The morning call., 1890-11-25
OREGON IMPROVEMENT CO.
Reorgaaization Comp .eted-Rumor of Pre-
posed Application for Recsiv,r.


Representation Comp eted-Rumor of Pre-.
posed Application for Recsiv,r.
SEATTLE, Nov 24.-The reorganization of
the Oregon Improvement Company, which
has been going on for some months, was
completed to-day. Following is a circular
issued to-day by Resident Manager Mcneil
aud Superintendent Bush, announcing the
changes:
"hr E. w. Lyons has been appointed
Assistant Superintendent OF the Columbia
and Puget Sound Railroad, with headquar-
ters at Seattle, vice B. T. Carr, resigned !;
MIR. g. j. McCabe has been appointed As
sistant Superintendent of the Seattle and
Northern Railroad, With headquarters at
Anacortes. vice A. +. Nichols, transferred :;
Mr.. A. f. Nichols has been appointed
Assistant Superintendent of the Olympia
branch of the Port Townsend and Southern
Railroad, with headquarters at Olympia,
vfce q c.. Jacobs, resigned. All of the
above appointments will take effect on and
after this date"
The new men are all ex-Union Pacific
men, aud nearly all of the old corps of local
officials has been retained by the new man.
agement.
NEW YORK, Nov. 24.-It was stated to-
day and not denied at the company's office
that the Oregon Improvement Company
would tomorrow apply to have Jessup
Simon appointed receiver. The appoint
W
also stated and not denied by the Treasurer
that the interest on bonds due December
1st will not be paid. The trouble is said to
be loans were called and the company is un-
able 10 paw them.
SEATTLE, Nov a. Resident Manager
Mcneil Of the Oregon Improvement COM
pany showed genuine surprise when in
formed Of the reported application
for n receivership. He simply said /
Il don't know anything about IL
From another well-nformed quarter it was
learned that the trouble dates back to the
close of Wizards management of the CON-
pany. When he left the company
there was floating debt of several
millions, the existence Of which could not
be explained. This debt has never been
paid off. When the first mortgage on the
property was issued, the bonds were
not Immediately sold but were
hypothecated to raise money. and
the company was on the verge of
going into the hands of receiver, and
second mortgage for $15,OO0,OOo was given
last spring and bonds were issued, the pro-
ceeds Of which were to be used in building
the Port Townsend Southern Railroad from
Port Townsend. along the west shore Of
the Northern Railroad from Anacortes,
up. the Skagit River to Hamilton,
and the. building of tho Olympia
and Chehalis Valley road, which was
road was to form part of the Port Town.
send Southern, which 1t was proposed to
finally extend to Portland. These bonds
were never sold. but were hypothecated in
the same way as the first issue. The loans
are now falling due and are understood to
be tile cause Of the trouble.
PORTLAND, Nov. al. o. Haines Of Sc
attle, General Attorney of the Oregon I'm
proyement Company, was seen in this city
tonight When shown the dispatch stating
that application would be made tomorrow
for receiver he said Il know nothing
whatever about the matter. As far as
l know the company is solvent" Jos eph
SimoMwho, it is reported, is to be appointed,
could not be found. His brother, however.
said he supposed a receiver would be ap-
pointed, as he had heard his brother speak
about the matter to-day,