The morning call., 1893-12-15
A NEW RECEIVER.
Oregon Pacific Creditors
Up in Arms.
They Will Demand From the Courts
Change in the Present
Management.

A meeting OF the creditors OF the Oregon Pa.
citc Railroad in this city was held yesterday
and the bulk OF the claims were placed In the
hands Of Lawyer John II. Dickinson pending
the sale of the railroad, announced for to-day.
The san Francisco creditors have decide 10
brook delay no longer. They have been ad-
vised from Portland that there is not TIE least
prospect Of a sale Of the property In the pres
ent stringency, and the provision that a cerli-
fed check for $500, 900 must accompany bid
in their opinion will effectually bar sale for
the reason that no sensible man or set of men
would Willingly tie up 50 large sum, which,
by litigation, could be kept out OF their hands
for years.
The debts OF the Oregon Pacific TO merchants
In this city since the road went into the hands
OF receiver are between $1,000 and $1,000.
Among the creditors are: Huntington. Hop
kius & Co., $500; n. 5. Crocker & Co., Sl700;
g. NJ. JOsyn & Co.. $1,000; Durham, Carrlgan
& Hayden Co., $1,000; X. ID. Chandler, $780,
Ii. Levy Co.. S1l00.
General Agent ID. r. Vaughn. who was or
dered transferred To Portland several days ago,
fears TO ris, his health in that wet climate aud
Will remain nere at least until after the at
tempted sale. He personally guaranteed sew
eral creditors against loss wher the purchases
were made and he proposes 10 protect them so
lar as he can. lie made the same promises 10
bondsmen for the company.
II Is strongly limited that IL a sale be not made
to-day he San Francisco creditors Will Libel the
steamship Willamette Valley on her next trip
TO this port. No receiver has been appOin ed
for the company III California an0 the vessel
cannot be released, except upon sufficient
bonds, and these Will be ample security for the
claims.
AS the creditors here are morally certain no
sale Will take place they are preparing to ask
The Oregon courts for change in the r, ceiver-
ship. They have prepared petition setlilg
forth that The company has gone behind $4,000
a month since Receiver L. w. Hadley took
charge last March; that he has la en- no steps 10
reduce expenses, policy which has been pur-
sued by all corporations since the financial
Der OF pets in positions which are siuecures
with fat salaries; that he has not operaI ed the
road In manner 10 secure III. largest returns
and that Superintendent Mulcahy has not acted
for the best interests OF the line. In support of
the last allegation IL VIII be shown tina ne re-
duced the tariff on general merchandise from
San Fl anclsc0 to all points In the w illamette
Valley from tbirty-siX cents a hundred which
was very low Fate, TO twenty cents, thus
cutting OIL more than One-thiid of the revenue
from the principal source OF Income when there
was no probability of increasing the volume of
business. The result showed that shipments
were not stimulated in the least. They will
also show that he named fiat rate of ten cents
a bundI ed on merchandise from San Francisco
TO Portland via Yaqulna Bay. This route
ntcesstates breaking bulk at YaQuina City
from steamship 10 car and at Corvallis from
car 10 Willamette River steamer The cost Of
handling The freight four times practically ex-
ceeded the total received from freight, so that
the expense OF actual carriage was thrown
AWAY.