OCR Text |
Show RECEIVERSHIP ONLY MEANS REORGANIZATION CHICAGO, Dec. 1. Judge C. C. Kohlsaat. in the United States circuit court todji3r, appointed rccoivors for tho Illinois Tunnel company and tho Chicago Warehouse and Terminal company, com-pany, companies held by tho $50,000,000 Chicago Subway compan3. David R. Fergan, president of the National iCtv bank, and Charlos G. Dawes, president of tho Central Trust company of Illinois, wero named as ro-coivers ro-coivers for the tunnel company and Edwin A. Potter, president of tho American Trust and Savings bank, for the other. Tho companies went into receivership receiver-ship after two judgments had been rendered ren-dered against them in favor .of the Corporation m Trust company. Tho judgment against tho warehouse company com-pany was for $3,046,791, and that against the tunnel company $1,129,428. Tho tuunol company includes in its organization tho Illinois Telephone and Construction company, which is also affocted by the receivership. Tho receivership is the initial step in a plan to reorganize tho two companies com-panies under friendly terms. A reorganization reor-ganization committee will enter upon tho task of carrying to completion the tunnel and its connecting entrances. Reorganization was mado necessary because- tho bond limit for the tunnel company had been reached. |