Show SECOND BIG RAILROAD TO SEEK AID IN THE COURTS unable to meet notes now due A strike crippled the road london jan 8 tho expected meeting of the note holders ot the chicago great western company with A B stickney president of the company was held this afternoon it was decided to appoint a receiver for the company to maintain the stains quo during the time to prepare a first mortgage bond covering all indebtedness of the road and to obtain a vote 0 the stockholders on this measure there were many note holders at the meeting subsequent to the meeting the following notification was issued bythe by the london agency of the company at a meeting held today of some of the holders of the chicago areat western railway notes which mature shortly the president of the company announced that in order to maintain the status quo it had been decided by the london finance committee that application should be made to a united states court for the creation of a receivership until such temporary will have obtained time as the company authorization from its stockholders for the issue of first mortgage amount sufficient to finance bonds to an its requirements st paul jan 8 frank kellogg and the creditors representing other attorneys of the chicago great western with judge railroad had a conference sanborn of the united states circuit court this morning and at its close mr kellogg announced that hd would this afternoon danbom before judge appear with application for a receiver for the chicago great western railroad will bo who decided we have not the receiver said he as that will application is presented when the come up merely decided in court we have that the receiver shall bo asked for as it hail to come sooner or later the following statement regarding the reason for the receivership waa mr kellogg this afternoon by given receivership Is not the result the of the action of any single creditor stockholder but has been taken or after careful consideration by all parties interested many of tho creditors and the board of directors the immediate receivership for the the failure to obtain an exten was and coming of the notes now duo due during 1908 which acie given borrowed tor improvements for money and betterments of the property haa about 19 the compana in dullni tho past ten eara now constructing lowering addia bridges and culverts cu lverts acquiring dour bonal terminals term inala and equipment i lie tracking and in general improvements and betterments of the railway and has outstanding notes tor this purpose to the amount of about during last spring a plan for financing the road was agreed to by iho board of directors and the finance committee hut owing to the stringency in the money market and other unforeseen causes they have been unable to carry it out the earnings of the company were very materially decreased during the autumn by a strike at the which tied up the equipment the strike was won by the company nut the damage had been done the receivership will bo temporary pending the time required to carry through the plan of financing the road everything possible has been done to avoid a receivership but it could not be prevented |