The morning call., 1894-06-26
BoNDHoLDERs ACT THIS TIME.

" F0ETrAND. Or, June 25.-The Farm
rerS' EQan: and Trust Company of New
Y ork to-day made application to United
Sta5es District Judge Bellinger for the ap-
noin:tinent Of a separate receiver for the
Oregon Railway ano Navigation Company.
IAe application recommended Edwin Nc
y ell For Eeeeiyer. Petitioners recite that
they are holders in trust of bonds amount
ing to S4.93S, 600, interest on which due
December, 1898 has not been paid.
The complaint states that the complain
ant Is Informed and believes that the Ore
goH Hallway and Navigation Company is
insolYent and wholly unable to pay its
debts or obligations: that the property and
premises covered by the mortgage are and
constitute very inadequate security for the
payments Of the amounts due on the said
bonds. In consequence of the embarrassed
condition of the financial affairs of the
Oregon Railway and Navigation Company
the com plainant charges that the rights of
the parties interested cannot be fully pro-
teeted otherwise than by a judicial sale OF
the property covered by the mortgage, and
that 1t Is expedient and necessary ali of
this property and its appurtenances be
placed under the control of a receiver.
This afternoon the court made an order
appointing Edwin McNeill receiver, with
bonds fixed at 100000, which will be fur
ntshed within few days. when McNein
5: ~Fll'take charge of the road.
OMAHA. June 25.-The appointment of
Edwin McNeil as receiver of the Oregon
Railway and Navigation Company created
no. surprise at Union Pacific headquarters,
where it had been expected for some time.
Traffic. agreements will continue, aud it
wiif:not affect either company. 1t is now
asserted that j. ?. O'Brieu, general super
intendeDI of the Iowa Central, will have
charge Of the operating department Of the
Oregon company, and that a number of
employees of the Union Pacific Will be
given similarly responsible positions there.
Meme eill has expressed a desire to take
care of as many Union Pacific men as pos
sible.. although the auditing department
will rnroba6ly be run with a less force than
when the foad was formerly an indepen-
:dent company before it anna algamated with
the IL nion Pacific \. Gavin, chief diyi-
sion clerk in Mr. Southard's department,
has accepted the position of chief clerk of
passRnger accounts with the Oregon COM
pany. j, B. Livingston, chief clerk under
A. j. Vi an kuren, freight auditor, has ac-
.ceDted tile position of chief clerk of
= freight :accoun's under blr. Benson, who
Will be the auditor of the Oregon company.
Nj: Livingston is also an old-ttmer on the
Union Pacific. having been for seven
years chief clerk in Mr.. Van huren's de-
.partIn ent.r previous to which he was for
many years a travelling auditor on the
. KANSAS and Colorado divisions of the
Onion: Pacific.
.>:.As To. the order having been given that
aiiTolIing stock belonging to the Union
-Parlfic be sent East from Portland, Mr..
e Orr. private secretary to the receiver,
said; he could not vouch for the correctness
:. of the rumor. he stated that the Oregon
company would have quite an equipment
to begin, business, but could not specify
the number Of engines or cars without go
in 10 con siderable trouble.