St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-18
n. p. BONDHoLDERs.
About Nine Millions Represented
at the PhiiadeIphia Meeting.

PHILADELPHIA, Jan. 7.-The Phlla-
| delphia committee of the first mortgage
bondholderS of the Chicago Il Northern
Pacific Railroad company held meet
ing here today. winch was attended by
holders of bonds from New YORK, Chi
cago, Boston and this city. About
| S9,O00,00O was represented at the meet
| ing. Among those who were present
| from other cities were j. b. Hopkins,
| Chicago; Truckington Stamford, j. b.
| Colgate Jr., Il. G. Martin and Simon
Stern, of New York.
After some preliminary talk the fol-
lowing report was presented and
adopted:
Your committee begs to report that
| SOS, $50, 900 worth of bonds have been
| certified to by the trustees and are out
standing; that Sept. 26, 1888, the
| lessee, the Northern Paclnc Railroad
company, abandoned the property,
| leaving it without funds TO meet the
interest due Oct. l, 1888. amounting 10
S721, 375. The Wisconsin Central COM
| pany took possession, and on Oct. IL,
| 1898. Henry E. Rowland, w. Van Nor
| den and K. L. Morgan were appointed
receivers at the instance of the DeutSche
Bank Of Berlin and others. But the
| order of the court gave them no power
! to take possession, Without further
| order, leaving the management in the
| hands of the WISCONSIN Central receiv-
| ers. Dec. 9TH the court authorized
| the receivers to receive certain
moneys collected by the Wisconsin
Central people and to apply it 10 the
payment of interest on prior loans and
f,,r rtDi1 f,th 10 md pfIl N "a
to receive moneys from The Wisconsin
Central receivers, and hold it subject to
further orders of the court. On Dee. 8,
1895, the court ordered the issue of
5000 of receivers certificates to be
need, III addition TO earnings collected,
in paying certain pressing claims, which
amount TO S464, 1851, against deficit of
$3.50. 331.
The net earnings for the six months
ending Dec. 81, 1898. amounted to $780,
1862 after paying expenses, taxes and
interest due to the city OF Chicago. 1t
was stated that for The months of OctO-
Der, November and December, the
Northern Pacific paid nothing, and the
Wisconsin Central only about $4,000
per month. The report in conclusion
says:
Your committee recommends that i'm
mediate steps be taken to secure physi-
cal possession of the property. and tina t
expenses be reduced 10 minimum, and
that the revenue be increased from all
possible sources in securing new ten
ants and otherwise; ana that counsel be
at once obtained TO protect the property,
and to force contracts with the WiScon-
sin Central and others; and, further
more, that it adds it's numbers, giving
L, presentation to bona tide bondholderS
in New York and elsewhere; and that
the bondholders unite firmly by deposit
ing their bonds under trust agreement
to prevent interest on them being sac
rificeu in favor of bondholderS who have
large interest i'll the Northern Pacific
and i'll the Wisconsin Central properties
which they may endeavor to reorgaDiZe
by making concessions in favor of their
respective outside Interests.
This report was Signed by George M.
Troutman, Henry w Brown and Evans
r. Dick.