The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-01-04
TRANSPORT COS TROUBLES
Chancellor McGin Appoints
Receiver to Protect Pro
perty in New Jersey.

General Edward P. Meany, of Essex,
and Melville E. Ingalls, Jr., were appoint
ed by Chancellor McGill yesterday re-
ceivers of the Atlantic Transportation
Company of this State, an insolvent cor
poratien with a capital stock of $3,O0O00o.
The company was incorporated under
New Jersey laws on November 4, 1897,
with a capital stock of s3000,o00 Edward
p Meapy became president, Haywood A.
Harvey, of Newark, treasurer, and Law,
renee s. Mott, of Newark, secretary. The
company was organized to transport mer-
chandise and coal
After it's organization it purchased
fleet of twenty-seven vessels, consisting
of one steamship, the Santuit; three tugs
and twenty-three barges The company
also leased or chartered a fleet of forty
other vessels for three to three ond one
half years, which were on the inland
lakes. All but ten of these vessels were
brought to the Atlantic coast by way of
the ST. Lawrence River to Newport News,
Va. Owing to the lateness of the season
ten of the vessels were left in the ST.
Lawrence River above the rapids. The
company expended s150000 in obtaining
the charters and transferring the vessels
to the coast.
Three of the purchased vessels were re-
Gently lost at sea, and were insured as
follows:-yirginia, $4,000; Lucy A.
Nichols, $4,000; A. w. Weston, $4,000.
These were mortgaged and the mortga-
gees claim the insurance. The business
of the company has of late consisted al
most exclusively in transporting coal de-
livered to the company at Newport News,
by the Chesapeake and Ohio Railway
Company.
The Atlantic Transportation Company
owes the Chesapeake and Ohio Railway
Company $161,109 for cash loaned subject
to a credit of SIG, 1893, leaving a balance
of 1903, of which $4,000 is secured by
mortgages on four vessels and $94 300 un-
secured.
According to figures submitted by Mr..
Besse the liabilities are $1,176,540. He
mentions as creditors: Chesapeake and
Ohio Railway Company, S144,309; United
States Mortgage and Trust Company,
,000 cash loaned and holds as secur-
ity mortgages on nine vessels, and also
notes of the company indorsed by the
Chesapeake and Ohio Railway Company;
Western National Bank, $245, 900, money
loaned, and holds mortgages on nine ves-
sells, one of which was recently lost at
sea; .Knickerbocker Steam Towage Com
pany, $144,000.
Deputy Sheriff Mcguire has received
two attachments against the company in
favor of the Knickerbocker Steam Tow
age Company for $4,000 balance due on
a note of the company for $51. .250, dated
June 16, 1898, payable six months after
date, and in favor of the Burler Dry
Dock. Company for $11.SS6. The Sheriff
levied on the, coal barge Ocean Belle,
at the foot of Eighteenth street, North
River, on the first attachment
Yesterday, Messrs. Jennings & Russell,
of New York, attorneys for Walter S.
Besse, residing in Orange, owning $3.50
shares of stock, applied for receivers. a
similar motion having been made in the
Supreme Court of New York, before JUS
tice Gugerich,- who appointed the same
receivers for New York as Chancellor Nc
Gill had for New Jersey.
Messrs. Meany and ingalls, furnished
bonds for $lG0 900. They were instructed
to preserve the property of the company
in New Jersey and New York and protect
it from attachments.