The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-16
The Application Was Made With the
Consent OF the Railroad
Company
For the Preservation of the Prop-
erty Until Better Times
Come Again.
President Onkes Ono of the Three Re-
oeivers-CIrcum stances That Made
tho Action Necessary.

NEW YonK. Aug. 15.-Thomas r. Oakes,
OF New York. ". II. Payne, of Milwaukee,
and Henry @. Rouse. president Of the Mis-
souri,. Kansas d. Texas company, were this
afternoon appointed receivers for the
Northern Pacific railroad in tho United
States court in this oity.
Judge Lacombe appointed ths receivers
on motion Of the Farmers Loan d. Trust
mpany and Phillip d. Winston, and Vim.
q. Sheldon, Geo. II. Sheldon. VIM. l..
Price and VIM. C. Sheldon E Co.. as CO.
! partners, oom posing ths Arm of w. G.
Sheldon d Go. The rsoeivership embraces
the Northern Pacific railroad and all rail-
| roads owned. lensed or controlled by said
| corporation. These receivers are the samo
| ~ those appointed In Wisconsin. They
gave bonds for $500. 900 in the United States
court there and are ordered to give bond
for $50O.O00 here. Tho application was
made with the consent Of the railroad
company.
Vioe-PFesidsnt Williams, Of ths Northern
Pacific, says: "In consequence OF the x.
traordinary depression Of business and the
stoppage of shipments along tho line the
Northern Pacific Railroad company has
boon forced to acquieece in the application
for receiver. No company could long
stand such severe pressure. The falling
of in earnings il owing to several cauaAs.
The money stringsnoy prevents the market
ing OF crops, cattle and products OF all
kinds; consequently the road Ia not getting
the traffic usual At this season of the year.
The failure Of the banks tied up money
upon which we depended for oash. The
depression prevailing over the whole ooun-
try is exceptionally severe In the young
states. 80 general business along our main
and branch lines is practically at stand
still. The Eecsivsrship means the preser-
vation Of the property and the preservation
of all interests until better times. III
The road has dem monstrated in the past
| when p ospeHous times return the revenues
will again moro than exceed the expscta-
tions OF thoss interested in the property"
The original bill was fled BY the Farmers
Loan Trust company, other creditors
and stockholders. in tho district court Of
pointmsnt was made there to-day. Auxil-
iary bills will be hled in New York, I'LL
nois. Minnesota, Dakota. Montana, Idabo.
Washington and Oregon, and the same
persons will be appointed rsosivess in eaoh
| separate jut utisdiotion.
F'om official SOURCES IL vas learned that
the main cause for the appointment Of q re-
ceiver is that the guarantee syndicate. or
certain members of it, failed to make good
their subscriptions, alleging they had been
nialed as to the actual condition Of the
property.
Since the completion Of tho Manitoba
road to the Pacific coast the company has
had hard struggle for existence. 1ts earn.
inRs in July showed q decrease for the
month OF $698, $50 compared with the same
month of 1892.
Henry G. Rouse, who WAS appointed one
OF the receivers Is understood to repre-
sent the StandAsd Oil party. which has q
largo interest in tho property. Tho North
American company has not sacrificed its
Northern Paeifo holdings and expects 10
weather the storm. Cromwell, one Of the
counsel for the receivers. said the receiver
ship was not due TO the failute of the
Sl2 600. 900 collateral trust gold note plan,
as the entire amount Of the issue was sub.
scribed for aoMe weeks ago.