The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-10-05

fIsss sS !. s:::*::::::::::": S st:sss g g
Gross earnings. os'6ao 70
liz penses and taxes. ........... M.1aa -
liked charges. oo'agV ny ~
Northern Pacific i Montana il. il. Co.,.
Gross earnings. pio'o y ~ ~
Operating expenses and taxes....".. oio' Soa ~
Fixed charges. 4So'seo ~ ~
Uehclt ................... ......... +So'o'o 20
The receivers Of the Northern Pacific have
operated these lines from the tims Of their
appointment, Aug. Ii. until their 1T Of this
month for Tho purpose OF asoeIta,nine
out loss TO the trust estate under the exist
ing contracts or lenses. Finding that they
could not operate them exc. pit at a loss to
the trust estate, 1t became obvious that
they could not adopt the Leases and as.
consequently At their meeting on Thurs
div last at New York, they decided not to
adopt the leases or traf flo contracts under
which the branch lines have been heieto-
fore operated by the Northern Pacific com
pany. This conclusion was reached IN CON
sequence Of an opinion By Judge jenkins.
of the eastern district OF Wisconsin in the
Wisconsin Central case, wherein he he'll
that the receivers of the Northern Pacific
COMPANY could not waste the substance OF
Of branch lines at a loss. The rolling stock
on each OF the branches is the property of
the Northe n Pacific company, and as the
branch lines have no roll ing stock OF their
own, the withdrawal of the rolling stock by
the receivers of the Northern Pacific COM
pairment Of the property and great
Inconvenience to the public. The condi-
tions thus brought about made 1t necessary
for ths Farmers Loan Il Trust company.
the trustee of the mortgages made by these
branch companies, to take steps to preserve
and protect the property, which they did by
applying to the court for the appointment
of receivers. The persons appointed were
suggested by the oomplainnnts and bond
holders with special reference 70 their
with the needs and conditions of the COM
munities through which the roads run. BY
the tel ms of the order making the appoint.
ments the receivers will continue to operate
the respective branch lines in conneotion
with the Northern Pacific system as hereto
fore, as far a. MAY be practicable. 1t is
probable that the receivers will continue TO
operate the roads through executive officers
now conducting the business OF the North
ern Pacific under the receivers OF that road.
The receivers nre directed TO take imme-
dinte possession OF the property Of tho
branch lines. ..
Hon. Thomas II. Carter. of this city. was
employed by the Farmsrs' Loan and Trust
company to file the bills and present the
application for the appointment OF receiv-
tIhs MI. IIuHCIS Il A. OuunIAi - thC l""
firm of Turner. Mcclure d halston. of New
York city, general counsel of the Farme =
Loan and Trust company, was present at
the hearing OF the application. The de-
fendant roads were represented by Judge
Francis. of Missoula, and the Northern
this city.
Mr.. t%tanton, one of tho receivers. is a
gentleman OF high character and standing
in caste n business circles, whose appoint
ment was deemed sxpedient because of his
ability to give prompt attention to the
eastern business of the receivers. E1-
Gov. Hauser and Mr.. L. L. Bonner were
selected because Of their familiarity with
the Iroperties and knowledge of the BUSH
moss conditions to bs dealt with in tho
state. No better selections could have
been made. Gov. Hauger and MIR. Bonner
have both had practical experience iu rail-
70 ID construction and ae thoroughly con-
vsrsant with the business situation in Mon
tann. They are acquainted with everv mile
of road over which their management ex-
tends and their we'll known int gritty and
business ~sapacity insu, 81, for the great in
forests. entrusted to them skillful and cor
rect management.
Col. james McNaught. general counsel of
the Northern Pacific company, arrived in
tho city yesterday morning and took an
active interest in the proceedings. Ho has
been associated with the Northern Pacific
railroad for many yerrs and is regarded 40
one of the ablest cor Grafton lawyers In the
county. The action OF the court In ap.
ointiuR receivers for these struggling
b,nnch lines which cannot operate save at
some loss is timely. in providing against the
confusion and business complications which
would inevitably arise had tho affairs of the
1oads been suffered 10 become involved in
litigation ard complications which might
lender it emba' aasinR to continue to operate
them.
Until otherwise objected bv the receivers,
the officers and employees now connected
with the or erntion OF the several lines will
continue as heretofore to 70. m their re-
spectivs duties.
The Northern Pacinc& Montana Railroad
company is nude up OF the lines from Sap
pineton to Pony. from Clough Junction to
Mnrysville. from Drummond to Rumsey,
from Missoula to GrRntsdale, and from De-
Smet to the Idaho line. The Rocky Noun
tnin & Montana 10 the line from Livingston
to Ciunabar. and tho Helena 81 Red Mou,.-
tain what is locally known as the Kimini
lin.