The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1904-11-18

That Company
Is -EnsOlvent.
Receiver Named for
Sandusky S.-W.
LEGAL ACTION
Commenced by the
Co.'S Treasurer.
Startling Aliegations..Are Made
Against the General Man.
ager of Proposed Line.

Wapakoneta, o.. Nov. 15-Judge
Mathers today appointed E. S Nichols.
of this city. as receiver OF the Sandus-
ky Southwestern Electric Railway
Company. L. n. Means, Of this city,
treasurer of the company, and one of
the directors, filed suit against the
company and F. o. Olson, general man.
ager.
The plaintiff says he ia now surety
for said company in a large amount,
and that said Indebtedness is now long
past due; that he is surety on notes
held by the Peoples National Bank, Of
this city, on one note for $3, 2l1. %, one
note for s.. sl5 IS. and one note for
81. O4O.
PLAINTIFF ACCUSATIONS
Plaintiff further says that he is surety
on notes 10 the amount of 50, 800 to
Boesels B ank, OF New Bremen. Plain
tiff says that said company is indebted
to him upon notes amounting to s.. $50,
aud that he has no security for his
liability for said Indebtedness, and that
he became surety without any consid-
Grafton.
Plaintiff further says that said COM
pany is indebted to other creditors in
large smouots: that the assets of the
company will be insufficient to pay the
Indebtedness. and that the company is
ipsolvent: that F. o. Olson, general
manager is proceeding to incur addi-
tionsl indebtedness. which lessons the
ability of the compsny to p1y its obi
cations; thai the assets are being squan-
dered by said general manager; that
T. o. Olson has sold large amounts of
the stuck, and has failed to paw over
to the said company the proceeds; that
said Olson has received a large amount
of real estate in payment for certain
stock that said Olson took the title to
real estate in his own name; that be
has mortgaged said real estate, and has
failed to pay same over to the treasur-
IT Of said company, or in any way to
account therefor; that said Olson has
taken promissory notes for stock sold,
notes payable to said F. o. Olson, and
that he has not accounted to this com.
pany for the proceeds
FEARS SALE OF PROPERTY.
Plaintiff says that unless restrained
from further mortgsging, said Olson
will sell said real estate now held by
him and belonging to the company.
Plaintiff asks that said company be
compelled to pay off the notes which
this plsintiff is security for. and bs
, compelled to pay notes due plaintiff
: that this plaintiff be given judgment
against said company for the amount
of the notes, and that receiver be ap
pointed; that F. o. Olson be restrained
from disposing of any of the property
rights or credits belonging to said com
pany.
A restraining order WAS issued and {
receiver appointed as prayed for.
The Sandusky Southwestern Railway
, Company was incorporated in 1902
, with capital of 81, 900. 600. The com
pany proposes to build an electric rail
way from this city to Kenton and from
Lima to Bellefontaine. Several hun
dred thousand dollars have alread.
been spent in purchasing rights of way
! grading, exc4vatiDg and promoting th
railway. ''Shad' Reed, of Sidney, i
one of the directors of this company.