St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-17
RUMBLE OF THE RAILS.
New Receiver Appointed for the Wabash
Road by Judge Gresham, of
Chicago.
Jay Gould Hears of It, But Amt Saying
Word" About It for Pub
LEGATION.
An Effort to Hold Railroads and Coal
Companies in Check by the
Courts.
A New System to be Adopted by the
Omaha Road on the 1st of
January.

CHICAGO. Dec. 16.-Judge Gresham. in the
United States circuit this afternoon, APP
pointed Judge Cooley, of Michigan, TO be re-
ceiver OF the Wabash railway, in accordance
with his recent decision. Judge Cooley is
resident OF Ann Arbor, Mich, and is an eX-
member of the supreme court of that state.
The appointment of Judge Cooley to be re
ceiver 10 succeed Scion Humphrey and
Thomas Tut was determined upon by Judge
Gresham after q short hearing, in which it was
disclosed that the cOntending interest would
be unable to agree upon any one person for
receiver, the suggestions made by each side
being rejected by the other party interested.
Before appointing receiver Judge Gresham
was asked by Gen. Wager SWAIN counsel for
the depOsed receivers, time for the purpose
OF making q few suggestions. He proposed
that the purchasing committee be allowed to
PAY ALL RECEIVERS CERTIFICATES
except those not the current accounts COW
cred by the mortgage of 1857. He would, he
said make motion for an order that, upon
condition of the payment of all the receivers
certificates, as far as due, to secure the re-
mainder as they mature. and TO pay all in
debtedness not covered b. the mortgage Of
1867 on all liens east of the Mississippi river.
Attorney Crawford. for the first mortgage
bondholders denounced the proposition as
an ingenious scheme sprung at a moment
when least expected. A decree, he said. had
been drawn up and would be presented which
gave the receivers plenty Of time between
now and the close of the month to settle
their business and turn it over to the new re-
ceiver. That committee proposed to use
S2.500. coo TO pay off an Indebtedness, and
claimed that ma 0rity OF the stockholders
of the Chicago division were agreeable.
Judge Gresham stopped the controversy by
saying that the court had already held that
the present receivers should not be continued
in office. He expected the new receiver he
should APP point to be OF an accommodating
disposition, and one who would take the prop
erty and do the best he could with it. AFTER
| thinking the matter over. he said, ~ don [
think anything could be gained by prolong-
ing the matter. | will then appoint Judge
Cooley, of Michigan
GOULD HAS NOTHING TO SAY.
New YORK, Dec. 16.-An attempt was
made this afternoon to learn what Jay Gould
thought of the new receiver for the Wabash
road. A dispatch from Chicago announcing
the appointment of Judge Cooley by Judge
Gresham was shown him, and a number OF
questions were showered upon him by the re-
porter, but the only words that could be ex-
tracjed from him were these: Il have
nothing TO say"
FINANCE Al STATEMENT.
ST. LOUIS. Dec. 16-The receivers for the
Wabash, st. Louis & Pacific Railroad COM
pany flied in the United States court yester-
day their report of receipts and dsburse-
ments from Sept. l. 1856, to Nov. 30, 1886.
The exhibit shows the following totals: Bal
ance on hand Aug. 81, 1886, S65,2SS.29; re-
ceipts from Sept l to Nov so, inclusive,
S5124, 225.43; total, S., 169, 5l363; disburse
ments from Sept. to Nov 80, Sf,9lS. 062.30;
balance cash on hand Nov. so. S27l, 431.33.
WHO JUDGE COOLEY Is.
Thomas NJ. Cooley, appointed as receiver for
the Wabash railroad, is one OF the best known
jurists of this country. He was born at
Attica, n. Y, Jan. 6, 1924, and removed to
Michigan in 1915. Some two years later he
entered upon the profession of law. and has
attained to the foremost rank among the
writers on legal subjects rs well as a member
of the high bench. In 1859 he became
professor of law in the University of Michi-
gan. He was elected justice Of the supreme
court of that state in 1854, and became chief
Justice by succession in 1867. He was re-
turned to the bench for three terms. His in
terpretatiCns OF constitutional law and gen
eral questions have always been considered
authorities in their several ways.