New-York tribune., 1894-10-01
4 NT4TEMLNT BY EHIIION IvES
Hn GIVES Az Nccor>T "F THE rNYMrTr or
THE NpHTUrHN PACIFIC RECEIVERS
CERTIFICATES

THE NonrurnN PACIFIC RECEIVERS
CERTIFICATES
$, nt-. r.afr,c, ana conflicting accounts of the
pa,ta..t .f t. r,c,I,,-s ,,rnctcs ~ ihc Eorth,rn
Pacific E,lr.si Company have been published that
tao president o. the company. Bray'on iy's. an
,horzes ts. following statement:
At hi.i- l..i - O'Clock ou Saturday. September
- there Wis irfi al tn oinc" of tie company Il
clp> of petition which th" receivers rrop'+ d 20
present % Jr iPe jenkins. AZ Milwaukee. on -"
fonoW.ne Thuis.a Naturally. WAS not a. the
office - that hour nor "as Mf feiut, our general
counsel ana ! left town ON saturday ana nid not
return uuiL TueShty hn.w nothing ~ the con-
~. %, tng pyiiin @ q, r nn Mstn'sitY Mr P',i
NtIHr, the rcEl day. ~ 10 b" IN court ~ the
p-.sentltion o: he petition ON Thursday WHOM !
lr bTl-f. t requested first p-rm salon To- issue Hvf
about S;OooDD Of bonds and stocks bclonsng 10 the
t;npfny. ar prices materially below thosa no" "X-
ise. and third power To deposit any of these bon uis
a.i stocks wl'n any Reorganization Committee
g." rch the receivers might srect ~ the certificates
prta f nfns ,s h. H. an" ~ s' tc cSriGci@. S%"1 &
easy t. So" that the arrangement would 10 especially
,, 9n nnnmi,i,e Th'cR ihcy misht favor. and Il Is
q tax" up these conditions TIE s2og1OOO c-rtn-
ctirs winch wcr' To mature october
sui r ny y' ,hy ,'p'ny % ~ WIZ %h3m con %
mos, Objectionable petition Il was fc.t trat no
good reason cxis,d of At last had been shown. for
an Increase u $g"0lo in thc rec. yers certificates
ana ma such ncre3se should not b. mlde without
us necessity b-r clearly d.monSirdi.d The power
20 dispose of the company's securities present
ihc prices, without express ana specific authority
'i ine c'"i vas regarded As something which
.'ull not b" granted without Infringing the
rghts OF every blndholG,r and every 500 kho.der
Fhe authority 20 s. Get teorg inz ition Committee
a. "L. was considered 'qli.N objection tblc II
was hcll that tn province of receivers - con-
serve the property for iho bcncnt Of 4 security
1)ders. and not 10 sci IL pan tor IT'S manage
nent in the distant future that they should reduce
Npenses nourLh business, husband resource and
IS soon as practcabl" turn over the property 10
ine actual owrers. leaving to them meanWAile the
arJblems Of reorganization.
consulted with thr committees of the Second ami
mir Nor gage Bon nlholi"rs. aud found them a3
'rong.y opposed - IN, petition the d.regtors
IhTongh th,ir cognsei they ie csrapnei to Other
plnsri IN Mii"dukcr to Join Mr.. Prtlt In urging
he Court 20 deny the petition. This done. bur
Aen new trouble arose. Tne Court was unwilling
TAX" IN" f!sk OF being without funds u pay the
rtrcItss, which wou.1 b. due on Monday. Mr.
ldams's Offer 10 provide the money for them was
Jafrd on the granting OF The other privileges above
mentioned. II shrcWd move on his part and
bis situation was reported To- me consulted again
flth my friends and vas alb. in a short time 10
rgraph Nlr Petit that We would furnish the
ioney for the certificate. provided JIds" Jenk ns
insc. for byndnO.dcfs anl stockholders properly
present their objections - the petition. 10 this
t.r;u' hhI u wa not uhtl: aiier cpcp on
riidy That Received notice Of the amended order
vhcn mad 1t praciicab.e to raise thc money. A.
ID" following day. anl as those contributing were
40 sc"nrtv ~ return until Monday. IL Will
De seen mat The conditions of the order wer" not
easy The funds were raised. however and deposited
W. W. M IT, iIe1snnr,r' as oriered by the Court.
ne matter one good result has been already At
ti!ned I has been shown to 'ho receivers that they
are no dependent Mr. Adim.'s committee ana
that trey need not be dependent on ,ny commj,ie.
II they VII manage tne property as we. as they
are cdpabe OF doing without prrtlality or prejudice
cAl requirements. accompanied by q Gear a'ate-
n oh,aInIpg a. the money ihey need without yield
IN the presen. petition. ..