Rensselaer Semi-Weekly Republican, Volume 19, Number 17, Rensselaer, Jasper County, 2 November 1897 — Remarkable Recovery of Monon. [ARTICLE]

Remarkable Recovery of Monon.

Indianapolis Journal. —W. H. McDoel, receiver of the Louisville, New Albany & Chicago road, yesterday filed his final report in the United States District court. The road was thrown into the hands of a receiver March 24, 1896, and Judge Woods appointed Mr. McDoel to the position. The history of the case is well known, the receivership being forced to rid the company of certain obligations that had been? inherited from a former management. On Jan. 23, 1897, the court ordered a foreclosure sale of the property on March 10, and it was bid in by a company incorporated as the Chicago. Indianapolis & Louisville Railroad company. The receiver makes an itemized report of receipts and disbursements during the period the property was in the hands of the court, winch was a few days over one year. During his receivership he expended 51,337,778.01 in improvements of the company. As receiver he disbursed a grand total of 83.41!,594.27. Judge Woods allowed him as compensation for his services during the time the road was in the hands of a receiver 815.500. The new company took charge of the property June 30. 1897. At the time of the sale of the road it had an indebtedness of 8286.501.38, which the hew management assumed. Tha receiver now has nd assets, money or other property belonging to the trust in his possession. Under the reorganized.com pany the road will continue to be known as the Monon. This receivership will be remembered for its brief duration. In fact, it i.§ stated that there has never been a case where a road of any importance has been placed in the hands of a receiver, foreclosed, sold and put into the hands of a reorganized company in so short a time.