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"'l1' THE RALEIGH TIMES, TUESDAY' JULY, 30, 1912.
1
9
SOME AFTERTi
THE PRESS
Atlantic Hotel, Morehead City,
July 30. A number of the editors
were so pleased with the Atlantic
Hotel that they stayed over Sunday,
leaving Sunday night and Monday
for their homes. A number of oth
ers stayed until Saturday. . The ma,
Jorlty, however, left Friday morn
ing, going to New Bern on the, reve
nue cutter Pamlico and from there
departing for their homes in various
parts of the state. This trip was
one of the features of the Press As
sociation meeting, it was arranged
for by the Morehead City chamber
of commerce. As stated, the trip
was taken on the revenue cutter
Pamlico, which is stationed at New
Bern, and was made through the
lower completed link of the inland
waterway. The editors gained a
more comprehensive, as well as a
more definite idea of this great pro
ject by seeing for themselves what
has been done and were brought to
a more accurate understanding of
what the completion of this water
way from Massachusetts to Florida
will mean, not only to this imme
diate section, but to all North Caro
lina and to the whole country. The
distance by water from Morehead to
New Bern, since the canal was open
ed is only 38 miles. Starting from
Bogue sound at Morehead-Beaufort
the waterway goes up Adams creek
lor quite a distance and then there
is a cut of seven miles through land
where there was no stream before.
This canal connects on the north
with an arm of the Neuse river, com
ing into the river almost opposite
Oriental. The Neuse from this point
up to New Bern, as well as the 15
miles or so below this point and
its mouth where it empties into Pam
lico sound, is as fine a stream of
water as one could wish to see. At
the point where the canal enters it
Is five miles broad, and is a magnifi
cent expanse of water. Captain
Broadbent, of the Pamlico, and Mr.
O. I). Canfield, secretary of ; the
Morehead City chamber of coinmerc?,
made the trip very pleasant for their
guests. Refreshments, including
some things that we don't get at
home, were served.
Another trip that was a pleasant
one to some and rather disquieting
to others was taken on the revenue
cutter Seminole, Captain Borry,
home station, Wilmington, to Cape
Lookout. This trip also was ar
ranged for by the chamber of m
meree, and Mr. Caufield did all he
could to make the trip pleasant for
all. But there were some who had
no feelings of pleasure on the trip.
The broad, rolling ocean nor the
line curved sweep of shore, where it
is proposed to establish a harbor of
refuge and for which the government
has appropriated i'i, 000, 000, nor
the tall, tapering lighthouse on al
most the fartherest point of land,
nor even the beer below had any at
traction for some who took the trip.
Before the cutter had left the bar,
which separates the still waters of
Bogue sound from the rolling deeps
of the Atlantic, 15 minutes behind,
brave newspaper men and women
who have faced many a trying situa
tion unflinchingly, began to look
anxiously at each other, to shuffle
their feet, wriggle their hands,
change their positions and move
about uneasily. Slices of lemon
were passed furtively around and
surreptitiously sucked. But if any
thing the taking of the acid only
hastened the time when concealment
of the agitation of the fearful ones
was no longer possible. The lemon
juice added turmoil to the already
disturbed condition of the internal
regions, Twenty-five minutes pass
ed away, the cutter all the time roll
ing majestically, and to some de
lightfully, but to others in increas
ing numbers with a growing convic
tion that something was about to
happen. Features, first pale, then
pallid, gave way to wretchedness. At
first, one by one made their way to
the rail, and with unseeing eyes,
contemplated the water below. They
were joined by twoB and threes, un
til finally there was a rush for posi
tions of advantage and standing
room at the ship's side was at a
premium. It was a great sight for
those who were able to see It. And
here many a one laughed too soon.
A number of fellows who laughed im
moderately at the other fellow, could
be seen later hanging over the rails.
