The Indianapolis journal., 1895-06-29
TOOK SNAP JUDGMENT
RECEIVER APPOINTED FOR THE C..
5. & III. II. r., OF OHIO.
Application Made at Midnight With
Road-No More Rate-Cutting.

On application Of dissatisfied stockhold-
er, the Columbus, Sandusky & Hooking
road was thrown into the hands of a
receiver at midnight Thursday, at Bu-
cyrus. O.. ]. II. Stewart, or Sandusky one
Of the directors. being appointed receiver
President Guerin and other officials knew
nothing OF the application until yesterday.
aid on learning the situation ordered spe-
cial train for Bucyrus to seek to circum-
vent the receivership. Calvin Brice denies all
knowledge OF the application, his name hav
Ing been associated with the application.
The road has suffered ever since the panic.
going through two coal strikes successfully
Until now.
the application for receivership was in
tended 10 interfere with a private plan for
the REORGANIZATION Of the company which is
on foot. He does not think, however, that
IL will have the effect intended. as the re-
organization is we'll under way. The appll-
cation for receiver was made by J. II.
Roser, Of Findlay, who holds four bonds
OF 81 600 each, on which there is $500 inter-
est due; He Is represented by Judge Beis.
or Sandusky, and James LentZy, OF New
York. Just who is back of the move cannot
be learned The Columbus, Sandusky q
Hooking has a capital stock of 1888. .l34. a
funded debt or y, 125, 695. The present Sys-
TEN was formed by the consolidation two
years ago of the Columbus. Shawnee &
Hooking. and the Sandusky Short-line, and
GAINESVILLE, Muskingum county. and the coal
fields OF Perry county through Columbus TO
Sandusky. on Lake Erie. The deplorable
condition OF the coal business for the past
two years has cut down the earnings of the
road considerably. The company was un-
able to pay its interest. and made arrange
ments with the bondholders to give bond
script in lieu thereof, this script to be re-
deemable in consolidated bonds. All the
bonds of the company bear per cent.
The Bottom Reached I'm Rate-Cutting.
II. C. Parker. traffic manager of the Lake
Erie & Western. who has been in Chicago
for two or three days. returned last night.
He says there are large number of freight
officials in Chicago this week, and a dispo-
sition was shown TO bring about. If pos
sible, restoration of rates and their bet
ter maintenance. A belief prevails that
the bottom in rate cutting has been reached,
II there is any bonor in agreements made
by the presidents. The most unfavorable
feature he saw about the presidents agree
ment was that IL proposes to restore rates
10 those prevailing prior to June D, which.
with some roads, would not mean tariff
rates, as they for some time previous had
been cutting. Were the agreement based on
grain, Chicago to the seaboard, at the rate
OF % cents per 100 pounds. every road
would know what was meant Locally.
there was little change in the situation
yesterday. Just now the Touring mills are
shipping but little, and the same remark is
true about cerealine products. The lumber
men are taking advantage of the 20-cent-
one-hundred-pound rate TO the sea-
board Most of the west-bound business
coming In is billed at tariff, which indicates
that the cut of the part-water and part-rail
routes has not seriously injured the business
of the all-rail routes. The fact is that such
west bound lines as the Merchants Dis
patch. the Erie Dispatch and the Union
line have been doing a steady, healthy busi-
ness. and il Is difficult to turn 1t TO lines
which temporarily cut rates and disturb