New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-21
IVES AND THE RECEIVERS.
OFFICIAL CIRCULAR FROM THE NORTH
ERN PACIFIC BOARD OF DIRECTORS.

Sits FOR RESTITUTION TO BE BROUGHT
AGAINST FORMER MANAGERS sTocKHoLD-
Frs ASKED TO CONTRIBUTE TO THE EN-
pENsE-A CAUsTIC ATTACK on THE
METHODS OF THE RECEIVERS.
Transfers OF stock Of the Northern Pacific Rail-
road at the stock Exchange still credited
through the use OF the notaral certificates and afl-
davits owing to the disagreement between the COM
many and the receivers Of the road Counsel FOR the
receivers Yesterday denied that they had accepted
tho offer Of Brayton Ives. president OF the com
many to resume transfers If the receivers would
hermit Messrs. Earle Baxter and Barker to resume
tbeir services as secretary treasurer and auditor
respectively of the company. The receivers hold
that transfers can b. made by III. OF the SER
Vices of the assistant treasurer or the company.
President Ives yesterday issued a circular to the
Northern Pacific stockholders. In which he says:
Recently they Uhc receivers) have submitted
balance sheet OF August 10. iso5, the date OF
their appointment ana made ST one of their number
TO his co-receivcrs. But no full and oncai account.
informed as to the present condition of the com
pany although three months nave passed since ,nsr
election and the receivers nave pe'h III Charge
more than i've months.
The circular asserts that the receivers nave
taken absolutely everything-not an inkstand or
a sheet Of paper. or postage stamp or an article
Of furniture belongs to the Board Of Directors az
Company" President Ives charges that the re-
ownership was simply scheme 10 continue the
company In charge OF the same men who had been
repudiated at the annual meeting Of stockholders
He continues:
The defeated candidate for the vce-presidency
was made secretary of the receivers and under
different name performs the same duties IN In the tne
same office In the same ehar ana no S rH
salaricd official has been dis charged and no abuses
have been corrected Why should 1t be otherwise!
Cakes president, ala MS dutN, now can
Mr.. Cakes. receiver. do better than to follow
has been made in the discharge OF trainmen and
in the reduction of the wages Of those who were
ton of expenses has been made. ON the contrary.
they are largely increased by the fees of lawyers
and receivers Probably no road in the country TO-
day is burdened In this respect to one-quarter inc
extent OF the Northern Pacific There are fifteen zen
Individual receivers representing twenty-five an
ferent recevershps fl many lawyers are or
viii be employed no one can tel put at least seven n
peared officially for :he three general receivers.
ecutive manag ement under the existing receiver
ships Is at least three times greater IMAM year
sign of change And why should one be expected.
experiment Of running a road through me agehcy
of fifteen receivers but The result cannot De U'rr d
December the decrease of earnings amounted TO
than $1,000 OF cours, mh Ser OF can ' hs ms rs
doubt that a large proportion IL owing 10 cohdi-
on Sr TH Ss42 a hs T
,bo he demoralizing spectacle Of directors getting
rich through their transactions win me roau nae az
had It's natural effect in the various branches OF
the company's service. 1t Is however. extremely
dac,t 10 get accurate Information about abuses
so long the old management remains IN control:
do hesitate to say that they dare NOT ta,S
lest they be discharged and their tamiiies eNp0scu
10 suffering Thus the officials who have ruined
the bar h he Tay have ,S ceS
10 shield themselves by the authority or the court
ef 5Hes INVITES the sockhoders to
contribute one-eghth OF per cent or 81 ~ per w.
shares TO assist the managers In proVidng expenses
former directors FOR the recovery, OF money I'm.
properly spent" An earnest appeal ~ maze LOT d
RESPONSE that will enable the company TO OBTAIN
restitution. and the issue Il declared 10 o. one o.
IN, most vital importance TO the restoration OF
contdence not only In the future Of the Northern
Pacihc but in the whole system OF r"'''o'' MAN
Nliiwauhee WIS. Jan. 81 F iarper sot,ns
for Brayton Ives. president OF the Nortnern t"c ns
United States Court asking that the court po'ec.
me rights OF the company. which. Il Is alleged are
infrnged by the action OF me M S sr 70
fnrnish to ,hr company the necessary accommoda-
lions for the transaction % business M ,nc"
bnL,.rs st m. recent election. and especlaiiN
Thomas + Olkcs the president. who Is one o, Ihe
receivers The petition states that nrorer H. "'
y,x,er auditor OF the railroad suddenly resiehed
as officers OF the company. but retained tnelr r"-
The company without officers: and the officers men
tIoned the petition alleges VIII take no ac'ion WI.
less with the sanction Of the receivers ne ,h re-
wer. induced 10 resign. II Is ail'gel ny w -
ceivers on pain of being discharged from IN" e''-
'Th The petiiion then goes to relate how formal
~, "a yy,s made upon the receivers for the re-
turn of the properties OF the company ""'c" Nv
mard was denied , ., oc,,,1 TIM, tho ne
,t.t . nIoJ his morning he heard January 81 Dul
- viii not come mp until February D