The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-02-22

the Erie Car Works for cars, exist, but
have been partly liquid0ted. The capital
stock stock Oi the company is SStOOO,OODi
Of which sum 81, ,2l0,j0O WIS paid up and
issued, md is now outstanding. The first
mortgage bonds on the new part tot the road
from Urichsvillc to Wheeling. and the sec
Ond mortgage on the road from Uricts'
vile to Black River amounts to$20O0OOO,
with unpaid interest amounting to Sd0l,-
2O2 so.
After entering into MI details, the bill
further alleges that because Of the difliCul.
ty in executing the trusts created by the
several mortgages OH the road, and in or.
der TO fully protect the interests OF all con-
Cerned during the foreclosure proceedings,
1t is necessary to mike this application ioI
appointment Of receiver, and that rs
soon as possible the road be sold, and the
proceeds thereof be distributed in accord.
ance with the prioritics of the different
m"r'gaVe liens.
Upon the filing Of tho bill Of complaint
the defendants were notified OF thcAppIica.
lion for the appointment OF II receiver be-
fore Hon. Martin Walker, one OF the judges
OF the Circuit Court, 'On the 2Oih day OF
February, between the hours Of . o'clock
and q O'clock =. Nj" MS the service had it.
In accordance with thenotice the parties,
hv their counsel: Hon. T. 7. hnney and
Hon. ]. W. Tyler, counsel for thGGom.
pIainants, and &. W. ShumwHy, solicitor
for the defendants, appeared before Judge
Welker Gnd made application for the up.
pointment Of receiver.
After consideration OF the bill OF com.
pta nj, with the exhibits fled Herewith,
Il judge appointed Oscar Townsend, the
present general manager OF the road, MS re-.
Cciver A bond in the sum OF 100000,
with SGlah Chamberlain assurety, was filed
and approved by a. j. Kicks, the clerk OF
court, and the receiver was sworn IN, and
Immediately issued orders taking possess
sion Of the road.
The order Of the court authorized Mr.
Townsend to take possession, rs receiver,
OF the money, assets, real and personal,
road-bed side tracks, branches, doFess,
rolling stock, shops, tools and all other
property OF the company, and to operate
the road Under the order Of the court, and
authority WIS vested in him to make all
contracts necessary for the operation OF the
road.
The order stipulatcs that the moneys
arising from such earnings shall beapplied,
first, TO the payment OF the court proceed
ings; second, to the necessary operating
expenses OF the road; third, to the liquidN-
ton OF the contracts made hy tue road as
set forth in the bill; fourth, 10 the dis
charge of the several liens upon the road
as they may be hereafter determined by
the court. The bill, as allowed, provides
that full reports OF the earnings and dis
burScnlenis oi the road shnil be from time
to time filed with the clerk us the court
may hereafter order.
An INTERVIEW WITH Mr.. TowNsENn.
The Leader called upon Receiver Town
send in his office early last evening, and
found him awaiting the return Of the
printer with circulars announcing the new
appointment as required by law. In an
swer to questions As to the cause Of this
action, he stated that the r0ad had been in
default with its operating cost and interest
on the bonded Indebtedness since 1873
The Wheeling extension, he said, from
Urichsville to the Ohio river ut Bridgeport,
opposite Wheeling, was more expensive
and less remuncrative than expected, and
the property has been struggling under q
heavy floating debt with accruing interest,
and the bondholders, unwilling to wait
longer without the interest on their sccuri,
ties, have therefore taken possession OF the
the property, with the hope Of realizing
upon it.
As to the significance OF the move, Mr..
Townsend said that in so far as they lthe
c., T., V. 4 W. are concerned, it has no
other significance than that the bondhold.
CrS are trying TO realize on their property,
From him it was learned that OF the bond
ed Indebtedness, S2,000,0OO are of the old
Lake Shore 4 Tuscarawas Valley Com.
pAny, upon that property extending from
Elyrih 10 UriChsviIle only and that $780,.
600 are on the nine-mile extension from
Elyria TO Black River, which was built
separately. Two million dollars of the
bonds extend over the entire line, while a
bond OF S750,000, which by aspcciaI con.
tract signed by all the owners OF the other
bonds is made first mortgage, also covers
the entire property. This last bond is not
in default
WhcHPskcd what orders he had issued,
Mr.. Townsend presented the manuscript OF
the following general order, which will be
issued today:
CLEVELAND, TUscARAwAS VALLEY &
WHEELING RAILROAD COMPANY,
0FEICE OF RECEIVER,
CLEVELAND, February y, 1882, J
GENERAL ORDER 40. |.
To all officers and employees OF the Clcve.
land, Tuscarawas Valley 4 Whcclpg
Railroad Company:
BY authority Of the United States Cir.
cult Court OF the NorttISrn Districto of Ohio,
the undersigned having. been appointed
Receiver Of the Cleveland, Tuscarawas
Valley & Wheeling Railroad and all its
property and announces the following ap-
pointments for the operation OF the rGt-
rond: