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242 LESLIE M. SCOTT

cates at 40 per cent discount, in order to raise necessary funds. This practice was stopped by the new receiver, Hadley, but it is fair to Hogg to add, that the company continued to pile up deficit under the two successive receivers, although in re- duced degree.

Hadley's receivership, from March 4, 1893, to Jan. 4, 1894, piled up a further deficit of $59,864 earnings $171,045; ex- penses $230,909 (Oregonian, Feb. 4, 1894) this despite his best efforts to economize. This was in the midst of the "hard times" of the period, which of course, added to the troubles of the company. All three divisions of traffic, ocean, rail and river, showed heavy losses during Hadley's period ocean, $18,398; rail, $25,348; river, $9,388. Repairs cost $60,000 which was about the amount of Hadley's deficit. These were necessary because the road was on the verge of physical wreck. In his final report he stated that his economies amounted to $100,000 a year over Hogg's receivership. One of the early acts of Hadley was to pay $40,000 to employes, which sum was advanced in April, 1893, by John I. Blair, Joseph Whar- ton, A. S. Heidlebach and J. H. Halstead, and which was finally repaid ten cents on the dollar in 1896, from proceeds of the $100,000 sale of Dec. 22, 1894. Hadley went to New York to persuade the bondholders to make extensions but found everywhere "great indifference and evident inclination to re- gard the matter as a dead horse." (Oregonian, Dec. 25, 1893.)

At the time of Hadley's appointment, the State Court or- dered the property again sold by the sheriff, but not until Dec. 15, 1893, was a sale effected, this time for $200,000, the bid coming from James Blair, Joseph Wharton, J. J. Belden, Henry Martin, F. K. Pendleton and S. S. Hollingsworth. The Court refused confirmation of this sale, Dec. 16, owing to gen- eral disappointment over a price which fell so far below the debts of the company more than $1,000,000 and which would not have satisfied preferred claims, including dues of employes. (Oregonian, Dec. 17, 1893.) Next day at San Francisco W. A. Swinerton, assignee of claims against the Company, attached the steamer Willamette Valley for $13,209.