The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1922-09-07
RECEIVERS FOR
ALTON RAILROAD
First Big Line to Fall During
the Present Period of
Unrest.
BIERD AND WHEELOCK NAMED
System Has 1,77e Miles Of Track Con-
Meeting Chicago, St. Louis and
Kansas City--Coal Strike
Blamed.

Chicago, Sept, 1.-The Chicago <
Alton railroad was placed under a fed
eral receiyership here. 1t Is the nrsI
big road to fail during the present
period of industrial unrest
The bankruptcy petition was fled
before Federal Judge George A. Car
penter by attorneys representing the
Texas company (oiD, holding a claim
Of $4,000 against the road The petit
ton was not fought by the company
The Chicago & Alton has l,779 miles
of track, connecting Chicago ST. Louis
and Kansas City.
William w. WheeloCk and William
G. Blerd, the latter for many years
president of the road, were appointed
receivers
The coal strike was the principal
contributing cause of the failure, ac-
cordiug 10 Silas H. Suawn, attorney
for the receivers. Mr.. Suawn said the
Chicago & Alton Is one of the heaviest
coal-currying roads in the Mississippi
valley. An immense tonnage is hauled
from the Illinois coal fields to the
Great Lakes and to ST. Louis and Kan
sas City. The coal strike became eff
fectiye In April. Since then revenues
OF the road have steadily fallen.
The railroad strike proved costly
One division OF the road was tied up
by walkout Of lremen and trainmen.
For several years the company has
been unable to meet its expenses, ac-
Cordiug 70 Mr.. Strawn. The company
is weighed down with bond issues agH
grcgating S01,OOOOOO and $l4,000OO0
in unpaid interest and current bills.
The road will be operated under the
receivership, il was announced. There
viii De no change I'm the attitude Of
the road toward It's striking employees,
It was said. Under a recelyership the
road is d0gbly sure of federal protec
ton for ms workers, It was explained.
1.-THE company is admittedly insolyent
and np opposition was made to the
creditors motion for the appointment
Of a receiver said Mr.. Strawn.
Everything will be done TO effect
reorganization which "ill place the
road on o moro firm financial basis
The recciyership caused no surprise
in Chicago financial circles. The com
pany's stock has been declining for
several days. Bonds have also slumped
Washington, Sept Under direc-
g.F .fs4 re taflf
Of Justice Is deyoting Its entire energy
10 the suppression of sabotage and dis
orders by dlsgruntled rail workers.
Every effort viii be made to protect
lives and property of the rail system.
II interference with trains can be
prevented and order restored, 1t was
said at the White House, the railroads
will recover within two weeks. There
IS already marked Improvement in
transportation, it was claimed.
Representatives of the railroads met
here to take up legal aspects Of the
situation. IL was decided to make
formal complaint to the Department
VI Justice ia every instance Of sabotage
and disorder.
Employees of the uoustriHng unions
were charged with being responsible
for deliberately gripping rail equip
moul More than thousand cars on
one road were found To- have their
journal boxes hUrd w.ll sand Air
brake hose was found pluutmcd OF
nciaIs declare that tNs CUulG not have