The morning call., 1893-12-07
BUSINESS GETS NO BETTER
Nothing Helped by the Repeal of
the Silver Law.
GERMAN BONDHOLDERS AROUSED
1t Is Possible That the Company
May Lose Its Line to
the Coast.

New YORK. Dec. 7.-Oliver W. Mink,
one of the receivers of the Union Pacific,
admitted tonight that the payment Of the
December coupons had not been made,
and that there was no likelihood that they
would be paid very soon. President Clark
said the earnings will show a considerable
falling off for November. The road had
suffered most seriously through the de-
preston of the silver industry and he did
not see much revival OF business, despite
the repeal of the silver law. When asked
concerning the reorganization plan pub
lished yesterday Clark declined to express
an opinion beyond the statement that
Government control would, to say the
least be an experiment.
BERLIN. Dec Ga meeting of German
boDdholders of the Oregon Railway and
Navigation Company. of which il is claimed
the largest number Of shares is held in
Germany, convened this morning. 1t was
called on account of the non-payment of
the December coupons. according to the
report received in Berlin of the Union Pa
cific Railroad, W hich is its lessee. The
meeting convened at the Deutsche Bank.
There was considerable feeling among the
German bondholders, who claim their inter-
ests are seriously threatened by the atti-
tude of the receivers.
Siemens of the Deutsche Bank and DR..
Barth read long reports of the situation,
which said the fact that the December
coupons would not be paid was nothing
TO frighten the bvndh0lders; although
they might be in very disagreeaOle posi-
ton. it was only temporary. The Oregon
Railway and Navigation Company. the
report continued, commercially was in
happy position, as il was the Union Pa
cific's only outlet to the coast It was
added thst the character of tie country
forbids parallel line. and that the traffic
of the company can never be taken away
from 1t. The report then explains liz de-
tail the exact holdings of the Union Pacific
in the Oregon Railway and Navigation,
and shows the financial condition of the
latter, together with its earnings since
1887.
Continuing, the report says the decrease
of the present year is partly in conse-
quence of the crisis from which the whole
of America. and especially the West. has
been suffering, but that is now passing
away. The report also says it may be
confidently expected the Union Pacific,
even in the hands of receivers, will make
proposal by which the control of the Ore
gon Railway and Navigation can be secured
TO it under conditions acceptable to the
latter. 1t was added that it may possibly
be in the interests of the Union Pacific to
make the Oregon Railway and Navigation
sp independent company and put it in
position TO make arrangements with the
Northern or Central Pacific, whichever is
the most advisable.
The meeting approved the reports and
elected a committee, composed Of the fol-
lowing bankers: Siemens, Heloft, Atwald.
to represent their interests, with full power
to act. The bonds were deposited in the
Deutsche Bank.
OMAHA, Dec. 6.-In the United States
District Court this morning Judge DuDdy
denied the application Of the receivers of
the Union Pacific to fix their salaries at
$4,000 each per annUm. The court also
ordered the receivers to deposit funds only
In United States repositories. and they
were instructed to turn over to the treas
urer of the road sufficient funds to oper-
ate it,