzed more promptly aud ~ x MOS.
andurrH basis than IL DOW possible. While
st.icS ~ igy ana hS e,t co ga,
tracts would have hecn far greater
Judicial action which imp4irs The obi!ga-
''ot, ., 3 o''s 'it''
suit.
When the court through it's officer.
alae tahe7 y ids nag 4 tl'r,al Iof ytts
questions which arise In its operation.
when IT appoints these officers ANA IN $,
ao.is LtattS "" ihi Fctief S3ukhl VIE,
rnlt of our Constitutional svstan.
Tho .,idr,ss ,.,,,t,,.i J., tn,,ro,,,
ba1r in delivering II ard ,,ae fr.SSu.,,,-.
IL annlaud.d
Tbe regular busintss ,vas than tater
mr.. l-nnn the re,,1,,t If The aver,,tIy.
c,,,,,r,iftae Il r.,,. ,na,,ha,-s f,o,, ,.s,t
,.,,s states v-.r.. .lo,tad , ,..,,.s ~ 70,
minutes was then taken 5u,.ipe- which.
tip,a ! ord Russnl, g., rra,,k ncls.
GOOD ana Mr. N1nntoer,,a C,,a.rI,a,.
,bo~n. held an informal racontion H.
tha. ,,latrorr, whore ,t.v o,.Aotra man,
me hers Of IN. aeeociatinn
The convention then proceeded to tn,
lIactfsn of tho members Of the genera
ccurcjl among which was. Maine
rbas + Linn,
The repnrt Of Secretary uinlley q,
Baltimore FIR me wear showed that
there were 1907 members at the close
Of the last meeting Thirty-tiye mem
hers have been elected BIZ executiv.
committee An of the states except
<evad, ana All tha territories axcsrt
Eaw Mexico are represented in tho
n,cnbersbip
The attention Of the vice presidents
and members of the local councils wa.
AGAIN called to the resolution charging
them with the duty OF endeavoring to
secure hv legislation the apnointment
The rpport of Treasurer Rawle showed