OCR Text |
Show Big Chicago Street Railway Company Is Embarrassed Chicago. May 23. Judge Grosscnp, i In the United Stales circuit court here today appointed receivers for tho I Chicago i'vallway company, which op- erates the West and North Side ' street car lines. The company is not insolvent and the receivership is believed be-lieved to be a mere legal move in connection con-nection with Judge Ball's recent decision de-cision holding the railway company liable for V-onds of the Consolidated Traction company. The petition for receivers was filed by the Westlnghouso Electric & Manufacturing Manu-facturing company, which avers that i the defendant owes It $05,549, for ma-I ma-I chlnery, Henrv A Blair and John M. I Roach were named as receivers. Judgment for $1.3M,ijSi, against the I traction company in favor of certain j bondholders of the Consolidated Traction Trac-tion company, was entered today on Judge Ball's finding of last week. Tho bill of the Westlnghouse com-pnny com-pnny was filed by Attorney Joseph P. Cotton. Jr., of New York. It is charg- ed that, by reason of the big Judg-I Judg-I ment entered against the railway com- pany in favor of Consolidated bond-i bond-i holders, the former company is unable to pay the bill of tho petitioner. It Is i alleged also that the Indebtedness of j the railway company Is in excess of the value of Its property and assets. I In order to appeal from Judge Ball's decision, It is claimed a bond in excess ex-cess of the judgment would have to be furnished by the railway corn-i corn-i pany, which bond, It is said, the com-1 com-1 pany Is unable to produce, its property prop-erty and other assets already being covered by mortgage or trust deeds: The credit of the defendant, It is alleged, al-leged, lias been destroyed. |