Carolina watchman. [volume] (Salisbury, N.C.) 1871-1937, 1909-08-03
As TO RECENERSHIPS,
Fat Jobs Which pay far in Excess Of Value
of Service Rendered,

Of Serviee Rendered.
The statemet in the letter of
Andrew Joyner about the closing
up of the receivership case of the
Pomona Cotton Mills ought to ar
rest public attention. It recalls
the story Of the man who, upon
his dyeing bed, sent for his favor
tie son and said: II know 1 must
die. I have made my will. l
have left you all my property and
have made your brother executor
of my will" Thu son thought a
minute and reflected upon certain
executors no got very h1g allow
ances and kept the estate tied up
a long, and he replied: "Father,
l believe [ would like it better if
you would leave your property to
brother and make me the execu
tor"
The truth is that when proper
ty goes into the hands of a recelv-
or, most people who have to do
with it seem to think that what
remains is fair game. It is too
customary to have several rece.v-
ers appointed, for each to have an
agent and attorney, and for a
multitude of extras to be put into
the bills for clerks and every con
ceivable expense until the poor
stockholders tho have already lest
heavily are deni, d even a penny.
Indeed it sometimes happens that
the scheme seems to be to take
everything in sight except what
the creditors demand, and if only
a small sum could I've saved by
economy to tho stockholders tie
feeling is that it is too small to
trouble over, and that as they
have lost most of their investment
they might as we'll lose it all.
A careful examination of the
expenses, the receivers fees and
attorneys fees in receive1ships
would astnnlsh fair. minded men.
If the property is valuable, fees
that are outrageous # charged
and an army ct en- pIoyes at fancy
salaries are too often put in
charge. Sometimes both the Fed
eral and State courts take charge ,
ench with receivers and lawyers
acd agents galore, and they charge
often ten fold more than would be
charged to a corporation able to
pay. The expense of a receiver
ship is SO unnecessarily ereat that
creditors will accept a song before
running the gauntlet of trying to
get what is due them from rrcelv-
ership settlements. If a judge
suggests that the ALLOWANCE, S are
too great, r,ceivers, lawyers and
others act as if he were robblng
them, whereas it is often the case
they have been practicing extor-
tion upon helpless stockholders
and creditors.
This matter has attained such
proportions as to Gill for judicial
courage and Judgment. When
property is in the hands of d re-
ceiver or in the bankruptcy court,
there ought to be guaranteed strict
economy and greatest are to pro-
tect the injured people. No fees
should be permitted that is larger
than is paid by business men who
can contract for themselves, and
tho suffering stockholders ought
to be- protected from those who
have no conscleEc", whether they
are public officials, lawyers or re.
celvers. State and Federal Judges
should confer to the end that the
business shall he managed wisely
and economically, and the scandal
Of ex5ortlonate fees and charges
ended. 1t is in the power Of the
judge to do this, and if he fuiss he
is wronging the stockholders and
creditors who are being exploited.
Raleigh News & Observer.