The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-09-07
HEcxIrrn Fos hsorHEE RAnao1n


---Ns@AN
The Evansville and Tsrre Hsute Railroad
has been added to the List OF railroads in tbs
United states nov being operated under or,
ders FROM the courts. President George J.
GTanner 0: the company was appointed re.
eeiyer in q soi; brought in Greece county. Ind
on Tuesday by the Sullivan County Bank &c
seccr% the payment Of q debt. stated in the de-
s.a:ehes received At $1,000. Information q
this action 20 the ccur1 was conveyed 70 the
directors n this city by the following despatch
from the a;torneys OF the company in Evans
I vile YESTERDAY morning
We are !ust informed tina: the court In
. Greene eouaty. in the salt Of Crovder. by cpilu-
! sion With Grammer. has appointed George ].
CrAnE.er rsceiver Q! Evansville and Terre
Eaute. Crowtcr seems innocent. lfreport is
true We will hare It ua6ons in twenty-fou
hours II is q :rick. aud cannot stand VIII ad-
wise you later
meeting n the directors held after the
recent % this despatch. the following resOlu-
;iors were passed:
uTr-.as Tsis Board has been advised this morning
taat receiver has been sppointe BY JudE. 0: Greene
coaEty, in suit sro1ght BY the Sullivan County
Rank unsecured debt for about s32. 500 wherein
george J. GrAmmer has been Appoinied receiver Aad
10 based upon alrstious Of this
EL~.I. This corporation IL insolvent Ard that
conditions exist jasstfyins the april alton Tor
eeirsr Of lie property the Who'll. proceeding re.
fsrrej to, un-.rrsnted reckless. and dts;rae'iT. of
eempany sne va. .ses siiSea; note. 10 Re con-
pAni or ~. counsel aad without proper pre,sn;s.
I.ss ~ that th, Beard record 1T. solemn And de.
All 70. A.Esuon. Of rs insolvency aud alleges :hat
h,.s'r-d mat D. j. Nsefay. President Q: Ii. Board
Of Dirtet9rs Az z Houston vac. f,e.d.n' OF the
n.i snd an eei.i TO tay rssre.sn: ms eorp9ra,ion
eied anu 10 execute tht rssolat,on 70 employ eoun.
se and o;a-r agent. to accomplish such en1. ana a.
ilnn .di.tely undo the wrong thLs has been done
Mr. Maekay said. after the meeting ad-
sSteen;s a eontaped Ia ,s foresoi a r.so Ine
tions. Another director said that the suit was
apparently move on the part OF President
the intention to retire him from the Presidency
that the company owes about S3JO.V0U and
that its auxiliary earnings amount to seven
Mr.. William Nelson Cromwell. counsel in
this city for the Evansville, and Terre Haute
kaii i Company. sad = L. am nov ,rLepar:
once Tor the removal OF the receiver. 1t is a
great injustice to the company that a county
payment Of which has never. TO our knowi-
Court cannot possibly be sustaining. The
company Is entirely solvent and its affairs will
be ae ain under tho control OF its own officials
Upon the receipt Of the news Of the appoint
ment Of the, receiver Messrs. Harvey Fisk
Sons, who placed upon the market S2.JyO.OOO
dressed 70 the security holders OF the com
rany urging them 10 unite with the firm in an
effort to bring about Q change Of management
at the annual meeting OF stockholders. on
The circulars call attention to the fact that
the men ow in control Of the Evansville and
Ierre Haute hailroad are also largely inter
and the Louisville. Evansville and 81. Louis
Railroad companies. which for number OF
h,,- r,alt h.sr fra.t al~
treasurer. Hence they charge that the Peoria. !
bee ome a debtor to the amount Of 1882 to |
the Evansville and Terre Haute and advances |
2 ar Sc oa mad t
charge that there has been an attempt to set. |
t!e the after as6t By turning over numeer Of
little yalas and d at the same tine sa5dsePs
:" In addition. the endorsement Of your COM
pany has az 5eep placed pnon n, notes ns. to The
eat9r and Evansville Company 70 pureH n ga
road known as the Chicago and Ohio River
ment some Of these notes have been renewed
Ken S' s 's
This policy has had its inevitable results. The
last published annual report of your company
stated mat us UOatinL debt HdO all been re-
.ired excepting car trust notes. We are now
'redibly informed that within less than a year
! floating Indebtedness OF more than $4,000 |
has been created orig inating largely BY reason !
II liabilities incurred or advances made for |
iccomm Odation Of the other companies above
mentioned. in which. as stated. the present
n management Of your company is largely IN
crested. This amount does not include pos
'ible liabilities on the endorsements men
toned"
As another in stance Of the subordnation OF
h interests ufthe Evansville and Terre Haute
Q that of other companies in which its man
igcrs are Interested. they saY: :" The endorse
nent OF your company has, without consider
!tion. 70 far as We are aware. been placed on
iOtns Of the Peoria. Decatur and Evansville
railroad Company for S475.OoO. given In pay
nent Tor a road known as the Chicago and |
jhio River Railroad. company having no
orporate connection with your road"
OF the management ~ the property which |
las been In the hands Of President Grammer.
ting their criticisms entirely to tho financial
and advise bondholders not to |
70 frightened into parting with their securi-
los. They charge that excessive dividends |
ave been paid on the stock while wages and
upply accounts are In arrears and that the
roceeds OF bonds withdrawn from the trust I
ompnny to pay for bettermcnts have been di- ,
ert ed to other uses,
The Board Of Directors Of tho Evansville and I
'erre iaute Railroad Company was reorgan- 1
led on July ~. after the failure OF II. l.
icholas Co. Nesbrs. lIeman Clark. II. l.
ichoas. and T. W. Evans then resigned as 9
and their places were taken by W.
any: H. N. Tilford. and &. +. Hustled. MIR. ID.
Mackey was made Chairman Of the Finance !
ommitea and President OF tho Board in the ,
ln"e OF Mr. C. &. Baldwin. who. however. re- ,