Page:Oregon Historical Quarterly volume 16.djvu/261



THE YAQUINA RAILROAD 241

1892, at Salem by Wm. M. Hoag, Wallis Nash, B. W. Wil- son, Z. Job, Abraham Hackleman. The parties interested could not co-operate, however, the Job purchase fell through, and the reorganization plan came to naught.

VI.

Meanwhile the railroad was fast running behind its rev- enues. Bondholders' quarrels with Hogg's management con- tinued. Poor business conditions added to the company's troubles. It was plain that there must be a change of admin- istration and a new receiver. Moreover Hogg did not devote his personal attention to the property nor stay in Oregon. On March 4 Judge Fullerton appointed as receiver Everest W. Hadley, who had served as Superintendent of the road and was a resident of Corvallis. This change followed the wishes of the Blair-Wharton bondholders. Their attorney, John P. Fay, of Seattle, said that they had long wished reorganization and desired then to develop the property (interview in Ore- gonian, April 20, 1893). Judge Fullerton's order removing Hogg cited that the latter was "no longer a suitable person to serve as such receiver" ; "he has neglected the duties of his trust in that he has since his appointment (Oct. 26, 1890) constantly resided outside of the State of Oregon"; "has delegated his duties to subordinates" ; "his interests are di- rectly opposed and antagonistic to the interests of a large number of the other bondholders" ; "he hindered and delayed the experts sent out to examine the properties advertised to be sold"; "the interests of all concerned will be conserved by the removal." (Oregonian, March 7, 1893.)

Hogg's receivership lasted 26 months, during which time the payrolls of employes went arrears ten months, to a total sum of $127,000. Hogg issued in credit certificates, $800,000, which at his removal were worth 60 cents on the dollar in Wall Street (Oregonian, March 7, 1893). Other indebtedness in- cluded material claims $25,000 and taxes the whole being in excess of $1,000,000. The receiver had been selling certifi-