New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-26
TWO RECEIVERS FOR ERIE.
JUDGE LACOMBE NAMES THEM
JOHN KING AND J. G. MCULLOGH ARE THE
MEN SELECTED
STRIYGENCY IN MONEY THE CAUSE.
THE ACTION TAKEN IN THE INTEREST OF THE
RAILROAD AND IT'S CREDITORS-PRESI.
DENT KING SAYS THAT OWNERS


SACRIFICE THEIR HOLDINGS
BECAUSE OF THIS STEP.
The following statement was sent ont last
night by John King, president of the Erie Rail-
road:
Under the resolutions Of the Board Of Di-
rectors, adopted at its last meeting, held July
90, the Executive Committee of the Erie Railroad
Company, after full consideration, yesterday
adopted resolutions placing the road in the hands
of receivers The receivers appointed by the
Court are John King president OF the railroad
and j. G.. Mccullough. This measure was taken
purely in the interests of the road and its
creditors. Within the last few weeks, during
the severe money stringency, the floating debt
Of the Erie (which every one knows has existed
for the last few years became impossible of re-
newal. and in order not to sacrifice the best in
tersts Of the company 1t was decided 10 place
the road in receivers hands and preserve the sys-
tenn intact and preserve and develop the transpor-
tation business for the company.
"The owners Of its securities should not sacrl-
flee their holdings because of this step Inc
names Of the directorate of the Erie are a sufii-
cient guarantee of the honest and Intelligent
management of the interests committed to their
hands The order was granted by Judge Lacombe,
of the United States Crcuit Court The receivers
bond was given in $780, with d. o. Mills and
J. Lowbcr Welsh. of Philadelphia, as s'ireties.'
The rumors of a receivership for the New-fork,
Lake Erie and Western Railroad have received
great currency in the stock market in the last
few DAYS The bear element on the Stock In
change has made persistent attacks on it, coupling
the talk of a receivershp with representations of
n default on the December interest. Yesterday
the stock was hammered down from ii IL 10
10 5-s, on sales Of 1s,441 shares The officers
Of the road, and its attorneys maintained per-
sistant silence I'D to last night, not admitting any
likelihood Of n rcceivership.
The Ncw-York, Lake Erie and Western Railroad
Company was Organized in 1879 from the Oh
Erie Railroad Company, whose property was SOFA
under foreclosure on April Il of that year HE
on Erie road wa. the one over which Jay Could
and Daniel Drew on the one side, and Commodore
Vanderbilt on the other. began their mcmoraoie
struggle in 1865 Tie main line of the road eX-
tends nom Picrm mt. n. Y, q, Dunkirk, dis
tonce Of 44s miles The total number OF miles
onerated. in leased and branch lines is l,oos
miles. IL has through connection between New
York CITY. Lima. Ohio. and indianapolis, with en-
trance into Cincinnati over the Cincinnati, Iiaml.
TON and Dayton. Ii also operates the Chicago ana
Erie. and thereby gains an entrance into Chicago
One division of the system is the New-iork,
Pennsylvania and Ohio
The last annual election Of the company was
hold on November 2s, last when the following
directors were chosen: John King, John c. Nc
Cullourh. Ogden Mills, J. Lowber Welsh, Abran'
Hewitt. William Whiteright, William A.
Whcelock. Alexander f. Orr, Henry IL. Cook,
Morris X Jesup. George W. Quintard, Villain
Iibbcv. Courtlandt Parker, James j. Goodwin,
William L. Strong, William y. Gilchrist and f..
r Thomas John King was reelected president;
J. G.. Mccullough, chairman of the executive
ooumittce +. b. Thomas first vice-presldcnt;
C.oroe II. valiant, second vice-presdent'
Andrew Donaldson, third vice-presldent; Edward
White. treasurer. and A. r. Macdonough, secretary.