The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-08-08

were acting as counsel for the receivers,
and who were the legal representatives of
Mr.. Willard personally. OF course, the re-
ceivers and the reorganization committee
were one in fact, if not in name. They
were backed by German people Every
effort was made to get the American bond
holders to join hands with them in the
work. In endeavoring to win over the
American bondholders the Adams crew
spent good many thousands of dollars.
For once they had the Americans in, it
would have been an easy matter to re-
organize.
"After much hard work they were partly
successful in getting some of the American
bondholders TO join hands with them. At
last scheme was cooked up in Berlin to
turn the Northern Pacific over to James j..
Hill and the Great Northern. The terms
by which the change was to take place are
beyond any doubt ruinous to the bond
holders interests. The guarantee was in
terest on bonds considerably less than the
net profits of the road under the reckless
and foolish management of the present
receivers.
This proposition to reorganize is as
organization committee, of which Mr..
Adams is chairman, as we'll as by the re-
ceivers of the road, under Mr.. Adams
direction. 1t is an open secret in New
York that Adams mas announced in circu-
lars that he is introducing economy on the
road and is making some changes for the
better. AS matter of fact he dictates the
present policy of the receivers. That is
also an open secret in New York and in
railroad circles of the East generally.
1.-THE company itself and the American
bondholders contend that the property of
the Northern Pacific is worth great deal
more than the guarantee which Hill pro-
poses. They do not consider Hill s company
financially responsible, so as to make its
guarantee of any value. They do not pro-
pose to let their property be consolidated
with the Great Northern if they can pre-
vent it, as they think they can. Conse-
quently the company has appealed to the
court of this circuit for relief.
"Judge Hanford has jurisdiction over
more of the company's property than the
Judge of any other district through which
the road runs. We want the court to re-
move the present receivers and appoint
men of his own-men who will look after
the real interests OF the company and men
who live along the line. The German peo-
pie are interested in the Great Northern as
we'll as in the Northern Pacific, and they
hope to consolidate the two and make
money, which otherwise they may lose out
of the investment made in the Great
Northern.
''It is in our belief unlawful to consoli-
date the two companies. The ,-1opIe of
the West would not stand it. They have
very little idea of what consolidation
would mean to them, but they would
know full well what it meant once it was
accomplished. The German people are
not looking after the interests of people of
this western country. They are looking
after their own interests; and they will
do anything to get their money out of their
investments.
~ will state that just as soon as the
Germans are willing to accept an offer the
American bondholders have plan of re-
organization which will be sprung. They
have money to accomplish the work. Their
plan is good one, and they will foot all
of the bills"