New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-17
WABASH RECETvERsHIp.
JUDGE THOMAS NJ. COOLEY APPOINTED
JUDGE GRESHAM NAMING THE foRME" Ch'1f ''o
TIcE OF MICHIGAN AZ THE MOST CAPABLE MAN
FOR THE PLACE.

JUDGE GRESHAM NAMING THE foh"h" '""' 80
TIcE OF MICHIGAN Az THE MOST CAPABLE MAN
FOR THE PLACE.
cmc,co. Dec 1G-Judge Thomas NJ Cooley. OF Michi-
gam was to day appointed receiver for the chicago u'
ion of tbc Wabash Railway by Judge Gresham General
swavne who appeared for tho Purchasing COMMITTEE
first asked the privilege Of making few Suggestions he
said the committee hoped that no part OF the properly
would suffer damage by the action which tho court was
about TO take He insured the court that the committee
wishcd to cooperate in good faith ana dctereheo' @
end that the court might be relieved "a TAR rs poSsoie
from any complication" Counsel expressed hope that
the court would allow the old receivers reasonable time
before placing the receiver in possession
In the first place" said General Swayne, 1T mas
scanned desirable for the welbcng OF the property that
before the receivers actually take possession tncre
be some scope OF opportunity left the persons no" ia
charge of the settlement Of certain questions IL de
sirabe to know first what property the new receiver vi
receivers shall take possession Of
The fact that large amount Of rolling stock Is held IN
the names the old receivers alluded TO- Perhaps
said General swayne. ait is necessary TO say what rolling
stock receiver may take possession or Inc exact
and specific authority should lie determined both for the
convenience of receiver and the protection OF the
old"
General swayne said the present receivers would
naturally ask authority to apply to the Circuit Courts
East aud for order dschargng them from teir
responsibilities and sanctoning their acton In turning
the property In question All ths "ouiu Iel'"io
time "Bcsidcsv continued he, "it of course follows
that the question Jurisdiction will require 10 be passed
upon by the Supreme Court OF the United States and the
new receiver may desire TO organize his staff with view
to the possible duration of his authority"
The General alluded to the expression by Judge
Gresham of hope that some fair agreement might De
reached "That expression from the court, said he,
elict the cordial goodwill and has had the earnest co
operation of my clients They desire to avoid difficulties
and 10 reach a satisfactory basis of settlement" The
bill before the provided for the foreclosure or two
mortgages one that of SCI the line from Toledo 10
the Mississippi River the second mortgage included all
that property and the st. Louis division. There were
still to be con sdered the Chicago and Detroit divisions
which not included in the mortgages Counsel sad
that he was prepared say that regards bondhocrs
of the Chicago division the Purchasing Committee had
reached conclusion with them. The boniholders cx-
pressed satisfaction with the adjustment proposed and
the committee prepared to put the agree en INTO
execution with the sanction of the court
Counsel could say the same thing regard
ing the Detroit division, including the road
to Iogansport Concerning the property covered by
hc mortgage Of 1870 covered by that OF 1867 they
would submit proposition and motion for an order
that upon payment by them of certain amount they
would undertake to pay all the receivers obligations as
far as they DUE also pay those not yet mature
They would also pay all interest indebtedness on the
property not covered by the mortgage OF 1867 They
would also spulae to pay all the interest upon any
mortgage upon the Chicago and Decatur lines and all the
claims which liens upon them. The Purchasing
Committee had about $2,500.000 which they would
expend III the liquidation of the interest claims.
Henry Crawford replied to General Swayne He said
that the parties in interest, whom hc represented
present asking the court to appoint some fit person TO
possession thereby dspacing those who had been
declared unit for this H. thought the receiver
shonld enter upon his duties by January 1897 the
ginning Of the next month the beginning oil new year.
" ON our side. said Mr. Crawford suppose we are TO
and profit by the Judgment of the Purchasing Committee
The tremendous results which tnelr promised abandon
mcDt of us would precpitate do not threaten lie
took sharp issue with the proposition made by couselor
the Purchasing committee Ill stttg sil INC Iope'y
should not be dsmembered and the S2.5OOO0O held by
the committee oe used ~ e9
right TO this property They cannot own operate or
take il into custody
Julian Davis. representing the first and second mort
bondhoders. then addressed the court and narrie
this scheme of the Purchasing Committee would work
was this The Eastern division would be BROKEN
mp. II would not comply with the decree entered at -
Louis by which twas declared the dntyOf the Purchasing
Committee to pay of all the receivers obligations " We
offer and suggest that the whole matter be turned
over TO the new receiver"
q. s lsham said lac unable to see what change IN
the relations OF the Purchasing Committee to the pro
Change that was a reason Why there should he delay
in the change in order that the DEGREES might be carried
ont.
The Court held that the present receivers should not
be continued The new receiver not expected to have
di,agIeemens lie should be OF an accommodating rs
| position big enough and broad enough to
| properly attend 10 the property.
Have you agreed upon man " asked the Court.
General swayne said that he had not expected to be
consulted.
don't think that IS quite the proper thing
for You to say" replied the Court Names
one has been objected and don't think the Court
afford to appoint any one so far suggested appoint as
the best man for the place that know or Judge Cooley,
of Michigan. for receiver
Every to andin the confusion the Court re-
marked in to question: that the order was not
written the basis of an Instantaneous change.
Thomas NJ Cooley is OF the best known iurists OF
this country. lie born in Atca, n. " on January
g. 1924 and removed to Michigan in 1913. Two years
later he entered upon the profession OF law aud has at
tanned foremost rank among the writers legal sub
ects and also member OF the higher bench In 1880
he became professor OF law in the University OF Michigan
He elected Justice Of the Supreme Court of that
in 1853 and became Chief Justice by succession in
1867. He returned to the bench for three terms
His interpretations of constitutional law and general
questions have always been considered authorities In
their several ways.