New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-08

mower 10 sell 30 much land out OF the area te
pany ~ will he necessary TO realize tue hiV ,
las lasted six months the trustees shall be emOweraa
To take charge Of the line and wOrS " u" ,h,t mn
10 mako an The necessary arrangements lo' an"t ~
No.. r,i when the delay in the payment mas bso"
three wears the trustees shall be 10 h o my,
~ of the boDdholdes. These stlpua,t,onss law Nv
ever II acted upon, would 90 the ponuno'" o,
iittle good. With reference 10 the powers c"it
ierred upon the trustees by Article II dh3u % 'ee
what advantage would be gained Tor ~" Nv
making of thom II the land were salne lhe 'oh'
many could and would sell 10 pay tbc interest on u-.
ionds. aud II will only he on aceount Of ne lauu no,
being salablc shortly after the Opening OF inc he lh'
10 proceeds OF the land sale will be available 10 tupp
mcnt sac ntercstpiyiue fund, and liat the citcdh
a remedy How the trustees eau real'zc money h' ZIG
sale OF msilaole land Is not very clear ihe tahe 90
uCiOn applies TO the measures provided Tor III Atcc
2 eunOweling the trustees TO take charge Of the me
and work II themselves What benefits are The bond
hardly he able TO convert non-paying lc into saying
nc and IL might even be hazardous take the manage
mcIit OF the hands OF people acquainted WIN
local and other condi,lons SIMPLY ue',ues IT,
crisis had cnsued wmeh by no OK ii6i,,.'o
have been avertcd Finally, the powers conferred up4
the Trustees 10y Article ougli TO nave Dcch tNt'
my opinion, by Article l. II The interest on inc Dou
the Northern Pacific Rnilway-must, according 10 VI,
view OF The matter have t9e poMe, 70 piis t MI The
mOrtgagod III the ease neiore rs INC iIopaY ,co,cr
Northern Pacific Railway COMPANY, uhHer Tue halu"',t
of the auciOneer m order To realize out oI the proceu7
pro rata dividend upon their claims, Is ~ .y ,
OF iusOlvcncyi but TINS power must hot " W.
held space OF three years, ana only
other ana questionable measures have proved tuti, 81
| fnd in the mortgage OF July /, 1870, when 0c,er-
mines the rights hondhuders, less security LOT
the exercise those rights Than Troublesome "psGc
l., the execution OF rights guaranteed 10 tic uoHU-
holders by the general laws OF the United o'c5 oi
America.
CONCLUSION.
o. To sum IN 7 cannot deem it advisable that Ell
ropean capitalists shoud be encouraged to participate
IN he enterprise OF the Northern Pacific Railway as ID
my opinion. after the completion OF the line perou
viii ensue during which the Company will not be abe
Ia fulfill the Obligation 10 is under respecting tue pay
eut of interest on the bon L.. IL is certainly possible
that tins period will not eusue Immediately upon inc
completion Of the main line, inasuch as tbe hrauch
line equally provided by the charter, Will issue new
mortgage bonds ont Of which the interest may nc pdu
for while. but this will only postpone not avert 'uo
crisis. 1900
ihat the Northern Pacific Railway mey be good ana
prof able enterprise after the years OF It's cdl0ou anu
troubles have been survived Will not be enoueh 10 con-
mend II to the European money market; Al VIII nave 10
he proved that the Company viii be aDe during inc
early wears of the enterprise TO fulfill all the engage
ments eutCred into. In the full Consciousness ol me
spousbiiiy incumbent on me as member OF ihe Eu-
I'm. ,ronf he fort ncoming HAAS.
BCIiiH, Nov. 80, 1871