The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1913-04-15
RECEIVERS REQUESTED
FOR THE RENTz ROAD

Late yesterday afternoon a bill in /
equity was filed in the Office of the /
clerk of the federal court asking for /
the appointment of a receiver for the /
Ocala Northern Railroad Company, the /
bill being filed by Foreman, Levin & /
Robertson. Of Chicago. and William NJ
Toomer, of this city. attorneys for the /
compliments. William c. Crawford, as
trustee. and the Assets Realization Co
TIE OcaIa Northern Railroad con
meets Silver Springs with Pa1atka, a
distance of sixty miles. In the bill ii
is alleged that from Silver Springs to
Silver Springs Junction and from the
junction TO Ocala, the road is operat-
/ ed jointly over the seaboard Air Line
Railway.
In bringing action for the appoint
ment Of a receiver. the bill being TO
foreclose a mortgage trust deed, the
conpla inants state on November l,
1911, mortgage trust deed was ex-
ecuted and It's first mortgage gold
bonds. bearing 6 per cent, were issued
and were delivered to William C.
Crawford as trustee. the mortgage
/ deed to serve as security for the pay
ment of the principal and interest OF
the bonds The deed was fled and re-
corded in the counties of Marion and
Putnam.
i 1t is alleged that on May /, 1912.
when payment fell due, the defendant
failed to deposit an amount necessary
to pay the coupons aed similarly on
November l. 1912 It is further aIleg-
ed that on April 3, 1913, notice was
4 given the defendant of the amount due
land that there must be immediate pay
Tpent made but that up to the time Of
the filing of the suit no payment has
been made to the trustee nor to the
Assets Realization Company. which
latter is the legal holder Of all the
bonds and interest coupons.
Tt is also alleged that a large ma
jority of the stock is owned by Ed
ward P. Rentz, chief executive officer
of the railroad. and whose personal af-
fairs are now involved in involuntary
bankruptcy, and that it is imprac-
teal for him to be able to afford any
cash or credit for the financial aid of
: the defendant railroad corporation. IT
is also alleged that the bridges,
trestles, track, roadbed and rolling
stock require immediate investment for
keeping the same in good order and
that pending the suit a receiver or re-
! ceivers be appointed by the court
= Times Union. 18th.
The above news item has been ex-
Ipected for some time and is brought
on sooner that would have otherwise
? ceivership of the Rentz mill at Silver
> Springs. We do not know whether OF
not the receivership will be granted
but it most likely will, as it is q
friendly proceeding and has been ask
ed for by Mr. Rentz, the principa
stakeholder and president of the road
= and his counsel, Messrs. II. NJ Hamp-
: ton of this city and Fl. L. Anderson OF
: Jacksonville. 1t is asked for to put tht
business in shape for reorganiza ton
! when 1t is proposed to take up the
. trust deed and issue bonds and put the
: road in good financial condition.
The Ocala Northern, as the Star ha.
= stated before, has been a one-man road
built almost entirely by one man GU
: of his own resources and with the ex
: ception of the mortgage aforemention
II ed, without any outside assistance, ex
). cept small sums Of money, borrower
: here and there on short time.
= That the roads business is in n,
worse shape and it's debt no large
than that of almost any other roa'
= that might be mentioned, according t,
= It's size, can be seen by the following
= statement of its resources and liabil
tiles, making it's total indebtedness
:, per mile less than most railroads of tn
- country
The resources of the road are shown
to be more than 100000 and its entir
liabilities are only about 100000, witt
"a net worth of about 100000.
= Mr.. Rentz is in Jacksonville, looking
= after the business of the road with hi
attorneys, and it is thought that tn
reorganization of the road will soon b
completed and the bonds placed an
: the receivership discharged, should on
be granted.
Il