Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-05-05

Toledo, April 2S.-Judge Kicks, Of the
United States court, has appointed
Wellington r. Burt receiver Of the
Ann Arbor, Toledo and Northern Mich
lSan road.
Troubles seem 10 center over the
COMPANY OF late. What with strikes,
disasters and Wash0uts the officials
have had their hands full. Late yes
terday afternoon Judgment was taken
il common pl"as court by the Craig
Ship Building company, Of Toledo,
aaginst President j. NJ. Ashley for
$4,000.
The sum involved is due TO the ship
building company for building two
steam transfer boats to take cars
across Lake Michigan and the Ann
Arbor terminus without the delay Of
unloading and reloading. The boats
We're put on recently between Frank
fort, Mich, and KeWaunee, Wis, and
Ann Arbor stock took Il decided jump.
The boats cost S2S6,OOO, Of which
$I51 900 has been paid. The balance
tured and been protested, the company
saying that it was unable to pay any
part of the amount due. The CralgS
III the complaint set up that the Ann
ArbOr company is indebted III very
large amounts upon its negotiable
bonds issued by Il mortgage to the
Farmers Loan and Trust company
upon all Of the company's property,
except the car transport boats; that Il
large amount Of interest on the bonds
OF the company will mature in the first
days of May, which the railroad com
pany will not be able to pay; that the
company owes a large amount of float
ing and unsecured Indebtedness
amounting to about 81 100000, a large
part of which is now due and payable.
The author therefore states that it
is necessary for the protection of its
interests and all parties concerned that
a receiver Of the property of the com
pany be appointed, alleging that the
properties Of the company are liable
to be greatly impaired and diminished
in value unless such appointment to
he made; that the company's line of
road is out of repair and unsafe and
dangerous for the running Of trains;
that its rolling stock is inadequate and
that the company has no money to
make repairs; that the company is I'M
able TO pay for labor and other eX-
penSes; that it has no credit and is I'M
able to borrow any more money,
The effect of this will be to knock
out the scheme Of the c. NJ & St p
and the G. & y. w. roads to use the
ferry across the lake as IN eastern
outlet for their freight. The arrange
mcnt was TO send freight by this route
50 as to avoid the rush at Chicago.
This arrangement was announced sew
eral weeks ago.
Some time ago eastern capitalists
saw in Il short line across the lake an
immense investment. The plan was
to operate Il line of steamers across
Lake Michigan. having as terminal
points, Frankfort and Kewaunee, thus
saving the distance by way of Chicago.
]. NJ. Ashley, Jr., first vice-president of
the Toledo, Ann Arbor & Northern
Michigan railroad was the originator
Of the project Mr.. Ashley. as repre-
sentative of the road. went to New
York to procure capital.
The main line of that road runs from
Toledo. Ohio. 10 Beecher. Mich,
distance of pa miles. A leased line,
about two and Il half miles long, eX-
tends the road to Frankfort, on the
shores Of Lake Michigan and there is
Il rslroad ferry from Frankfort to
kewaunee, Wis, operated by the rail
road company.
The company was formed and the
father and son took $4,000 shares out of
i total of 62.OeO and obtained control
Of the road. Mr. Ashley Jr, putting
in about S2o0,ooo of. his own money.
Extensive improvements We're planned
and negotiations for important connec-
tons We're opened. The $4,000 chareS
We're put up rs 4 collateral for some
large loans. New piers and trestles
we're built new rolling stock was pur-
chased and new ferry boats were built
TO convey the ears across Lake NIichi-
gan. These new boats We're the largest
finest of their kind
0vertureS We're made for connections
with the Green Bay. Winona & St
Paul road. This being known, the
stock advanced For 4 long time the
stock remained at 80 on Wall street.
Monday it fell to IS II and Tuesday
it dropped to Is II.
The current report on Wall street is
that his failure is for over half a mil
lion dollars. and the aggregate loans,
100000. At meeting of the stock
holders Friday. W. +. Burt was select
ed as receiver of the road