Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-10-06
RECEIVERS FOR NORTH DAKOTA
BRANCHES.


At Fargo, yesterday, Hon. Alex. Nc
Kenz,e, of Bismarck, and Henry STAN
ton, of New York, were appointed by
Judge Thomas as receivers for all the
North Dakota branch lines Of the North
eru Pacific railroad, amounting to about
four hundred miles of road. The
people of the Missouri slope are to be
congratulated over the fact that n OF
their leading citizens has been selected
to fill this important position. Mr.. Nc
kenzie is a man Of commanding ability
and strict business integrity. He has
been a consistent friend Of Missouri
slope interests. and a hard worker for
Bismarck. The particulars concerning
the appointment of these receivers APP
peared in the Fargo Republican OF
Yesterday, as follows:
Applications We're made to-day IN the
United States circuit court before JuuSe
Thomas for the appointment OF receivers
branch lines in this state. II Henry SIAN
ton of New York City and Alexander NC
Kerzine of Bismarck were appointed re-
ceiverS for North Dakota.
The interest on the bonds issued by most
of these companies matured yes
terday. Oct. LIST. and was not pald ~ the
receivers of the Northern Pacing Rallroad
heretofore been operated by the Northern
Pacific Railroad company under traftlc con
tracts or leases under which the Northern
Pacific company guaranteed that the net
earnings of such branch lines should be
sufficient to pay their operating expenses
taxes and fixed charges. 49,
The result of the operation Of such lines
for the year ending June 80, 1895, n the
loss therefrom to the Northern racine
company was as follows:
FOR YEAR ENDING JUNE 80. 1898.
FARGO & Southwestern. gross earn M IS
S225, 977 ~: expenses and taxes. Sl49,4S2.2
liked charges. s95.55O; deficit, Sl9,O54.18.
Northern Pacific, LaMoure 4 Missouri
river, gross earnings, Sl5,ll5.9l; expenses
and taxes, S2l, 725. 80; fixed charges, Sl5.SOO;
deficit, s22,5O9.9l.
James River valley, gross earnings, SIS,
476. 9S; expenses and taxes. SS6.l!o.l4; nxed
charges, S57, $50: deficit, so5.4!9.le;
ain. gross earnings. S46,5O3.49 expenses
and taxes. $50. 1912; fixed charges, SSs,sO;
deficit, S3O.12S @.
jamestown & Northern, gross earnings,
SlSS 597. II: expenses and taxes. Sll9.oo3.59;
fixed charges. S1l2.050; deficit, S92.OSo.sS
jamestown s. Northern extension, gross
earnings. s6,l6961; expenses - ana taXes'
s15.Sl9.47: fixed charges, s13,5Oo; deficit
S22.649.S0.
500, Eastern Dakota, gross earnings,
s l,l4Ov64: expenses and taxes: SS,49S 81;
fixed charges. $3.50; deficit, s9,OO172:
The receivers of the Northern Pacific
Railroad company operated these branch
lines from the time of their APPOINTMENT
Aug, Is, 1893, until October l, 1873. period
of six weeks, in order to ascertain whether
or not they could be operated with profit
to the trust estate Under the existing con:
tracts or leases. Finding that they could
not operate them, except at a loss to the
trust estate, they at their meeting on
Thursday last in New York. decloed not
to adopt the leases or traffic contracts IN
heretofore operated by the Northern Pa
citic company. This made it necessary for
the Farmers Loan and Trust company, the
trustees of the mortgages made by these
branch companies, to take stepsto preserve
and protect the property, when they dld
by applying to the court for the appoint
ment of receivers,
Mr.. Stanton one OF the receivers. Is q
gentleman of high character and standing
in eastern business circles. Alexander
Mckenzie, the other receiver is known to
all of our citizeus a one of the strongest
business men in the country. He is a man
of great push and full of enthusiasm in
behalf Of anything he undertakes. He is
moreover, q practical railroad man, having
had experience in railroad building in
Michigan over twenty years ago: He
helped to build the Northern Pacific line
into North Dakota and threw the first dirt
when construction commenced in 1870 at
every foot of the line and has an extensive
acquaintance throughout the state. He is
q gentleman of the strictest business
integrity, and his ability to manage the
great interest intrusted to him will be con-
ceded by all. His acquaintance in eastern
business circles and his knowledge of the
wants Of our people peculiarly ut him fol
his new duties.