The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-02-23
BIDDER
GETS TERMINAL
United States Trust Co.
Forecloses Mortgage OH
the Belt Line.
$16,OOO,OOO INVOLVED
Judge Baker Gives Orders-Sale TO
Take Place Soon After Due
Publication.

me expected has happened and Tho
chicago Terminal Transfer Railroad
company doing large business IN "a
around Hammond and throughout ~,
Calumet region, is TO go into the hands
OF the receiver. i''''4us
Yesterday in the United States cir
cult court at indianapolis before Tna.n
Francis e, Baker, the TJnites States
trust company Of New York askea for
ana obtained long decree OF fora
closure involving over $4,000. goo The
oeoree includes the Baltimore. Ohio &
Ch'oaso Hailroad company, the Balti-
more az OHIO company Pere Marouetfa
NailFoad company, Judson Harmon. re-
celVer or the Pere Marquette Railroad
com pahy; Chicago, Milwaukee & St
raul railway company, Pennsylvania
company Chicago Great Western Rail-
way company The Suburban Railroad
company, the Aurora, Elgin & Chicago
RAllfoad company, Chicago Junction
RalIway company, Chicago Title and
trust company. Chicago Heights Land
association, Chicago Heights Terminal
transfer Railroad company. the South
chicago & Southern Railway comnanv
and Manufacturers junction Railway
company. The trust company was rem
resented by Taylor, Woods & Wilson of
Indianapolis
The decree forecloses all of the prom
erty OF the Chicago Terminal Transfer
Railroad company in the states OF MI
nois and Indiana. The Judgment was
for SIG, .6s9.7s, one of the largest
Judgments, If not the largest. ever
taken in the state.
Operates Inner Chicago BELT.
The Chicago Terminal company oper-
ates the inner belt around Chicago.
leading to all the railroads and most of
the stations in the city, and also to
East Chicago, Hammond, Whiting. IN
diana Harbor and Gary in the state
of Indiana. II is also the owner of
the Chicago 81 Calumet Terminal lead
ing west to Blue Island and thence by
an outer belt to Cook, Bellwood, Frank
lin Park and Mayfair west of Chi
cago
The decree of foreclosure provides
that in addition to all of the physical
property OF the company s5,o0o,00O
Of the capital stock and s6,O00.O00 of
the first mortgage bonds of the Chi
cago & Calumet railway shall be sold.
Also 5000 shares of the Hammond &
Lake Michigan Railway company and
o,UOO SnareS OF the Calumet River Rail-
way company shall be sold.
bid Must Be S15, 10000.
The decree provides that no bid for
less than S15,140,000 shall be received:
that the property shall be sold at auc-
ton at the main entrance Of the Fifth
Avenue station in Chicago, on a date
to be fixed by the master in chancery,
after six weeks publication; that $780,
900 in cash shall be paid to the master
at the time Of the sale, remainder to
be paid in cash, certified check or pre-
sentation of bonds and coupons; that
1906, 900 shall be taken to pay all
prior mortgages; s65000o shall be paid
to the city Of Chicago for debts owing
to that city.
The decree further provides that all
the property shall be sold subject to
the rights of all the railroads that the
Chicago Terminal Transfer railroad
crosses.
The mortgage forecloses a vast
amount of real estate The sale will
probably be made in about two months.
The entry was made at Judge Bakers
home in Goshen.