The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1895-09-28
RECEIVERS APPOINTED.
Ths Gettysburg Electric Railroad May he
Sold by the BOndhOlderS.
From the Gettysburg Star

On Saturday in Philadelphia Judge Dallas,
in the United States Circuit Court, upon the
filing of bill in equity by the Maryland Steel
Company, placed the Gettysburg Electric
Railway Company in the hands of receivers.
+. NJ Hoffer and the West End Trust and
Safe Deposit Company were named as the
receivers, and were directed to enter security
in the sum of $4,000.
The appointments of the receivers are pro
viSionally and temporarily made, with leave
to any person interested to move the Court
for modification thereof, or change therein,
at any time within thirty days from the date
of the appointments, and in the absence of
any such motion, the appointments are to
stand as the settled order Of the court.
The MARYLAND Steel Company directs its
bill against the Electric Railway Company
and the Fidelity Trust 4 Safe Deposit Com
panv. of Philadelphia the latter company
being the trustee for the boudholders under
mortgage executed by the Electric Railway
Company. under which bonds 10 the extent
of 5000 900 were issued Under this mort
gage the Fidelity Trust Company took, as
trustee, all the electrical motors, tracks, rail
wayS. machinery. lands and tenements Of the
Railway situated in the borough and else
where in the county, together with all the
branches, extensions, sidings, and turnoutS
belonging to. or which might be acquired by,
the railway company This property was to
be held in trust for the benefit of the holders
of the bonds
The MARYLAND Steel Company is the holder
of 5000 worth of these bonds, and it alleges
that default has been made in the payment of
the coupons Of said bonds since November /,
1893. Il Is averred that il will become the
duty Of the trustees to proceed To iorecio>e
the mortgage.
The railway company controls road eight
and one-half miles in length, and the value ot
the plant, il is alleged. is great aud if the prop
erty is properly administered il could be made
a paving concern. Ii is averred. however.
that owing To sundry mistorJuues and the en-
barrassment brought about by litigation, the
company has become inSOlvent, and has
floating Indebtedness ct upwards Of $1,000,
which Il Is wholly unable at present la pay,
The court j.. therefore. asked 10 take charge
of the property and preserve u intact by the
appointmeut Of receivers, and 20 decree that
the Fidelity Company. aS trustee. under the
mortgage. be required Ia bring proceedings
for the foreclosure of the mortgage.
II the road should be sold under foreclosure
proceedings and should mol bring more than
enough TO pay the bonds, the floating indeh'-
eduesS would be wiped out. and all the local
people who are carrying un>eutea accounts
ar notes. woRld lose everything.
The receiyersh;p was q surprise. Tor only
last week II was confidently asserted, iiy those
who were supposed To know. that the deal
with Mr.. Gregory was about to bs cunSum-
mated. tie was ia town with his attorney.
Mr. Tenuey. aud both. Ii was announced,
went over the road and verr pleased with the
property.
M. HOPPER ASSIGNS.
On Wednesday Mr. lInfirE aud wiie made
an assignment Of all his real and personal
estate 10 Il. Il. Walmer 81 Hummeisiowu.
Il was Sled that afternoon in the hnnPhio
county court. The preceding day some large
judgments were entered In favor Of irEenh,-
Execution had been is,usd ts ihc Farmer
Bank 20 Hummelstown for = total ct q htilc
over thousand dollars. On that execution
his personally, including crops. was sold "u
Saturday