The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-10-07
Northern Pacific Feeders Put in
Receivers Hands.
TO KEEP The SYSTEM WHOLE.


Lhited states circuIt court. who appoinfee
Henry Stanton. Of New York city; C. IT
PRESCOTT, OF Taeona. and T. 3. Howell, o
Spokane, to act IN that capacity for tn
Tour branch lines. with bonds OF SIS. Co
he suit, which was IN amicabic one. va.
instituted By the Farmers Loan and Trust
company, which Is trustee for the holders
OF the bonds given By the different
branches to obtain advances Of money fol
Their construction. and Harry H. Trow.
bridge, heavy stakeholder IN the North
ern faciiic, and also holder of Il 90
worth OF the bonds issued By the North
ern Pacific under the consolidated mort
gage made in the fall of 1901.
The four railroads mentioned are all un-
profitabie, depending upon the Northern
Pacific and consolidated witb II in ane
system under traffic contracts. By which
the Northern Pacific has agreed to assume
the operating expenses. the fixed charges
ana the other outIays. Since the Sorth-
efh Pacific went into the hands OF re-
eeiYers 1t hns refused to pay the interest on
the mortgage bonds of its branch lines IS
was agreed. Default has been made on Al,
1hslailInent of interest on three CT the
roads, and il Is alleged that the other viii
default Oh payment in December THIS
naturally renders the roads liable IN at
tachnent and foreclosure suits. To prevent
which Il vas decided 10 place them in the
hands OF receivers. They will in this
manner be abe also 70 continue in the
control Of the Northern Pacific and 50 be
operated constantly, an irEposs!bility for
any OF the roads IN their present un-
equipped state.
The four feeders nra the followfng
branches of the Northern Pacific. Tie
ntted railroads, running from Centralia
IN Lewis county, to Ocosta and Cosnlop-
oils, In Chehaiis county. also from Lake
view. IN fierre county. 20 Yolo Civ. i'm
Ihurston county: also from Lima, in
thehaiis county, TO Summit, in the same
county. also from ChahaIis. in Leafs
county. To South Bend, in Pacific county
being I'D miles III length, and also mar.
tally constructed line from Aberdeen
Junction 10 Aberdeen, III Chehaiis county.
The Cascade railroad. which runs fran
cascade, IN Pierce county, to The coal
mines II Nilkeson, Carbonado and Bur
nett, IN Pierce county; also from Croker
to Doughty, in Pierce, being ie.ls miles
in length
The Green River railroad line, which
suna from Palmer, I'm King county. tn
hangley and Durham, ia King eonntv
also partially constructed limo from
Durham to Nibiocks, being q. 81 miles in
length The Central Washington railroad
"hich Is the only one of tho branches
east oil the mountains and which extands
from Cheney, In Spokane county. to Con-
lee City. in Douglas county, being 10a4f
miles in length.
1t was TO attend to these applications
for receivers that General Counsel lanes
Mcknight. Of the Northern Pacific. and
+. i. Junkin, attorney for the Farmers,
Loan and Trust Company, came 10 the |
city, arriving on Thursday. They ara |
making tour OF the country traversed by
tho Northern Pacific system to secure the /
appointment OF reosiyers for the different /
branch lines and thus preserve the in /
tegrity of the svstem. In describing thess
proceedings Mr.. Mcknight said last night: |
:. Il left New York last Friday, arrived at /
Fargo, n. d.. on Monday morning AMI /
there applied for receivers for seven IF .bs
nine branch lines in North Dakota Tao t
OF the branches were profitable. and the
contracts under which they we're aper
atcd were adopted by the receivers uf tha
Northern Pacific Railroad Comnanv ant
the seven others we're operated Al 4 lass !
hence could not he operated by the re-
ceiyeTs. The same state uf facts existed
IN Montana. and on Wednesday apnlfrs-
ton was made to the circuit court m thar
state tor receivers for four of tho five
branch lines IN that state. aud the
applications we're granted The f,ur
were operated for the past fiscal wear AT !
loss 10 the Northern Pacific Railroad Conn.,
panT Of sot0n00. Application was rnada
to-day Ia Judge Hauiord. in the cIrre,is
court here. b. ex-senator Allen aud Mr
iunkin, counsel for the Farniers' Iaat,
ana Trust Company. for receivers Tor fanr
ofanch lines IN TINS state. aud {. H. Pres
colt aud Frank Howell. Of this state. AMI
iienry Stanton. OF New York. we're a.
l,ginted. IN take possession immediatelv /
There are several branches in thlz sci.
foF which receivers were not appointed
among them the Sorthera Pacific L Puget !
Schua Shore and the Spokane 4 Falottss !
The branch lines toe which reratx..s
were applied for were all operated b. - +
Northern Pacific under traffic contrartss.~
leases. which provided that lha NartksrT, i
Pacific should pay The operating expenses
aiid iNed charges. 1t Was found rs the
receivers Of the Northern Pacific that tbs ,
rould not be done without great loss a.
the trust estate-the Northern Pacific m.
receivers Of the Northern Pacific thapa
o.e declined 10 adopt the said eontrarts
and leases and declined "a ray tie intsre-t
IN the bonds 81 such branch lines =.
Aefe not earning operating axu4s,ze.
,nd liked charges This Hctton If a. .
'etelNers made Is necessary Tor The rarfs-
RS Loan Rnd Trust Company, the trustee
IF the mortgages Of the branch lines :.
apply Tor receivers. in ORDER IL Prevent :
lie waste and destruction ST tie fsz,snsx+.z (
mi business In the eaSe of three al "a {
ines fer ilich Judge HanfaFd lnaaa tba ! s
the interest has eiafaaTta8 :
mi n the ease 50 the fourth i a. / 3
Ferrcd IN The bill that default would - /,
mr. 81 December |. | appTeheHf that ar i
'licauou Tor receiver tor the Ch4rasa :
Northern Pacific viii tic made tosusrraw
THE theory on which the implications
sere made aud the orders granted Exast,
.TcFent waste aud destruction 81 she MON I E.
rtg and to preserve Is far A. tsts<z8hEa a..
integrity aud continuity If the Northern :
'ac1llc railroad system. TIE u~.fa~ a. =
o'utins the receivers directs thetn 50 -,g.. g
-oue - operate the branch lines. A tzzer s
; may he, as part Of the Northern Pss5Ez. 2
abroad system, So that the NortaeFH - {
iuc stock and baudholders Will obtain ia
fsaatage Of aII traffic INTERCHANGEABLE
otseen the main and branch lines ltf~
c1eYed that the interests ~ the Nss<thera :
acihe stock and hanthaIsfefs can he bzf- 8
= subssryed hy handling the business N
he manner suggested than IN any ether Q
~ Applications have been made far re- ).
alFers only for such branch lines - .sass4 :
g DC operated by the Northern parEhe s.
st1road except It a less. The effect Is =
reFept tie system trom beins broken IN )
! attachments and foreclosures. Al lEs7es s
Atch can lie operated at rroEst - the =
0FtheTn Pacific receivers Viii bz Tz.. { :
tted and sustained hs the truss estate. IS
Being asked what were The prospects sef
&c Northern Pacific RsiIrosd CagaHanvt. q.
covering possession OF the Seattle. Iska =
acre < E@ssvrn read. ana aboGs ia
oven.euIs for foreclosure and the prah.- =
e objects and results. Ar. AeSazsf.t
I'd.
4H 5.E.y--