Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1876-03-18

NO. ST. LOUIS & CHICAGO r. R.
This road better known rs the Miss. Cen
trail r. r. is again saddled with another
--e>-ssiver, and this time by a decree OF the 4
Circuit Court of the United States for the |
district of Louisiana, and it affects and |
embraces the whole road from Cairo to
New Orleans. Very recently several |
trustees applied to be placed in possession |
ofthe road under a deed OF trust made |
bv the company to secure some eight
millions of bonds issued by the company. |
The effect of this application would have /
been a recognition of their mortgage, |
and a decree in their favor to the exclu-
sion of other creditors, who were not |
prepared to admit the validity or priority |
of these mortgages, and who were end- |
ted to a regular hearing on the issue |
which was invited by their application |
but could not be Joined until an answer |
was filed and proper proceedings had.
Hence the application to put the trus-
tees in charge of the road was vigorously
opposed by the company and by one Lew
is, the holder of two millions of income
bonds. At the same time these parties
were quite willing that areceiVer, to take
and hold possession of the property and
administer it for the benefit of all parties
in interest, should be appointed by the
court. Said receiver would be a trustee
for all creditors, instead Of for certain
and particular creditors. rns result or
the matter is, that Mr.. j. b. Alexander,
a gentleman of reputed wealth and integ-
rity, has been appointed receiver by the
court, and will administer its affairs I'M
der its immediate supervision, being re-
| auired to make monthly statements un-
der oath of his receipts and disburse-
| ments. 1t looks as if the road was in
bad way, since the appointment OF re-
< ceiver means nothing else, and we pre-
| dict that the Illinois Central will gobble
down the whole line.
To the foregoing we add the following
| dispatch from New Orleans, which more
1 fully explains what we have written, be-
| sides it contains the additional informa-
again PASSED into the hands of a receiv-
er, and thus there has been change in
i the officers of both roads;
New ORLEANS, March 1l.-Junius G.
1 Alexander, of New York, was to-day
| appointed by Judge Wood receiver of the
| New Orleans, st. Louis and Chicago rail
road. Simultaneous applications were
/ made to the court by Judge Campbell,
representing the Illinois Central railroad
company, and Semmes and Mott, repre-
senting the income Amortgage bondhold-
ers. General Wallthall, of counsel for
the company defendant, admitted at the
outset that the application for the ap-
pointment of receiver could not be sue
cessfully resisted, but earnestly opposed
the demand OF the Illinois company for a
decree putting the trustees named in their
l mortgage into immediate possession of
the road. Mr.. Semmes united with the
1 defendant company in opposing this ap-
4 piication, but assented to a receiver.
4 Judge Wood this morning denied the APP
4 plication of the Illinois Central railroad
company to put their trustees in posses
] sion, and with the consent of all parties
made the order of a receiver, and directed
the payment of wages and supply bills
incurred within three months. Friday
| evening in chambers Judge Wood heard
the application to file bill in the district
court of Alabama on the part of Morris
Ketchum and others, of New York, with
the intent of displacing the present re-
ceivers of the Mobile and Ohio railroad,
Duncan and Elliott. After lengthy ar
gument of counsel, the judge finally
granted the application.