The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-10
b. and o. Receivership TangIe.

Matters of great moment to the Baltimore
& Ohio Railroad Company, and to those
interested in it, occupied the time and atten-
ton of United States Judges Morris and
Golf in the United States Circuit Court at
Baltimore yesterday. The principal subject
under discussion was the application Of the
receivers for permission to issue 100000 in
certificates Tor the purpose of paying for
10000 tons of steel rails ordered from the
Carnegie Company. This application met
with opposition on the part of ]. p. Morgan
& Co., the Mercantile Trust Company, of
New York. and other large security hold
ers, and much testimony has been taken by
a special commissioner, many witnesses
having been heard for both sides. Another
matter was the application of the Union
Trust Company to be made a party to the
receiVership proceedings on the ground That
it is trustee for $10,00DO00 PitSburg ~ Con-
nellsville Railway bonds, on which default
had been made for interest payments. Fer
mission was also asked to sue the receivers
in Ohio, Pennsylvania and Illinois: Both
motions were granted without objection,
the Union Trust Company being represent
ed by Francis Lynde Stetson, Grover Cleve-
land former law partner. All of the morn
ing was consumed in the reading OF the teS-
timony taken before the special commits
SiOner.
1t is asserted that a separate receivership
for the B. e. @. and Chicago and the Chi
cago and Akron branches of the Balu-
more &. Ohio system will be applied for,
and that the application will probably be
filed either in Chicago or Garrett, Ind,
within the next ninety days. Such step
would seriously inconvenience the present
receivers, who will neither confirm nor
deny the report. j. 2. Morgan q Co. are
said to be behind the movement, ana sam
uel FELTON, is spoken Of as the probable re-
ceiver. es
Merchants and Travellers Rates.
The executive committee of the National
Association of Merchants and Travellers at
Chicago yesterday announced that it would
accept the rates offered by the Western
roads for merchants desiring to visit the
large jobbing centers for the purpose of
buying their goods. Some Of the roads out
side of the association had offered to meet
the rates made by the association lines and
even do better by the merchants, but as
this course would lead to the demoraiiza-
ton of passenger rates all through the
territory of the Western Passenger Asso-
citation the merchants made up their minds
TO take the rates that had been offered by
the association roads. The dates OF sales
of tickets which will be sold on the GER
tifcate plan at the rate OF one-and-one-
third fare will be Aug. IA to 16 and Sept.
to 6. The tickets will have return limit
of ten days from points in the eastern COM
mittee territory of the Western Passenger
Association and five days longer from the
tranSmisSouri territory. No tickets Will be
sold to merchants who are not members
of the National Association OF Merchants
and Travellers. The Association of Mer-
chants and Travellers has agreed to protect
the roads against any misuse OF the tickets
sold TO it's members, and will fully guaran-
tee the roads the payment OF the agreed
rate in both directions.