Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-05-04

IYiedo April 2S-Judge Kicks, of the
united States court, has appointed
Wellington r. Burt receiver of the
AM Arbor, Toledo and Northern Mich
lsatn road.
IIoubleS seem to center over the
coRnpany of late. What with strikes,
Oh basters and washouts the officials
hq We had thei1 hands full. Late yes
teFday afternoon judgment was taken
III common pleas court by the Craig
bhip Building company, of Toledo,
aEaginst President j. NJ. Ashley for
10000.
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
All bor terminus without the delay of
unloading and reloading. The boats
W9rc put on recently between Frank
Ioltt, Mich, and KeWaunee, Wis, and
Anhn ArbOr stock took a decided jump.
Fhe boats cost $2S6OOO, of which
s5f51 900 has been paid. The balance
is in notes, $4,000 Old which has ma
tured and been protested, the company
saying that it was unable to pay any
part of the amount due. The CraigS
in the complaint set UP that the Ann
Arbor company is indebted in 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,
a atS. hnt n
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 n large amount of float
ing and unsecured Indebtedness
amounting to about $1,OOO,O0O, 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
be made; that the company's line of
road is out of repair and unsafe and
that it's 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 G. NJ. & ST. p
and the G.. & n. w. roads to use the
ferry across the lake as an eastern
outlet for their freight The arrange
ment was to send freight by this route
so as to avoid the rush at Chicago
This arrangement was announced sew
eral weeks ago.
Some time ago eastern capitalists
saw in a short line across the lake al
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
J. 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, to Beecher, Mich, &
distance of 274 miles A leased line
about two and a half miles long, eX
tends the road to Frankfort, on the
shores of Lake Michigan and there is
railroad ferry from Frankfort tC
Kewaunee, Wis, operated by the rail
road company.
The company was formed and The
father and son took $4,000 shares out Of
Il total of 62,OOO and obtained control
of the road. Mr.. Ashley Jr., putting
in about 100000 of his own money
Extensive improvements were planned
and negotiations for important cOnnec
tons We're opened. The $4,000 chares
We're put up as a collateral for some
large loans New piers and treStes
we're built, new rolling stock was pur
chased and new ferry boats were built
to convey the cars across Lake Mich
gan. These new boats were the larges
..''- f"nst of their kind.
Overtures were made for connections
with the Green Bay, Winona & st
Paul road This being known, the
stock advanced. For long time the
STOCK renamed at 81 on wall street
Monday it fell to 3S ID and Tuesday
it dropped to Is ID.
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. r. Burt was select
ed as receiver of the road.
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Ella Day Missing Again.
CIrv