New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-29
RECEIVER FOR THE ANN ARBOR
WELLINGTON r. BURT APPOINTED by
JUDGE RICKS. AT TOLEDO.

THE ORDER MADE ON A BILL OF COMPLAINT
FILED BY THE CRAIG sHIPBJILDING con-
PANY-THE ROAD ALLEGED TO DE
BADLY CRIPPLED.
Toledo, April 2s.-As the result OF continued Ill
luck. the Toledo, Ann Arbor and North Michigan
Railroad this morning went into the hands OF
receiver on an order made by Judge Rcks. Tho
bill of complaint was filed by the Craig Ship
building Company, which rot long ago built two
transfer boats for the railroad. TO take loaded
cars across Lake Michigan The boats cost $2sG,
600, Of which Sfjl 900 has been paid. Notes
We're made 10 cover the remaining $4,000;
notes for 500. 600 Of this amount have matured
and been protested the company saying that II
unable TO pay any part OF III" amount d'l"
The Craigs in the complaint, set mp that the
Ann Arbor is indebted in laig" amounts upon
negotiable bonds, issued by mortgage 20 IN"
Farmers Loan and 1Iust Company upon all of
the company, property except the car transpor-
tation boats that a large amount Of interest on
the bonds Of the company will mature On May
]. which the railroad company will not b" able TO
pay: that the company owes a large amount OF
floating and unsecured indebtedness amounting 10
about Sl,0O0.000, a large part Of which is now
due and payable.
The orator, therefore, states that il is necessary
for the protection Of the interests OF himself and
all parties concerned that a receiver Of the prop
crty of the company be appointed alleging that
the properties Of the company may be greatly
impaired and diminished in value unless such
appointment be made: that the coinpanys line
Of road is ont Of repair and unsafe and dangerous
for the running of trains; that IFS rolling stock is
inadcIuatc. and that the company has no money
to make repairs; that the company is unable TO
pay Its labor bills and other expenses that il has
no credit and is unable 10 borrow aIy more money
Judge Ricks appointed Wellington X. Burt, Of
Saginaw, Mich, receiver.
a mertirg Of a number Of security holders Of the
Toledo, Ann Arlor and North Michigan Ra lroad was
held YES crday AT the Mills Euding In the Office Of
Joseph ". Walker. jr., the second vice president of
the road 10 arrange with number OF capitalists The
creation Of syndicate TO carry the railroad through
II, present financial troubles. The active member
ot the syndicate is Ernest Dcknan, Of No. % Ncscy
Il. Al the meeting 1t agreed to form a syndicate
with a cmi'al OF $500 900 While the plarB Of the
syndicate were under discussion word received
that Wellington r. Burt, Of Saginaw, Mich. had been
appointed receiver for the road. Mr.. Burt Is the
fa,herin-lav Of H. w. Ashley, the general mare ger
Of the road This information stopped all further
proceedings Of The syndicate" the plan tempo
rariv abandoned. The security yholdcrs OF the road,
however, determined to take active steps toward
pro,ccti4g ihcir interests committee will Dc
npponicd from their number, and the first step that
This c0mmc ce takes win De 10 employ expert ac-
couniant, 10 GO through the books Of the Company.
If the examination shows that the road Is not beyond
financial r"slsciail0n. The S"curiN-h"iders VIII "i-
dcIvor ~ qutkly possible Ia take 1t from the hands
,.f fpeCiv