The Birmingham age-herald., 1905-12-05
Cash Assets Less Than s1oo,ooo.

Cash Assets Less Than $1OOOOO.
 It was further asserted that the cash assets of the defendant at the close of business on December 2. 1905, included the cash assets of the Pere Marquette amount to less than sl00.0O0 On January 1. 1906 there will become due interest on the per cent Pere Marquette bonds which were issued for the purpose of the Chicago, Cincinnati and Louisville rail- way, and had been assumed by the de- fendant company, but the defendant had no funds with which to pay such Inter est. Fixed charges due or about to be- come due, amount to $5,000.0OO for which the estimated December earnings of S1- 625, ,00O not over $500U in bills receivable and not more than S100.000 cash were available. The funded debt of the defend- ant and constituent companies consisted of upwards of sixteen different series of bonds, secured by mortgage or other trust agreements, covering various parts of the lines of the defendants and issued at various times for varying periods. It was alleged that one of the banks from which the defendant had borrowed $l00.000 on demand, had arbitrarily charged the amount against deposit account of the defendant at the same bank without the consent of the defendant, although the defendants check for a larger amount was anu OlHeT uepDSllDTS Htiu uc- mand notes and are liable to take sim liar action.
 The defendant company was therefore declared to be in state of insolvency, and the plaintiff asked for the protection of himself and all other creditors that a receiver be appointed as otherwise it would be impossible for the defendant to continue operation and it would lose its assets unless such action be taken. The receivership was asked to include the lease hold of the Pere Marquette. Attor- ney Stevens at once presented the an- swer of the company, explaining that 1t was sworn to by Vice President Brownell of the Cincinnati, Hamilton and Dayton on the authority of the board of direc- tors. Insolvency was admitted by the statement of deficit of more than $6,O00,- COO with various suits threatening being made in the answer.
 Interest of All Concerned
 Judge Lurton was reluctant he said to make the appointment but under the cir cumstances he felt that 1t was of the n- terest of all concerned but he added that while he would agree to a erceivership, he wanted to say that he would not agree to the naming of any railroad man who might run the property in some special interest, but would prefer to appoint some ore WiiD WoS III iO way tOIHttltu Wltn railroads or this proceeding.
 The suggestion of the name of Judson Harmon was accepted by attorneys for both plaintiff and defendant and received the hearty approval of Judge Lurton, who thereupon named him as receiver, fix ing the bond at sl00.0O0. An anclllary ap- pication was then made by Mir. Maxwell on behalf of Walter B. Horne of New York. a creditor of the Pere Marquette to the extent of s345, ,35s. 34. for the ap- pontment of receiver also for that prop erty.
 Ii was alleged that on January i4. leo6. there will fall due interest to the amount of s404, $50 on Pere Marquette bonds for which that company has no deposit or pledge or mortgage. There are other ob- ligations of more than s4000, ,0G0; the fund.- cd dept on December A. 1905. was over s54.000,000 in twenty-four series of bonds. The bonded debt of the Chicago. Cincin- natl and Louisville is $soo,O00. which the