People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-03-03

While he has been in Washington
trying to make the bonds more valu-
able by prescribing exclusive gold
payments, the said committee has
been preparing and publishing Its re
port. The following synopsis is
given TO the press:
The reason why the officers refused
for a long time to give UP a list OF stock
holders to whom to send the report was
/ that the officers demanded the right TO
see the report and revise it before it was
sent out. They wanted to issue an an
swer simultaneously. The officers hnaliy
yielded without conditions.
The committee says that it is entirely
| opposed to the proposed sale of $7OOO,-
| 600 st. Paul and Northern Pacific stock,
now in the Northern Pacific treasury IN
order to pay off the floating debt. The
treasury is nearly stripped of its assets
and this will take away the most vaIu-
able that now remains. 1t will set free
the bonds that are now pledged for the
| floating debt and leave the latter at the
| disposal of the management, which Is
regarded as questionable policy. 1t
leaves the present officials free to pursue
their alleged ruinous policy aud incur
further liabilities.
| They report that they found the physi-
cal condition and equipment excellent,
although the large reduction in opera
ting expenses during 1892 had given
rise to the suspicion that the property
might have been ''skimped" in order to
| mn lyo lI0 oh
| Here are several extracts from the re-
port:
"The committee cannot understand
why the Northern Pacific Railroad Com
pany should be running hotel in Win
nipeg, and they were unable to discover
property which would represent ade-
| quately the $750,000 issued by the Ter
minal Company, for which the Northern
| Pacific is responsible"
| The capitalization of the Coal Trust
seems to be excessive, and the arrange
ment between it and the railroad com
pany Objectionable, not only on account
of the capitalization, but because the
railroad derives ultimately, in spite Of
| the money received as above stated,
much less proportionate advantage than
| the stockholders of the Trust, some of
whom are prominently connected with
the management of the railroad COM
pany and were SO connected at the time
Of the consummahon of the arrange
ment. If the road had been built and
| the contract for coal had been made
with exclusive regard for the interests
of the Northern Pacific company, the
latter would have been benefited to a
very much greater extent.
Inasmuch as the present deplOrable
| financial condition of the Northern Pa
cific company is due more than to any
| other one cause to it's assumption of the
| burdens of the Wisconsin Central system,
| it is only proper that the facts should be
clearly stated. The desperate condition
| of Wisconsin Central affairs is shown by
the deficit of nearly $l,000,000 in it's OPP
Grafton since the lease was made, and
| this loss has been incurred in spite of all
| the business the Northern Pacific could
throw over it's lines and all the benefit
its influence could give. The figures
quoted show that if the Northern Pacific
had not assumed the burdens of the
| Wisconsin Central after it had leased the
| Chicago and Northern Pacific the Wis,
consin Central would have been hope
| Lessly bankrupt.
The course of the Northern Pacific
| Wisconsin Central directors is @ menace
| 10 all STOCKHOLDERS, anu IL SuCn pTOCS0u-
/ ings are to be tolerated railroad stocks
| will have a more speculative value than
| mining shares, and railroad management
| will be everywhere discredited. & some
what similar case is now before the
courts and it will be well for Northern
Pacific stockholders to watch the result
of che trial.
| 1t is high time for stockholders to call
| q halt and see whether they have any
| rights. IF the present management will
not give prompt assurance that its reck
less course shall be stopped at once, and
an end put to the mourning of new LA
| bilities and losses. it would be wise to
! appeal to the courts for protection.
The committee makes point of a
clause in the lease Of the Wisconsin Cen
trail which ''gives the small cotere above
referred to the power to postpone indefi-
nitely dividends on the preferred stock"
The people of the United States
have an interest In the Northern Pa
cifc. They hold mortgage on the
property, and in less than three years
that mortgage will become due.
They seem to have been forgotten
in the matter. Will they stand idly
bv and have their rights ignored?