Many had to lie down and the of
ficers' quarters were turned over to
the most seriously afflicted ones for
this purpose. The after deck was
also given over to the sick ones by
common consent, and It soon had the
appearance of a hospital. Others
were not particular and sprawled
down anywhere they could find a
spot big enough to hold them. Mr.
C. N. Evans, the Wilmington banker,
who was a guest of Captain Berry,
who exerted himself in behalf of
all the party, was especially kind to
the aiding ones. He acted as gener
al superintendent of the impromptu
hospital, while Dr. John R. Ferrall,
Wedding Bells
ANNOUNCEMENTS,
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EDWARDS & BR0UGDT0N PRINTING CO.
Raleigh, N. 0.
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of anti-hookworm fame, exerted his
medical skill to alleviate the tortures
of the suffering. About the best he
could do though, under the circum
stances was to tell them it would soon
be over. Because of these Internal
disturbances some sixty per cent, or
more of the guests of the cutter did
not enjoy the trip to the cape, nor
were they able to see anything worth
while in the proposed harbor of
refuge. So general was the upheaval
that the few who were free from
distress got their greatest enjoy
ment out of a continual chorus of
just one couplet from a late so-called
song, these being the well-known
words: "Every body's doing it, do
ing, everybody's doing it now." It
it is to be hoped, however, that those
who were unable for the time be
ing to appreciate the merits of the
proposed harbor, will eventually
come to a realization that if the
calm, smooth sea is so dangerous to
tne land lubber that then there
must come a time of storm and of
raging winds and high-tossed waters
and rocking ships, when even the
hardened sailor must flee before it
to a harbor of refuge or perish. So
much for that. The party got safely
back to land and the majority of its
members were able to eat a hearty
supper.
The feature of the Press Associa
tion proper, was the address of Don
('. Seitz, business manager of the
New York World. Mr. Seltz talked
shop in an interesting manner. He
stressed the intensive idea in con
ducting the newspaper, that is mak
ing it as productive as possible by
taking care of the little things as
well as the big. He told how he
turned the World from a losing to
a paying proposition by making use
of space in the paper that formerly
was wasted. His talk was closely
listened too. What he had to say is
applicable to every newspaper in the
state, and it was a revelation to
most of those present in the ari. of
utilizing all of one's resources. Mr.
W. H. Savory, the linotype man, also
made a talk on "The Cost of an
Inch of Advertising," which ought
to prove profitable. Other addresses
and papers were good, and old mem
bers of the association declared that
it was the best meeting of the Press
Association ever held. Some of the
visitors who made short talks be
fore the association, were John E.
Ray, of Raleigh; Dr. I. M. Hardy,
of Greenville; ex-Uovernor Jarvis, of
Greenville, and Representative Fai
son, of the second district..
The Atlantic Hotel, though having
an unprecedented number of regular
guests, was equal to the occasion,
and after a little confusion of the first
rush for rooms and something to
eat, handled the members well and
satisfactorily; It is really a delight
ful place to stay and everybody was
pleased with the excellent hotel ser
vice, the fine boating and fishing
and the unsurpassed surf. It seems,
to be a favorite place with Raleigh
people. Among those here were
Mrs. C. M. Busbee, Mrs. T. B.
Womack and sisters, the Misses Tay
lor, Mrs. A. D. Bagley, Mrs. Jose
phus Daniels and children, Dr.
Charles Lee Smith, Capt. and Mrs.
W. G. Peace, B. C. Beckwith, C. T.
McClenaghan, Mrs. Lester Butler
and son, Mrs. C. C. McDonald and
Miss Flora McDonald, and Grimes
Cowper. J. E. C.
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The Barber One of my custom
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The Customer Na good to me.
I've stood as a candidate in two elec
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Mrs. M. A. McLaughlin, 612 Jay
St., LaCross, Wis., writes that she
suffered all kinds of pains In her
back and hips on account of kidney
trouble and rheumatism. "I got
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there was a wonderful change la my
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"BUY IT IN RALEIGH."
