, 1859-12-19
rtss.earEh, FER ,w.!as d Chicago

Ef1A@Ns A9e1 AAa 4laupnes
!. ca;e1ao. K1a Mn cesr.s1.f
=: '.> Cuoieo. uxe- II, l:5a.
In an editorial parsgrsph in your issue Of
this morning, ,under The caption of "Pitts-
burgh, Fl. Wayne L Chicago Rai1rond Com
pany," it is stated that Jon = are authorized by
Ar. Edgerton, Receiver Of tho abore road, 10
sag, among other things, that "the Receivers
"aushority is conceded IN Ohio, and he is as
serting and exercising it in Indiana and 1lli-
. haEe to say Oh behalf Of the Board of Dizec-.
tors, that while they are not obstruc.ing him in
Ohio, in carrying out an order be has received
from the Federal Court in the Northern Judicial
District Of that Slate, they do not coneede that
his appointment is ralid; aud they will contest
the same before the court which appointed him.
In Indiana and 1llinois the Board is advised that
be Is without The shadow Of authority. So
Tar. as this State is concerned, tie Superior
Court yesterday made m order restraining Ar.
Edgerton from interfering With the Company,
its agents Or property in Illinois
In connexion with this subject, l hand you
the action Of the Board of Directors in the
premises which we're adopted with but one dis.
seotlng voiee-nine members being present.
~, -. CIV. CAss,
President pro TEN.
~, - O!H:s o. r4z rHrssu1eA F01T
~. 81; MATTE CHIcAGo Il. C04fAxr.f
"a. :, :: PHEsnUkGH De- lob, ls5s. }
his Company 6eid M thi. u da1 At tlcir oee IN
this city, the following wero adopted. v;z:
MHERkAs. This Board has been notified hy
T. Aasklns Du Puy, Esq.,, that he has been ap-
pointed By the District Court Of Allegheny
County, Pcnnsylvania, Sequestrator Of the
property tolls, DC, Of the Pittsburgh. Fort
Mayne Chicago Railroad, and has entered en-
possession Of the aame;
Asp WHEREAS. J. Z. Edgeton. Esq, has noti-
hed this Board that be has been appointed Re-
ce1Ter Of the property, tolls, &C., Of the Pitts
burgt.. Fort Wayne i Chicago Railroad, with
authority to operate the same in the corporate
name nl Of TIE company, BY the uojted States
Court for the Northern District Of Ohio;
AND WHEREAS, The Boa1d is informed by
their Solicitor al Pittsburgh, thai o. conflict Of
Jurisdiction has taken place greatly ths injury
Of the business Of the road, and productive Of
no good to the parties endeaToriag to obtain
possession of The road Of this Company;
Therefore. Rssolrtd, That while tue Board will
ss1 nss 1s'ery eort and a.ail itself Of svery Legal
mode to protect the property committed to its
charge, il is also willing to ugree to any houor-
able and equitable compromise which sha.l iu-
sure the entirety of the property, provide for
the creditors in the order Of lien, and not unnec-
essar'ly sacrifice the shareholders.
t&sossed, That, with view to such compro-
mise, committee Of four be appointed to confer
Immediately with the creditors who have COM
mcnced hostile proceedings, to obtain With their
consent vacation or modification Of the decree
Of the several courts, so as to put the road and
property in aposition that it may at the earliest
DAY practicable, pay or arrange the debts OF the
Company.
Rtsolesi, That Is the we'll matured Judgment
Of the board, the road aud business ofthe Com
pany Was neser IN so prosperous or promising
q acondition az now, and that there is nothing 10
the condition Of tho property Of the Company,
IN its prospects for business or in its ability to
eatn, as compared with its indebtedness, to
justity the proceedings taken in the Circuit
Court Of the United States for the Northern
district OF Ohio.
Rts4rrd, That the Board has never denied its
just obligations to the holders Of The bonds is
sued BY the Ohio and Pennsylvania Railroad
Company. but has invariably asked. and not de-
manded, leniency, and has attempted to show
that the bondholders would be essentially bepe-
tlted by granting the same.
I1so!red, That the hostile proceedings com.
menced and concluded ut Cleveland, in The Cir
cult Court for the Northern District Of Ohio,
were without notice TO the Board Of Directors
or proper officers Of the Company, and that had
my reasonable notice been given or delay grant
I'd, fair and equitable arrangement nigh aud
ought to have been made thGt would have pre-
vented tue unfortunate, and we believe, unprof-
liable positou in which all classes of creditors,
az well as Stockholders, have been plaee /,
H<sofs<d. That nithough, in tpe technical 1an-
guage Of the Court the r. earGpruceedings are
not to prejudice the right Of the Company,
get great violence has been done and greuter
injurF nrnduraA IN the Eonpnpv hv +h;a S,,d3or