The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-01-20
N0TRANSFERS OF N. P. STOCK.
President IpEs,s MOVE AGAINST THE
RECEIYERS.


RECEIYERs.
Embarrassment May re caused to Holder.
| of Securities by Ills ActtOn-The Courts
Asked 60 Straiabten Out the Tsngie.
The controversy between the receivers Of
the Northern Pacific Railroad Company and
| the management which was elected in October
! last has taken a turn which has resulted in
! some Inconvenience to the Wall street public.
Secretary Earle. Treasurer baxter and Audi
| tor Barker were reelected 60 the positions
| hold under the old management by the new
Board. and have also been serving the receiv-
crs in similar capacity. Since. however. the
duties OF his office required that Mr.. Earle
should anlx the seal Of tho company to the
petition for the removal OF the receivers. the
| latter determined that the unity OF officers
| should not continue They therefore de-
mAnded that tho three officials should choose
| between their service and that OF the com
pany. As the company has no funds with
| which TO pay salaries. the choice was natur-
ally in favor Of the receivers. and they accord
| ingy sent their designations TO President
| Brayton Ives.
| The embarrassment OF President Ives and
his directors was increased 10y the refusal OF
the receivers to deliver possession OF the seal
and stock ledgers Of the company. In refusing
the request for these properties, however. the
receivers rendered the free use OF the books
| and seal and the assistance Of the clerical
| force in their employ. and wrote that they
| would ask the instructions Of the Court in the
| matter.
Upon the receipt OF this refusal President
| Ives directed counsel to apply to the Court for
an order for the books aud zeal and directing
| the receivers to furnish the funds necessary
for clerical hire and other expenses OF tho
| company lio also instructed the Assistant
| stock. and nStiHeI the Stock Txchanne that
none could be made
President ~ In
| stock Exchange they sent letter to the Com
mittee on Securities in which they say;
Pacific Railroad Company have notihsi you that they
ne asd r.tcS Of @ s5 ~ Ss 'GH
1ooss and seat "t thy reyeytrs We deem It our duty
NOT made It is solely because the company chooses
erharrassment aud not because OF any necessity for
lie Order appointing directed !hsm to take
Tie recss.s Y lave ffeey neeSd
S,ok STOCK Transfer Book, aud s.sln question and
% lave IN ui M Sff 81. 4e al, ,ss
ihude WHICH was well knoMn to the Northern Pacific
. hav. .G'PS S s0s 8.
eSmPsny Gs and d' S e Sts to TO ara Sys %
,ald books and seal with Office ACCOMMODATION and
fore excuse Whatever for the compsny's present
sfestors tie SoriGsn f .e df V So&
GSt. ana 5u, s ana .s' SssTs simply ,sn the
appear, that several Of their officers ami directors
men, e ma parties g hi these once. discharge
vacancies in their owl Board becomes Of no con-
sS ss s1 10 a ss m @S rssSpt %
hNys heretofore signed and can continue 70 sign
Inform you s % aas Swn lotion mS ys.
fers. as viii appear from the notice hsrswit6
SotwithstanainS the free offers OF the receivers. |
months. and which have never been altered by the
into aoar Tor sos s S u nJsce and
made the same retgrnaoe Jan 30. the day for the |
hearing ApnliCatlOu of rerei
whole Processing is for effect upon tho public and |
MAKE SSq S esa 81 fac. ] s .sse -
and syidsnt design Of tho company to smIarrss tGs
@ 10 nj rs own and 70 d.essrE SSirs
" a"a s S we oy fTS s
should at once sa5% hat sacn or
transfer. !. ne Tlit9 ana unnecessary act OF the |
NV YoGs' Jan H. .G 1854 .-' '''''''"
President Brayton Ives sent the following |
letter TO tho receivers yesterday afternoon:
DIR SIT; beg g. A;knoTsdEe the receipt q your
aS S StS' win, had ta, an GgP2STSn 90
pTissd in view OF mast espsri.n nS9'I NOT 9S sur
iSgr. but comics; tn. 81 IVA. not g,sPs;sd Tor the
and not because OF any action Of the rsesivsrs you
son 81 The We recOrd our foS.. iHS against
pap T sma GneSs,s.ry irton Gpcn y9aT
Snieer. and directors Of ths Northern Pacific Company
simply because You rs,s ned pcssesson OF lie .OSs
you rssi Tho fS.natoa a s sa. ny.
Treasurer and auditor OF the company who Nere
serving ileTece!yers IN similar capscites by notifying
them thAt lhey cOuli not 10th and
eompanys funds the directors have had none with |
which TO these officers ana u that
they decided to accept your ultlm atdn and |
your employ. IhIz action was thAen without notice
deprived through ault OF own OF the service,
o. "hcers without whose signatures IL is absolutely
lmposs hlr 10 make transfers Aside from tho
dh1ruly or securing competen persons to MI these
ares sven II men co "a have been found Therefore
there seemed 20 he no other alternative than apply
10 the court Tor The custody OF tho books and
WITH winch 60 con iuc tho business OF the
1Lis has been done MeanWhtle Officers OF tie Stock
Exchange have represented that much trouble IL
Hkulg 20 result from this action OF yours have
told Them that II you would assent N good faith, 10
TIE rthnUnintment OF tho former
ami auditor aud they should agree tile com.
pauy, would call meeting at once Of the Hoard OF
directors and sndeAVOr TO have them TeAppOintsd. |
now make the same statement TO you, aud add my be
Hgt that TIE board Will taks the action Indicated
can give no stronger proof than this OF the
and falsty ~ charge that done anything
TO "n--l.rssy nbarrass ana annoy the security hold
er. Ahi other intending investors" You know we'll
that no trouble Sosd have arisen han you not com.
PEELED the Tesguailuns Of the officers who satt--
factory 10 tue company In behalf OF the board OF III
trctors protest against your Efforts 10 OBJ
Awaiting your prompt decls sion IN the matter am.
N'w YosK Jan. TO- 1894.
The Stock EXCHANGE Committee on Securi-
ties has ruled that Northern Pacific stock in
the circumstances can only he transferred 10y
notarinl certificates. and will issue q circular
to that effect to-day.
IRON PRODUITION IN Iso2