In March 1873, the LS&TV filed an amendment to its charter to allow it to extend its tracks south to Washington Township in Tuscarawas County. But the LS&TV fell into receivership in July 1874 for failing to pay its mortgage on the E&BR, and the E&BR was sold for $1 million to Cleveland railroad executive Selah Chamberlain. On January 30, 1875, Chamberlain sold the E&BR to Amasa Stone, Robert L. Chamberlain (Selah's son), Ebenezer B. Thomas, Clement Russell, and Edward Kent (an investor from New York City). These owners formed the Cleveland, Tuscarawas Valley and Wheeling Railway (CTV&W) to take over the assets of the LS&TV.