Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-10-19

Mink and CIVeInmcnt Director Amber
son being appointed. The applicatio
was made by the executors of tie
Ames estate by the son-in-laW Of the
late Sidney Dillon and by Director
Atkins of the independent stockholders.
The object was to keep the system
intact and preserve the road at its
greatest value, and anticipate possible
sults growing cut of failure to meet
obligations because Of dull times. The
present theory of management viii be
continued and al officers, agents anu
employees retained.
Mr. Anderson, who was appointed
government director by President CIeye-
land, and was a member of the Pa
clic roads investigating commission
represents the government interests.
Boston, Oct 13.-The Boston News
bureau says: President S. IL. II. Clark
and ce-President Oliver Mink have
just been appointed at Omaha receivers
for the Union Pacific railway system.
A third receiver viii be appointed.
The company his no floating debt,
but earnings are not sufficient at pres
ent to meet the interests on the bonds.
1t is estimated that for nine months
he company must show Il loss in gross
earnings compared with 1892 Of ST.,
$4,000, and an estimated net decrease
of So: G13,377.
INDEBTEDNESS.
The Union Pacific railroad is the
chief topic Of talk today among 1inan-
ciers who are interested in railroad
affairs. The recent heavy losses of
that company in consequence of di-
minished earnings had naturally set the
alert calculators to figuring on the
chances of payment Of the interest due
on Nov. l and Dee. 1, and considerable
anxiety has been manifested as to
whether the company would be able
to meet the approaching Obligations.
There will be due on the first of next
month about $4,000 of interest Oh
Union Pacific securities, is follows:
500 900 interest ON the consolidated
mortgage, $4,000 interest on the Den
yer extension first mortgage, $4,000
on the collateral trusts of 1889, and
$525 or the LeavenWOrth tirsts.
On the first of December about 5000
600 more will be due in interest and
dividends. IN addition to these obliga
tons the large ply roll of the COM
pany, it is said requires Il sum of mon
ey viii, it is announcement to raise.
To meet the financial wants of the
Union Pacific company it has been
suggested that additional collateral
trust notes be issued. Originally ali
issue Of S24 100000 Of these trust notes
was authorized, under Il trust linden
ture, by which DreXel, Morgan X Go.
were made the truStces,and at the same
time the depoSitaries of all of the avail
able assets OF the company.
About S1SOOO,O0O Of the trust notes
were issued, and since then about 81
100000 of them have retired. 1t IS
understood that proposition to issue
about $5,O0O,0OO of notes at this juno
ture has been discussed.
The Union Pacific company DOW
owes the United States government
something over $62,000,00O or principal
AND overdue interest OF the subsidy
bonds.
Under pressure OF adverse rulnorS
Union Pacific stock sold down from
Is TO 16 III the stock exchange yesterday
and there were reports that Gould
brokers were selling. The price OF the
stock closed at 16 Is
The net earnings of the Union Pa
ellie system for the month of July were
S124,4O2 less than they were in July
Of last year. The aggregate loss OF
net earnings for the seven months up
TO August L was S1,690,S6l.
The financial necessities Of the COM
pany have been the cause recently OF
repeated conferences of some Of It's
directors and other men interested III
The property. RumOrs of an impending
receivership have from time to time
found their way into circulation, only
10 be brushed aside by indignant de
mails on the part of some of the COM
pany'S officers.
President s. Ii. IL. Clark, when ask
ed about the situation a few weeks ago,
remarked, with characteristic conserya-
tism that he saw no reason why the
company should be placed III the hands
of Il receiver if its creditors did not
take undue advantage of its necessities.
An informal meeting of some OF the
Union Pacific directors was held IN
this city yesterday for the purpose,
as Russell Sage put it, of considering
routine matters"
The proceedings of the meeting were
kent secret. but there was a strong in
timation from some of the directors
that the company was to be Steered
clear of a receivership. How the need
"a funds were to be raised We're not eN-
planned.
Mr. Sage said: All this talk about
n receiver for the Union Pacific Is IN
warranted, and it is simply playing
into the hands of the Wall street
bears" EX-Judge J. T. Dillon. chief
counsel for the company, expressed
similar sentiments.
Gen. G.. NJ. Dodge, who is a director
of the Union Pacific company, said that
he knew nothing about any meeting
of the directors, and was not prepared
to discuss the financial condition of
the company.
When the collate trust note scheme
was devised. about two years ago. to
take care of the burdensome floating
debt. committee was appointed to
look after the interests of the credit
ors under the operation of that scheme
The committee consisted of ]. PierpOnt
Morgan. John A. Stewart, president OF