New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-18
DuTIES or RECEIVER COOLEY.
~ TAKE CHARGE OF WABASH ON JANUARY 1.
THE RIGHT MAN FOR THE PLAcE-HIs BOND FIXED
AT 100000

CHICAGO, Dec I7-Late yesterday afternoon the at
torneys IN the wabash Railway case were again Dcofe
Judge Gresham with printed drafts OF the oder 10 DC en-
tered and discussion ensued over the terms. 10y INC
order as finally settled the receivers BOND Is Aeu az
500 OOO aud he Is appointed to take charge OF oil the
road in Illinois covered by the thirteen sectional mort
Cages and the mortgages 1867 and 1879 The receiver
Is TO obey the orders the court here far as the prop
ery under Judge Greshams Jurisdiction ana the oiuerS
OF other courts only far the property under the
jurisdiction OF snch courts He Is to pay current OK
penses taxes traffic balances and rents due on leases
and keep all the OF the income for payment Oh
bonded debt or interest. ordered He Will not bow
ever take charge until January 1. Mcssrs Humphreys
and Putt removed. ordered to surrender the pos
session to Judge Cooley and to s an nfcDn %. in
Indianapolis and Julien L. Davies. OF NewYork VIII
make application either to Judges Jackson or VIZ,
colt at Toledo for like order as to the "apaS Illus
OHIO. 49,, c..,or co,o
Referring to the appointment Of Judge soo 0GO,sy ne
slightest degree to reflect upon Judge Cooeys prcdeces
in the Wabash Road esteem ms sppon'niem aa
for careful thought an excellent of Discrimination
constant remembrance OF the public neres., anu ,ht
Judge Gresham has acted wisely In the public as well as
the railway interest which. being pnper uhoers'o'o'
are one thing In Judge Cooley appointment H..
judge Cooley has informed Judge Gresham Of MS az
ccptance OF the Wabash receivership. lie WIN w III
Chicago on Monday to Tile his DOhd
TOLEDO Ohio Dec l7--Attorney Davies, OF New YORK.
representing number OF the Wabash bondhodeTs maae
application Judge welker. Of the United states Court
this morning. for order placing that portion OF inc
wabash system within the State Of Ohio In the hands OF
Receiver Cooley Objection made by NJ u. sWayne'
ON the part Of the present management who asked to be
heard in opposition. The Court took the matter uhder
advisement
The appointment OF Judge Cooley, Of Michigan,
as receiver OF the wabash Railway lines east 0f the
Mississippi River, IL received with general salts
faction not only By tho railroad men generally, but
by the bondhoders and other persons largely Inter
ested In tho property Members OF the bonnhohers'
committees said yesterday that the selection could not
have been moro acceptable II 1t had been left TO tho
bondholders themselves. Judge Cooley has been on
tho bench since 1864 and Is to retire In about two
weeks, and in the estimation of the bondholdcr IL the
best man in the country for the position. Scion
Humphreys. OF the present receivers expressed
great pleasure at the appointment, which. ne SAID,
could not have boon improved upon. There would
be no difficulty In operating the Wabash lines In eoH
pletc harmony Jay Gould said that Judge Crcsham's
decision In regard TO tho eastern lines entalleG q
heavy additional expense on the property which would
have to DO borne by the bondholdcrs. "lt this OK
pcnso was necessary" he said 81 am SURE that the
appointment OF Judge Cooley Ia good ono. II would
be difficult to find better man"
ORDER FROM JUDGE TREAT TO TIE RECEIVERS
ST. LOUIS Dec II (sD,caD.-Judge Treat to-day handed
down, in the United States Circuit Court, the following
important order In the Wabash case
that this Court be fn advised a, to it, future
forthwith the Deficiencies OF tho socaed chicago
the other parts Of the Wabash and Pacific aiw way
OF the Mississippi River 90 the end that their due proper
of certificates other dues for Deficiencies In
operating said roa which dues are PRIOR IA re 10 we bones
them, be charged upon them respectively
Recorder Tut asked his opinion to-day OF the action
of Judge Gresham. but said he know nothing officially and
would say nothing yet Mr.. Blodgett said that, as
attorney for the receivers. he would before Judge
Treat tomorrow and Inform him OF Judge Greshams
action. Judge Treat, Mr. Blodget has no know
ledge of the Gresham decision and appointment except
through the papers After the matter ald before MN,
formally, Mr. Bod-ct will ask for instructions for the
guidance of the receivers Judge Phillips said 10 the
reporter that while the was procaning the injury
done TO Gould by the appointment or me new receivers
and the splitting the property. the actual harm -
done to innocent people who are holders OF Wabash
securities For nstaIae. 81 100000 OF the sl6JVOOOo
OF general first mortgage or blanket mortgage bonds are
held in England. He declares that the div son Of the
property will prove detrimental not only to the Trust
Company mortgage bat to individual stockholders