The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-02-14
{. {. & |. RAILROAD IS
IN HANDS OF RECEIVER
WITH CONSENT OF THE STOCK AND BONDHOLDERS, AP-
PLICATION WAS MADE YESTERDAY, AS 1T WAS THE
DESIRE TO CONTINUE BUSINESS WITHOUT ALLOW
ING PROPERTY TO DETERORATE.

not be seen after the conference Mr..
Goodrich declined to make any state
ment, saying that he was not yet ia
miliar with anything connected with
his new position or the duties he is to
assume
Mr.. Starr, who has been Identified
with the road as general counsel SINCE
its inception. said that the receiver
ship had been brought about after a
conference between officials and hOnd
holders for the purpose of providing
that protection to investors that is al
ways guaranteed by such course.
The road owed money said Mr.
Starr "and some Of its creditors as
sumed a pressing attitude. AS q re-
suit it was deemed advisable and to
the advantage of all interests concern
ed TO turn the affairs and their man
agemCnt over to a receiver. Under
ordinary conditions it might be pos
sible to forecast what the outcome
would be, but at present this cannot
with any degree of safety, be done
However, the details of the indebted
ness of the company and the extent
to which it may be involved. which
are exposed through the court pro-
cecdingS. are of little consequences
The figures may appear alarming TO
those who are not familiar with such
Matters
Mr. Starr denies emphatically that
the company has dcfaultcd in its pay
rolls.
Early today Receiver Goodrich as
sumed charge of the property and
business of the company. President
Bradford remained over to assist him
III such manner as he can. and Mr..
Starr will continue TO care for the
legal affairs
The Chicago. Cincinnati & Louis
vile, during its brief existence, has
had rather remarkable career, and
has attracted as much attention, pos
SibIy, as any road ever built In the
United States. TO begin with. its con-
structton was well under way before
any one but the promoters. the identi-
ty of whom is still more or less of a
projected. w. A. Bradford. president
of the company became conspicuous
as the sole personality in the under
taking. The roads entrance into Gin
clnnati was made expensive because
OF obstacles thrown in it's way. pre-
Sumably by competitors. Overhead
construction was made necessary and
thousands of dollars were added TO
the cost.
The road was not received into the
family of initial lines and as a result
became from the beginning of it's Op-
GRAFTON an independent struggler. It
was practically blacklisted, character
lied as an outlaw and looked uDon
generally by railroad men and the rail
roads as pirate. Bradford faced all
these conditions and made q fight for
business single-handed He went a
step further, and, &hen the Central
passenger association ignored his
claim for recognition as a competitor
for legitimate business between Gin
c1nnau and Chicago. asserted his in
dependence and that of his road and
preempted differential rate. cutting
the fare 81.
Though limited in capacity. the G.
I. d l.. has been doing a considerable
passenger business and it is no secret
that 1t has been something of a thorn
in the side of its competitors. tho Rig
-FOUR. g., ii. & d. and the Pennsvl-
vanfa. Its future, however. has been
problematic.