Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-12-28
NORTHERN PACIFIC.
rys.er.0s Of The MANAGEMENT Of a
Great Railroad.
petition for the Removal Of the Re.
ccivers for the Vast
Concern.

b.s prepared and may file tomorrow nt
fYwaukcu before Judge Jenklns, US.
,YIr,a petition Tor tho removal OF the
resent rcccivcrB Of tho rynd, rh3mes
b.. Oakos, Henry G.. Payne and Henry
d. Rouse. The bill covers the samu
General ground a. the ives committee
.tnor, Of about year ago, aud debates
that Ohhcs,as President oflhc company
srr5iu,ed n. e.. EaIs,0u, president Ol
iHe Fafmom' Ivan aui Trust com.
riuy, New York, chairman Of toe
finance committee Of the road. At
thls time, II is asserted, the line was lu
good financial condition and had
two millions cash IN the treasury.
Uakes Ralsiou and tho board managed
.o Increase the interest charges Tor the
mauch nnoa from s.G,OJO,OOJ TO ssG'
UUI.UU0 iusido OF ono year Tor the
acquisition OF properties which WITH
uur small exception have never paid
fnu uust Ut operation. The petition
uflher charges that tho officers and
directions were themselves Interested iu
the selling oi the properties to the
Northern Pacific company Bt an OK.
uufblAut profit to themselves.
The petition names in detail the rail-
loads thus acquired by the Northern
parlnuun which thus completed 30
ruin within ono year Of tue Oakrs-
Rllaton board getting Into power, AMI
that in the construction Of the united
roads VI Washington the members OF
the board derived profit OF II 100000,
while iiH operation cost the company iu
the year ending June 80, 1858, $3.50, 600.
10 ~ charged that the Fyuuicatu Of
which Henry Willard " President anu
which included many mum0cfs NJ the
Northern Pacific bunru u direct
zoo divided Hmour themselves U0O.-
900 lu trust certificates In the lSHrEiurk
aud Cooke CITY rOsl, Of which s9,UUO,-
900 represented coal lands worth only
s-0O,uOO;tho other $1,000, 900 were IN the
Nockiofg ruau, . which cot about
$500, 900. This road the directors
used the Northern pEaito 10 buy Tor
themselves f0t u, 10000.
by similar methods the directors nro
charged with making proht Ui Two
millions out Of the Northern Pacific
aud Manitoba deal, thiB inu having
been operated ct loss OF $4,000 an.
nunlly 20 the company.
a 100, the directDu guaranteed inter-
ct on SSS,OOO,01J additional bonds Of
the RAILROADS aa branches 10 IT, system,
nud NO Ia single instance have the earn
ings been equivalent 10 thu Interest s3
guaranteed. Charge OF similar nature
are inside IN connection with The con.
flfucliou aud operation OF tho Seattle,
Lake shore aud Eastern.
MRttetspcrluning tJ theChicagO aud
Northern Pacific are treated NJ great
length. lis claimed that the pfiCu
uuil for this Iiug ana depot In Chicago
Wns $40, 900, 900 iu excess Of the cost ui
the property conveyed, aud the pruht
nom this deal was divided among tho
many Northuru Pacific directors. The
uill contains many minor allie alton.
OF oElTayag nj aud reckless manage.
meni by the men whom tho court nov
10 uFkCd 10 remove as receivers. The
petition shows that the consequences ul
lbis reckless waste Of tho oOmpHuy's
assets and addition 10 iA obligations
was thnt the credit OF the company
rapidly deprecated NO that the tlOaiiug
uebt could not be- taken care Of HnF
that by the collision uf Oakes anu
Ralston th0 bill was filed TOT the ny.
poiutment VI receiver aud OnkrH
recommended ng such, which bill was
filed without tho knowledge OF many
OF the directors OF the company, who
were kept In Ignorance that any nppll-
cation for receiver was then prepared
or necessary. Toe petition shows that
receivers were obtained for hiteen
branch llnof, the expenses Of operation
being thereby largely Increased anu
that IN all 70 different sets OF receivers
were appointed by and subject 10 the
jurisdiction OF six different courts, ani.
ing enormously 10 tue expense Of Opur.
alton, besides receivers fees, lAwyer'
fees aud court EXPENSE. The pOtltlOn
nvers that the stockholders, represented
by the board Of directors, have cause o.
NCtlon againtt the late directors iuulud.
log Oskes and ltalsiOn fOr the various
transactions set lorth, and that Il Ii
necessary for the new board 20 nave
free access ~ the books anu accounts;
that inRsmuch as actions Tor Testitu-
ton must be brought In tho uamts oi
the receivers ana II ~ not competent
Tor OakOa to sue himself therefore II is
absolutely necessary that he DO re-,
in his place; that It IL necessary that u
reorganization should be had, where
Ivy the property can be- put upon
solvent bpBis, anu this cannot bo done
and large sums OF money raised, which
viii be necessary to bring about, 80
long "a the company ia managed by
receivers appointed At the Instance ui
and In sympathy with the hoard Di
directors W hose fraud aud Incompetence
hayo wrecked the company; the
before named receivers should there.
fore be removed aud new receivers
appointed ia whose management the
stockholders ana public have c1nii-
dtnco, 10 they can formulate and
carry out the plan Of reorganization
whereby the cOmpauy's doOts can be
paid and II restored 10 solvent basis.
ANOTHER INJuNCrIoN ORDAINED.
SEATTLE, Wash, Dec. 2s.-Tho
Northern Pacific last night secured In
the United States district court IN iG.
junction against tho employee similar
90 that obtained IN Milwaukee, PIE.
venting them from combining 10 Grip
pie the operation OF the road.
CONFERENCE ABOUT WAGES.
ST. PAUL, Dec. ga committee OF
the Northern Pacific employees called
on R0csiver OaRtH shortly after u
o'clock 10 see II some arrangement
could not be reached regarding the