Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-12-30
HEAVILY INvoLVED.
The Santa F'e Road Unable to
. Meet Interest Payments.
1t Has Liabilities OF $3.50, 100000, and
Upon the PetiCion of its BondhoR Rders,
tho System Coos into the Haud,s
of Receivers.
SANTA TE GIVES up.


LITTLE Rock, Ark, Dec 27,-Anothter
big railroad is in deep distress, The
Atchison, Topeka & Santa Fe and Ste
Louis & San Francisco railroads aud)
branches, comprising the Santa F'e sys-
tem proper, have been placed
in the hands of three receivers,
the order being made by United
States Circuit Judge H. c. Caldwell,
in chambers in this city at $3.50
O'clock Saturday evening The appli-
cation was made by the Union Trust
company of New York, trustees for tine
bondholders of the Atchinson, Topeka
CS Santa Fe, and the Mercantile Trust
company of New York, trustees for
the bondholders of the st. Louis Is
San Francisco.
Although the press of the country
has anticipated the result for some
time past not until the death of Chair
man George c. Magoun last week was
any Immediate action contemplated.
The first intimation of decisive action
was received ut > o'clock Saturday aft
ernoon when a special sleeper, the
Catoosa with baggage car attached,
which left St Louis at . o'clock in the
morning, arrived over the Iron Noun
tain with prominent railway attorneys
ana officials on board who hastened at
once to the federal courthouse and
were soon closeted with Judge Cald-
well, who had arrived from ST. Louis
the night before.
They remained closeted behind closed
doors with Judge Caldwell until $50
o'clock, when an order was agreed
upon appointing three receivers for
the Santa Fe system: j. w. Rein
hardt, president df the Santa Fe
SYSTEM j. j. McCook, general
counsel of the Santa Fe system, and
Joseph C. Wilson, clerk of the
United States district court at Topeka
Kan, the latter being IA compromise
receiver, the railroads having recom-
mended Reinhardt, McCool and George
c. Nickerson, the latter being n director
of the system, but who was objected to
by the complainauts.
The receivership met with no resist
ance on the part of the railroad COM
panies, and an agreement was quickly
reached. The bills in both cases-that
of the Santa Fe and 'Frisco-showed
that the lines We're heavily involved,
with maturing obligations coming on
soon, and that the interest due Janu-
ary could not be paid and would be
foreclosed. In both cases the COM
plainants bill went elaborately into
figures and were very full aud vol
luminous.
The bonded indebtedness aggregates
S232, 600, as follows: First mort
gage bonds, $3.50, 100000; class \, Sec
ond mortgage bonds, s77, 900, 900; class B,
second mortgage bonds, $50. 600, 900.
The interest due January will aggre-
gate So, 900, 900 and the floating debt is
about $1,000, 600, making total liabil-
ity of about S24O, 600, 900
j. W. Renhardt and ]. j. McCook,
two of the receivers, are well known
in railroad circles throughout the coun-
try The other receiver, Joseph C. Will
son, has been twice mayor of Topeka.
a supplementary bill will likely be
filed at Topeka January 3, which will
be tantamount to foreclosure of the
bonded Indebtedness, in which event
the branch lines, which have been sup
ping the life blood of the main lines,
will be Topped off
The order in each of the two cases is
the same and directs that the receivers
be authorized and directed to take inn
possession of all the railroads
and properties Including s,34G miles of
operated lines) and to run, manage and
operate them, and to execute the au-
thority and franchises of the roads and
conduct systematically their business"