The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-16
COMPLAINT, It would leaye large deficiency for

On Sept ! there will fall due interest anc
eReiis Division q the road. am S nth Z
$$393. 900: also. rent under the lease OF tn,
Wisconsin, Central amounting to 49,, 900. ant
On Oct. Will fall due The Interest and sinkins
snnd charges on two mortgages; amounting e
and sinking fund charges on collateral tfus
fall due interest and sinking fund charges oT
There are other large sums Of interest &c
that the company cannot pay. -
the receivers prayed for are appointed there
Will separate snts e. and Judgments appear a
state Of affairs can easily be avoided.
admits specifically number Of allegations.
among them stateme nts that tho earnings are
falling off, that the fixed and opSra
and receipts. and that It has failed and will not
be able 70 perfect the funding scheme set out
1t consents to the appointment Of one or more
receivers, as prayed for in the bill q complaint.
Pacific and to continue the operation OF the
holds and has heretofore run or operated.
ed fGns 9f 6s9Se Gfn ne Court
ceiyers are ordered, within ten days. to file
with the clerk OF this court further property
ssondltioned Tor the faithful discharge Of thoir
:, Vice President Williams OF the Northern
raeillo Hallway Company made tho following
statement: ,,
preston Of business and the stoppage OF ship
m Tf.1 along Its line; the Northern Pacific
has been to
sIHa SFf s,sna
goncy prevents the mark citing Of crops. cattle,
s not q sSa Sss H. FSS ss$:,
which we depsnded for up cash. 0nS Tho aSsG ea
has been exec ptio"aly severe in tho younger
main and branch lines has been practically at
such circumstance could have been carried
out out only 6y borrowing money and increasing
heavy sacrifices upon the bond and stock
holders Of the company. The receivership
means. therefore the preservation Of tho
until better times: The receivers appointed
SyI the Court are Thomas +: Cakes the PrS ,si
Waukee. ' man WeP known ey tbro1rbout The
Northwest as Of the highest standing and ex
perienee In largo corporation affairs. who was
Chicago. Milwaukee, and St Paul hallway.
and Henry c. Rouse. tho Chairman and Presl-
dent dent OF the Missouri. Kansas and Texas Bail
as a railroad manager. With such men for re-.
ceivers all parties can feel that the affairs Of
and honestly and for their best interests. The
road has demonstrated in the past what It's
really Is and when % sba
company will again more than exceed the ex-
pectHtions of those, interested in the property;
Loan and Trust Company and other creditors
ana st1Skholders In the Circuit Court Of the
sa sse 1e ana the
ed in New Yere. Illinois. Mnnesctta. bskota'
Montana. Idaho. Washington. and Oregon.
ca eh separate Jurisdiction"
Mr. Cron well Of the firm Of Sullivan & Crom-
well Of fGr the newly spbointed re-
creditors. stockhoIders. and bondhoIIers and
Loan and Trust COMPANY; that the company
Itself. recognizing the wisdom OF the proceed
Of the property and to continue its operation
for public convenience, and ALSO recognizing
he ineyitabie had not opposed the arplie9-
from tho possible assaults OF creditors and the
consequent dismem berment Of its railway sys-
NJ; Cromwell was asked whether the receiv.
ership was due to the failure OF the twelve
Northern Pacific Raiiroad, Company. He an:
'wered that It was not The entire amount Of
or some weeks ago and three sH calls to the
Der cent, This a N cunt has been paid in. and
aug II tRs wsoe AMOUNT easl PEN Sr
]romwell said that he was quite sure that at
the calls II we're made Theirs We're oos aways
ome part eson large subscriptions delinquent
or a few days y or lew weeks. He said;
the security OF the trust already
icing IN the hands Of the Farmers Loan and
e and the as
los against the same. being considered ample
The Northern Pacific Railroad Company was
i artered by Congress In July: 1864, ana au-
10 aset soua fo o
and for forty miles on each side, Of the pro-
on sSuars mes be
QUITO proposed tho length of the main line was
ne m IF 33 me with bs the r9snd
90; or SO. al to the mile. This estimate in
! Us 90 ny hSSwever. cash for equipment Of
n ~ Jan. !: 1874. after the failure q Fay Cooke
40 interest on its bonds. and in April 1875.
ss ssSs t Sas sE %Sss
omposed that part q the main line from
'uluth to Bismarck. The road was bought in
: foreclosure sale by the bondholders In
ugust. 1875, and rcorganiZed In the follow
lg September. Charles b. Wright, one Of tho
resent directors. who had been Chairman OF
10 Finance Committee when the default oo-
urred. was elected President.
In the early part OF 1881 the managers Of the
RECON Railway and Navigation Company pur-
iased controlling interest In he Northern
acinc Railroad Company. w.*c"Ioney fur
Ished by Q syndicate, This syndicate. known
!, the Blind POOL" conceived by Henry
Hard. sold It's holdings to the Oregon and
ranscontinental Company, organized In June,
sSl. which also acquired q controlling inter-
It in the Oregon Railway and Navigation
The last spike. a golden enc. In the main
no, which Joined the great lakes and the
lcitic Ocean, was driven on Sept. 3. 1888. and
ithin q very short time thereafter the VII
I'd manag ement was forced to ack nowedRs
at the floating debt had become unwieldy.
October. 1888. an Issue OF S20.000.000 sec
I'd mortgage bonds was authorized to pay of
lis floating debt and for other purposes, |
r. Willard was compelled to retire from the
'esidency.
In April, 1890. after Mr.. Willard had regained
ntrol. the Northern Pacific Railroad Com
my leased for ninety nine years the Wiscon-
D Central Railroad. at the same time assum-
e the lease OF the Chicago and Northern
Iriuc haId nv the Wisconsfn Iantral JPha | ;