The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-18
A REPLY TO BEAYToS IVES.
He Attacked n. y. Management Again
Salaries He'd uced, Ofileers Appointed.

He Attacked N. =. Management Again
Salaries Reduced, ofieers Appointed.
New York, Aug. 1.-THE board of di-
rectors of the Northern Pacific railroad
held meeting today. but. as the property
Is now in the hands os receivers, restricted
itself TO unfinished aud routine business.
liz Is understood that counsel for the CON-
pany was instructed TO frame a reply to
the letter of Brayton Ives, which accused
certain directors of saddling the company
with improbable roads to their individual
gain. Counsel was also directed to oppose
the proposed suit of stockholders IN Phila-
deiphia against these same directors TO
compel them To disgorge. President and
Receiver Thomas L. Cakes said subserip-
lions TO the syndicate organized 20 under
write the collateral trust notes would have
20 be paid in full. Henry Willard, one Of
the number accused by Ives. said he was
not disposed 20 reply to the Eaters letter,
as every body knew the antmus of Ives at
tacks.
The receivers today ordered reduction
in salaries ranging from 10 TO % per cent,
President Charles W. Wetmore, of the
North American Company. said today:
e'fhe rumors of reeeivership for this
company are absolutely without founda-
ton. The affairs OF the company are in
such good condition that such u step is
unnecessary"
Rumors, however. Of impending trouble
are current again today on account of the
company's heavy holdings IN Northern
Pacific securities.
PogrLANe. Aug. l7.-~tn the United
States elrcuit court today T. r. Cakes, W
ii. Payne and II. c. Rouse we're appointed
receivers for the Northern Pacific in the
state OF Oregon. Their bonds were fixed
at Souoo.
A telegraphie circular WAS received by
the Northern Pacific officials Ia the city
yesterday signed by I. T. Cakes. W H.
Payne ard Henry e. Rouse, the receivers.
announcing the appointment OF J. W.
kendriek az general manager OF ali the
lines and property west of 81 Paul aud
Ashland s. X. Ainslee - general manager
Of the Wisconsin Ceniral lines, Chicago &
Northern Pacific. Chicago & Calumet Ter
miual aud ali leased and operated lines
east al So Paul and Ashland. GEORGE :.
haxtor as treasurer J. A. Barker a. gen
eral s1iitor. The circular says that al
other officers viii report to these officers
untti otherwise ordered.
Nc kendrick, - general manager, Is
cues circular announcing the appoint.
Incat of the receivers. and saying: "Ail
olhecES and employees are hereby notified
that they are retained IN their present po-
sltlens and viii report % the head of theag
respective departments as heretofore ios
account OF t.le receivers The genera.
auditor issaeS Instructions to all psrsie.
having accounts t. render shesa 70 him.
Must EsFn tt. Dividends thereafter.
NNw Yogx. Aus. ls.-ras fund in the
hands Of the Canadian government for
paymens Of dividends upon stock Of the
Canadian Pacific Railsay Company vii
be exhausted today. ana thereafter that cor.
poFatsoa must pay dividends out ct lts
earnings. SIS subsidies and the proceeds 81
iss laaa sales An assured dividend Is con
ssdered necessary because ~ she appsehen
zion Of stockholders witA rcSpee; 10 the la
sentians 81 congress toward the road aad
the privileges IL enjoys wsth yespees 20 ths
transit ef iresshss over Oa.ted States Ger
ritogy. especially as the list al saarvho,a
ers published after tie las; annual meeting
~ sas eempany shows thst tAs f0aaserr
are gradually aiding oaA"