St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-26
WORK OF A RECEIVER.
The Chicago & Atlantic Makes
Splendid Financial Showing.

The Chicago & Atlantic railway,
which was placed in the hands Of the
receiver May 10, 1889, Will be sold un-
der foreclosure Aug. IL, 1890. Receiver
V. T. Malott is busily engaged in pre-
pairing the final accounts of his steward
ship. He may we'll feel proud OF the
work he has accomplished.
The condition Of the road May 10,
1889, when Receiver Malott assumed
chargers per expert reports to the
United States cOurt-waS such that
necessary repairs to roadbed would re-
quire an expenditure of from S1,200,00O
to 81, 400, 900. The tracks have been placed
in first-clasS condition and the expenses
betrayed out of net earnings. In addition
to the ordinary track repairs the re-
ceiver has ballasted with gravel seventy
six miles of the track. taken out Ill
condemned bridges, substituted iron
drain pipe, filled openings, and made
many other permanent improvements.
There were taken out g. 04 feet OF trest-
ling, and two new iron bridges and
abutmentS, requiring 500 cubic yards OF
masonary, were erected. Six Thousand
feet of condemned trest!lng was fully
renewed. The extraordinary repairs
have required an outlay of $500 The
receiver has paid of ante-receivership
Indebtedness S615,000 and of the Chicago
& Atlantic railroad interest in the Chi
cago 81 Western Indiana railway, inter-
est and sinking funds, $222,65S. This
makes a total extraordinary eXpendi-
ture by the receiver of 81, 1877, 658, all of
which came out of the earnings of the
road. Besides, the ordinary operating
expenses were promptly paid and the
company owes nothing for supplies,
salaries, or, in fact, anything else.
When Receiver Malott assumed
charge of the property it was in poor
physical condition and hopeleSsly bank
rupt. To-day it is in first-class con-
dition and on paying basis. Aside
from his great railroad experience Re-
ceiver MaIott is an able financier, hav-
ing been in the banking business for,
many years. Considerable credit for the
good results of the receivership is due
to the able assistants which Mr.. Malott
called to his aid. General Agent l.. G.
Cannon. who had general charge under
the receiver, did excellent work, proving
himself to be an executive officer OF
merit. General Freight Agent A. 5.
Crane and General Passenger Agent
f. G. Donald are responsible
LUZ buS utdVy IlciCdoC III VOL IL
ings from traffic. The freight business
of the road has more than doubled since
Mr.. Malott took charge. and the passen-
ger business has assumed proportions
with which any of the first-class roads
might be satisfied.
tits generally understood that the
Erie Rail way company will bid in the
road at the foreclosure sale in August.
it was built originally as the Chicago
extension of the Erie. and the latter adj
vanced $780, 900 to aid in its construc-
ton, which is still lien on the road.
But there will,no doubt, be other bidders
for the property. The Lackawanna, it
is stated, is anxious to get possession OF
the road to secure all independent out
let to Chicago. 1t is not likely, how
ever, that the Erie will allow the
road to fall into other hands, as it
can afford to pay more than any other
company.