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Trust Companies, or the Strength (; ' ' v
t and Desirability of Good Trusts
(Continued.) ...
(By ROBERT C. STRONG, of the Raleigh Bar.)
It is the ( object of .the present
paper to show that upon the de
velopment of that particular kind of
a financial institution known as a
trust company, a demand is made
for statutory changes in our laws
relating to receiverships of private
corporations, partnerships, or even
individuals.
Mr. Bispham, whose work on the"
Principles of Equity is prescribed
by our supreme court in the course
for the study of law, savs: "What
iinius are to De placed UDon the ex
ercise of chancery, powers, and
whether and to what extent the"
jurisdiction in question, is to be ex
ercised in favor of ordinary partner
ships and of Individuals, us well as
on behalf of corporations and joint
stock associations, are questions of
great importance, and which have
not (it is believed) been settled by
the courts of last resort " Tim
courts oY equity necessarily act with
great caution, and, of course upon
coses regularly brought and present
ed. Therefore, a declaritory statute
extending to private corporations,
partnerships, or individuals the ad
vantages to be derived by a quasi
public corporation in matters of re
ceivership, to the extent that would
be reasonable and just, would make
a greut stride forward. Mr. Ulsp-
ham states: "Receivers are now ap
pointed, not only where the dis
solution of a company is contem
plated, out also where the object is
to relieve the corporation, tempor
arily, from the pressure of current
obligations iu order that its business
may be thereafter continued. This
is done in times of financial dis
turbance, where collections are dif
ficult and when money cannot read
ily be had; and the assistance of a
court ol equity is boueM, not by
hostile creditors with the view, of
winding up the company, but by
friendly creditors with the us3Piit
of the corporation Itself, and in order
that its assets may not be sacri
ficed by executions, and so that its
value as a going concern may not
be sacrificed." This "statement ap
pears to be sound, but owing to a
number of decisions on the subiect.
Its practical application can only be?
made to a railroad or other quaf,;-!
public corporation. The nrerequisite'
to Iteep a corporation a "going con
cern" is the ability to get the i.e es,-
sary money or credit, and this can
be done by allowing the receiver
to issue certificates which will con
stiiute a first lien on .'the poperty ,
On account of public convenience or
interest, a receiver of a railroad cor
poration may issue such certificates
for the operating expenses of the
road, and so the property is preserv
ed as a going concern until reorgani
zation or its other final disposition
as an entity. These certificates have
priority of payment to its mortgage,
indebtedness, though our constitu
tion Inhibits legislation, even, that
impairs the obligation of an ex
isting contract, such as this womd
seem to be.
Leaving undiscussed receivers ot
partnership and individual property,
which may weir claim consideration
from "the law-making powers, we
will turn our attention to private
corporations. These corporations,
though called private, are regarded
of such public interest that the
state has what is called visatortal
powers; I. e., they operate under
a franchise from the state, and, in
return, the state requires certain
reports or statements, showing their
financial conditions. In order that
business enterprises may be carried
on which benefit the peonle, a cap
ital stock is made up of small con
tributions for which the subscriber
receives a certificate Under which his
liability is ordinarily limited to the
value represented upon Its face, and
which he has paid. Therefore, these
corporations are regarded of more
public interest than a business share
holder's right in the management of
the concern is limited to the amount
of stock he has, and controlled by a
majority vote In Interest of the
other shareholders In selecting the
oftlcer8 to whose judgment the man
agement of the business Is left. In
times of financial stress or oppres
sion, an application for a receiver
ship of a private corporation Is a
step towards its dissolution. The re
ceiver cannot issue certificates that
will have priority of payment ex
cept for the necessary preservation
of the property until a sale is ef
fected. There is no machinery pro
vided for keeping the busiuois a
"going concern," and, hence, the
property la more usually sacrificed
when, with a little help, the cor
poration could be reorganized and
put upon Its feet again, for the
benefit of all the creditors, and not
depreciated in the sole Interest of
that part which has pressea tne
debtor corporation Into Insolvency.
