Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-12-23
IN RECEIVERS HANDS.
That's Where the Inter-
state Road Is Now.
BUSINESS HAS NEVER PAID.
1t Will Probably be Swallowed Up by
the Union Road.

The Interstate Street Railway Company
passed into the hands OF a receiver
Friday. Before Judge Colt, in the United
States Circuit Court, attorney william g..
Rocker, representing the United Traction
Company OF New York, owners of the
Union Railroad Company, applied for a
receiver TO take charge of the property
and effects OF the Interstate road and to
maintain and operate 1t.
The matter was at once called for hear
ing, and decree was entered appointing
Cornelius 3. Sweetland receiver. His
bond was fixed at 10000. Walter H..
Barney represented the Interstate corpo-
ration.
This action probably marks the absorp-
tion OF the Interstate road by the United
Traction Company.
The matter of building the road was
agitated about three years ago and soon
after two lines were built to this city from
North and East Attleboro and one to
Cumberland. Extensive franchises were
obtained and 1t was expected to continue
to Providence and then down the river.
Homer M. Dugett, Jr., was the con-
trolling spirit and glowing accounts were
pictured OF what the imense concern
would be when completed when one ter
minus would be at Woonsock ket, anoth her
at Attl' boro and another down the river.
The cars at first carried immense
freights and money rolled I'm in a stream.
In Cumberland, rails were strung along
the highways, and after having fled a
bond OF $4,000 to have the road in run
ming order by the first OF last January,
the company asked to be released, and
this privilege was accorded them. In
Lincoln they did little better.
With all of these franchises IN their
possession, and with little work being
accomplished, excepting the adding of
supplementary franchises, the trou bles of
the company commenced. The first fran
chises In this city were obtained late In
the year, and before the company had
been chartered by the Legislature. An
old charter was worked upon, but at the
next session OF the Legislature an act of
incorporation was passed, and the fran.
chises were repassed by the City Govern
ment to insure their validity.
Poor management seems to have been
the cause OF II all for with the advent OF
the Winter months the road was blocked
by snow and the cars often stalled.
The rolling stock was paid no attention
not fiji to run and the machinery was con-
tinuslly giving out.
Last week Superintendent Adams sey-
cred his connection with the road and
since then an attempt to place the cars in
proper condition has been made.
II is believed that the prom oters OF
the road have lost deal of money by the
venture.
m ntHa nf Int oil "A
Company 1t was said that the Interstate
Railroad had found itself becoming In.
solvent, and as the Interstate owed money
to the United Traction Co. an application
for receiver was at once applied for. The
| Interstate has never been a paying road
from the start. Even the mechanical APP
plfances, which we're furnished by the
General Electric Co., have never been
wholly paid for and 1t has been merely a
question OF time when the company
should go into the hands of re ceiver.
Seuator Aldrich said yesterday that the
money owed by the Interstate road to the
United Traction Company was funds ad
vanced. The Interstate lines were losing
money, and the appointment Of receiver
was asked In order to protect the United
Traction Company.
President II. NJ. Daggett OF the Inter.
state road said that the cause OF the
trouble was the depressed condition Of
the money market during the last few
months, and the lack OF funds with which
to properly develop the road.
"If the lines were in proper condition" )"
he said, "the road would-De one of the
best paying electric systems in this
country"
The total stock OF the company, he said, e,
amounted to 1862 500, in addition to s50, 900
which was paid for the Attleboro,
North Attleboro and Wrentham Rail
road few months ago. This makes the
total amount involved s412,200. "l have
worked hard to make the system a success" :"
he econtinued, "but the depression and lac k
OF funds has caused my hard work OF five
years % amount to nothing. The property
is good, and some body will make IL pay"
Mr.. Daggett could hardly say what the
road would bring II II was sold, but IL
there was IA sale the proceeds would go
first to the first mortgage bond holder /;
second, to the creditors, and then IL there
was a surplus, the stock holders would re-
ceive 1t. He said he had personally lost
geo, 900 In the venture.
MIR. Daggett will spend six months
with Receiver Sweetland In straight
ening out the affairs of the road. After
this he will go abroad for q few mont hs
rest.
Whether tho road will be absorbed by
the United Traction Company remains
entirely In the hands Of the receiver.