The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-17
SOON TO FORECLOSE
GOVERNMENT nAS NO HOPES OF
THE PACIFIC ROADS.
Thirty Days IL Expected to be the Limit
Within Which Proceedings Will be
BrouSht-No Details Decided Upon as
Yet. but the Union Pacific WIN Proba-
bly, be the First on the Wheeling
and Lake Erie Explains Its Being in q
Receivers Hands-Other Failures-Rail.
way News.

Washington, Jan. 1s.-It is the inten-
ton of the government to bring fore
closure proceedings against the Pacific
railroads. II is expected that suit yill
be brought within the next thirty days.
The details of the action have not yet
been decided upon. but it is supposed that
proceedings will be first instituted
against the Union Pacific. 1t is under
stood that the president and ali of his
advisors were convinced that there was
no possibility of the roads paying their
Indebtedness, and that therefore fore
closure was imperative.
WHEELING AND LAKE ERIE.
Cincinnati, O., Jan. 16.-There was an
attempt to make the appointment Of re-
ceivers for the Wheeling and Lake Erie
road quiet affair. Judge Taft. who
heard the case in chambers in place Of
Judge Kicks, who is in California, was
unwilling to say anything about il with
out permission Of the attorneys. From
one Of them, Judge Dillon of New York.
it was learned that the application came
from creditors of the road, one of the
heaviest among them being the New
Jersey Industrial company. He said the
embarrassment OF the company was due
TO the general hard times, and, in
measure, TO the light demand for coal
for the past two winters. The city had
made large investments in coal mining
property, which has been properly man
aged, but there was but little demand
for the product. The price of coal had
fallen off % per cent during the past
year, and as the road depended largely
on its coal business, its earnings had
been greatly lessened. No dividends
could be declared, although until 1896
this has been regularly done. Mr.. Her
rick'S appointment as one Of the receiv-
ers was made at the request OF the Mer-
camille Trust company. the Equitable
Life Insurance company and the Central
Trust company, all of New York, and
all directors Of the railway company. W.
z. Connor of New York, one of the lar
gest stock holders of the road, refused
TO make any statement Of the case for
publication.
WHAT ALLIED THE ROAD.
New York, Jan. 16.-President A. G..
Blair of the Wheeling and Lake Erie,
makes the following statement with refer
ence TO the appointment of receivers for
the company The difficulties Of this
company resulted chiefly from the ex-
tremely low rates now and for some time
past in the bituminous coal traffic which
comprises more than half its tonnage.
The decentralization in rates in this trade
has been without a precedent Coal has
been carried and sold at such prices as
were never before known. The most
necessitous railroad has made rates and
others had either to make them or lose
business. At the recent meeting Of the
board of directors of this company a
formal protest against the ruinous cut
ting of rates was addressed to the roads
in the Ohio bituminous coal trade. Next
after bituminous coal, the largest item
of the companys freight business is iron
ore tonnage. In consequence of idleness
of mills, furnaces and other industries.
the road has had neither the ore tonnage
nor the haul of the finished product. The
coal mines controlled by the company
have also been hampered by constant
strikes In addition TO the recent bank
failures in the northwest, where large
portion Of the coal carried over the COM
pany's line is sent, have retarded collec-
tons and suspension of payments has
thus been compelled. The interest upon
the bonded debt has been punctually
paid. Not one dollar is in arrears on
that account and every effort will be
made TO meet default in interest. The
property itself is in excellent physical
condition. having recently had the bene-
fit of large expenditures, both for better
ments and additional equipments.
TATTERSALLS.
New York, Jan. 16.-Upon the applica-
ton of William Ross, individually and as
trustees. an order was granted by JUS
tice Lawrence in the supreme court TO-
day empowering Julius F. Workum, the
receiver of Tattersalps 0imited), to dis
continue the business of the company;
sell its leasehold interest in its premises
and to collect all its assets as early as
possible.
CAR COMPANY IN ILLINOIS.
Springfield, ILL.,, Jan. 16.-In the United
States court today Judge Allen appoint
| ed Waiter c. Arthur Of Mount Vernon
receiver of the Mount Vernon Car Man.
ufacturing company with bond Of $25.-
| 011 as the same. The receiver was ap-
pointed on the application Of complain
| ants in the suit of William A. Taylor
against the Mount Vernon Car Manu-
| featuring company.
WISCONSIN BANK ASSIGNMENT
st. Paul, Mimi, Jan. ia Eau Claire
Wis. dispatch says: After a long Sc
| cret session last night 125 depositors and
bank adopted a resolution that the court
be asked to allow an assignment TO be