New-York tribune., 1890-05-29

JUDGE COLLINS DECIDES THAT HE WILL Be
WARRANTED IN APPOINTING ONE
fBY TELEGRAPH TO TIE IWBuSE.1

fBY IELEGRAPu TO TIE TDBuNE.1
Chicago. May 27.-AH Chicago Is elatcd over tho
decision of Judge Collins to-day appointing receiver
for the great Chicago Ga, Trust and cnloinnG ''
Trust which i, compo-cd Of four companies, from
transferring il, stock any moneys. bonds or other
assets the Fidelity Insurance. -tfc Deposit AMI
Trust Company OF Philadelphia. The Judge -aid:
From the evidence submitted. the contention lh
the was over the following state oi ia't> Ihe
l-s7 with a capital stock OF <-5,oOoopp. divided
into 10000 shaic, of the par value oi FlOo con
IN IT, own name. l-p5-3 share ol
the capital stock Of The Chicago "a'l-hi a"I
Coke Company. 2".--l shasc, of tnc capital stock ~
the Consumers Gas Company. @a,7i7 share OF th"
capital sto,h OF Iae EqHinb.e "a-itin am '15
The People, Ga-hsht and Coke Company. nee ,.
share, OF stock represent large majority "l all iHo
share, OF stock i--ued 10 these respective c'mptu', :,
After 'hosc purchase, the cas- lr'i ''mlany 4'io'',
cd with the Fidelity lusurn," lru,i Nd ~, b' ',l'
Company of fhlndelpma al me 'hair- uI '." ai.i'
said which deposit all ;'d 10 i' u iri-t i'i tf
sto khodcrs oi the ''t- liu-t '"mp'N an3 l'g ,na
security of the holder, of ih' m"ii-t-r lJiH' "' =.
fOGr Chicago "a c"WPtnc~ then Ir'i"l. 90. 'ihl
might bc issued th,raItr. I'll, C'"t's' '"' l4"''
ii@ contract entered into ., ard between tho ,a-
Trust Company aad the IiH!ad 'liaA C'"inW iurtirF
Hoard II Director, of ,ic Ca Trust company. Pos
the president where te Houd 81 p"'' TO-, "iu ''',.
no other order. might vote all ia' -h'.', All cue
| respective uceilnc. ~ tur several fnar -L~ c'u.
paiic,. and tina, ihe Gas Tf"'t comlnP mould b"
every respect and man, D." '"h.t'i'l am q d"
tie owner, II aid ,tocn 80 fep"-irl. except Uli "
might not ."l. transfer or a.,';n or .utrsw,c prLf
| or hyputhcot" ih" same "F l- h.t'i' t'i'l'' ,''
,tocR should r.mrn on t"c n''", oi IL sg -, I, 49,,
6n~ Iru-i con paNN lul' "' '4'. W. A',' .' ~" asa
mou,y ratified and confirmed hy thc si"'HlodHe ~
SAID company Then t.r hTd & 81 ,l', ' ,,, ga a.
Trust duly requested ihe IIHI'1'ipA'A '"rA"', u"
surrender the >did ccrlllcat', m .'"'k ni ITO" i'i
ssn ,s.png thr ana To- receive therefor
certificates u the OF o." fiHAd"lpnh company
l,i or , cT ncT rcfii,ttr. a, n held tlc Old one,
The Fidelity Company compiled Win at! u''c Ie
quircmrnt~
The court held that Charlton had the right t. bring
a suit of thi, natGrc and that the pleading and cyl
dcrcc e. c,fah, n the -uil lent 10 VAR
rat the appointment Of receiver.
Nt the ahcrnoon session - The Chcago stock ~
change Ca Trust opened "a ~. 81 tH"lvc points und
offered at 80
The new, Of the Intended appointment By Iudsc
Collins oi receiver for the Chicago Gn, fri, reached
Wall street soon after oclocA yesterday ard the
stock Of tie organization at once h", tue the most
interesting feature of the market II had opened at
~ II and al one time = point higher.
but the Information from Chicago caused general
desire To unload holdings. Uatcr the influence Of
the heavy offerings the price declined In Jump, until
10 reached 55I4. 40 apprccablc reaction sci IN
before the close of the Exchange. for after ralt ~
30 the last sale made at % - About 5000
shares changed hands IN the course % the day.
Those who were Interested IN The Chicago Gas
Company aid that the alarm ahoIt the stock va
grOuudlr-A ana tat lHc dfop IN Uc Pi'c Wa H't ~
all justified by the fact, the Full particulars
abort Judge COuss order and II, exact scope and
ciicc not obtained before the market closed ana
M, feeling Of uncertainty doubtIc,s tad much 10 do
with the anxiety Of some holders oil the stock I" Sc,
rid Of IT,
f. G. Benedict. the vice president Of the Chicago
GaA Company, -aid to "A Tribune reporter; Il nave
received telegram from tlic attorney of the company
which tells me that the APPOINTMENT OF a receiver
could not AFFECT the sarchodcs or have any lniucncc
on the earnings and divdcnd, of the company. Tho
stock has all been turned over Ia the Fidelity Trust
and Insurance Company, In iIl-i for the Chicago Gas
COMPANY ana J. thu. protected. The quo WarriutO
suit Ia, already been argued and an order IN u VIII
probably be- made soon. W. not in contempt ana
have not acted contrary 20 law and think that the
order, when IL I made. Viii end the Charlton suit