236 THE POPULAR SCIU2^CE MONTHLY. 



I have avoided introducing any sentiment in the treatment of this 

 question, simply presenting its bearing upon a tangible basis ; but it 

 is, indeed, a question into the discussion of which sentiment of the 

 highest order should enter ; a problem in the solution of which we 

 should be actuated by the grandest conceptions of our duty as citizens 

 of this nation, as citizens of this world, with the solemn creed of one 

 of our great naturalists (Frederick von Miiller) before us : 



" I regard the forests as a heritage given us by Natui*e, not for 

 spoil or to devastate, but to be wisely used, reverently honored, and 

 carefully maintained. I regard the forests as a gift intrusted to any 

 of us only for transient care during a short space of time, to be 

 surrendered to posterity again as an unimpaired property, with the 

 increased riches and augmented blessings, to pass, as a sacred patri- 

 mony, from generation to generation." 



THE DANGERS OF EECEIYEESHIPS. 



By n. W. BARTOL. 



PERHAPS no question of the day is exercising a more important 

 influence on the investments of the country than this question of 

 receiverships, and certainly none is of more importance to the investor 

 in corporation securities, whether it be in their stocks or bonds ; for, 

 with the present readiness of our courts to appoint receivers on the 

 slightest excuse, and to hold the properties indefinitely, no one can tell 

 when his property may be taken out of his hands, nor, when so taken, 

 how it will be administered. In fact, this readiness of the courts to 

 appoint receivers, is taken advantage of to wreck corporations in the 

 interest of one class of creditors to the injury of all others, and under 

 it unscrupulous speculators have and are to-day using the mantle of 

 justice to accomplish their ends. 



But, as mere assertions prove nothing, it is the purpose of this ar- 

 ticle to review some of the results that have been reached by this 

 means, not from the standpoint of a lawyer, but from that of a citizen, 

 who has had some experience in this line. It is the view of the writer 

 that the only excuse for a court stepping in to prevent creditors from 

 enforcing their rights is t\i2i,i, pending litigation to close up a corpora- 

 tion and determine the exact rights of all creditors, the law will ap- 

 point receivers to conserve the property ; in other words, the court will 

 conserve the property as a whole, until it can determine just what are 

 the rights and equities of all parties concerned, and then make a dis- 

 tribution accordingly, unless in the mean time the corporation shall be 

 shown to be solvent. In the case of an assignee taking possession of 

 an insolvent estate, the law prevents creditors from selling the prop- 

 erty piecemeal, making it the duty of the assignee to dispose of it and 