Equity, In permitting a receiver of
a railroad, or other quasi-public cor
poration to Issue certificates which
constitutes a lien prior In payment
to its own debts, proceeds npon the
theory that the patrons of this cl?ss
of corporations , should not be de
prived of the public facilities af
forded; but it Is to be questioned
that the creditors suffer any, whose
right are involved. The receiver,
merely as such, has no right to is
sue these certificates. He can
only do so when acting with strict
ness under the order of the court. He
la simply an Instrument to attain
an end, 1. e., a proper disposition
of the affairs of the corporation In
accordance with good conscience, de
termined upon by the court with all
the Interested parties represented. '
When a private corporation Is In
solvent, advantage cannot ordinarily
be taken of the equitable principles
of a receivership, for It Is not pre
sumed that a better business judg
ment could be had from a receiver
appointed by the court than had
been afforded in the selection or of
ficers and directors by the stock
holders. The presumption Is that
the question of management Is more
wisely left with, the corporation, for
in dissolution proceedings, we have
a statutory provision whereby the'
court may leave its management
with the existing directors, tho igh
a receiver may be appointed whma
there is evidence which would In
dicate that a change in particular
instances were desirable.
But it Is in Instances, as stated,
where the private corporation is
solvent and only temporarily em
barrassed, that equity should afford
relief, by the appointment of a re
ceiver to keep; U a "going concern"
and preserve its property, just as
It now does with railroad corpora
tions. A receivership of a private
corporation should not always and
necessarily mean its dissolution at
a sacrifice or great shrinkage of Its
assets. If the corporation is solvent,
and oppressed by debts that are
due, there seems to be no valid
reason why a receiver should not be
afforded means for obtaining money
upon his certificates, constituting a
lien at least prior In point of pay
ment to unsecured debts, and the
court, in his name, holdthe assets
free from judgment of a few, for
the benefit of all. Whether this doc
trine could be equitably applied to
the property of individuals or part
nerships Is also a question that may
well appeal to the careful considera
tion of the law making power, with
a trust company as a keynote to
the solution.
Thjs brings us to the question of
bankruptcy. Insolvency under the
bankrupt act and as usually under
stood and defined, has not the same
meaning. An insolvent in bank
ruptcy is when, at a fair and rea
sonable valuation, his ussets are in
sufficient to meet the payment of
the sum of all his debts. Therefore,
a debtor may not be insolvent with
in the meaning of the bankrupt net,
and yet be unable to meet his obli
gations in due course, and so judg
ments may be had against him, end
ing in such a shrinkage in his as
sets and cost of litigation that he
may become insolvent in every sense
of the word. A trust company ap
pointed as receiver with power, un
der the direction of the court, to
issue proper . receiver's certificates,
for the operation of the business as
"going concern", would prevent
. - A . ., . r 1
Uiy laiiui es, uuu lamirt-tf ul i
effe corporation, to say nothing of
partnership and individuals, to a
greater or less extent, affect the
people of the community in which
they appear.
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131 E. Martin St.,
RALEIGH, N. C.
Bell Phone 1150, Raleigh 832-
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Building Stone,
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111 S. Salisbury Street.
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Wholesale Department.
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tliey showed no wear, nor , did tliey shine ns tliey must, when
finished by the old friction process.
Send your collars here ami compare our work with that of
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EXCELSIOR LAUNDRY
n W, Jlargett Street.
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The "Wind Up" of
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If you want to reap with shrewd shoppers some ex
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Stationery
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EVERYTHING FOR THE OFFICE.
THE OFFICE STATIONERY COMPANY.
123 Hargett St.
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SUPPLIES!
DEVICES.
V
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t, I I :
Thlem, Manager. O. C. Phone No. 135
romers