The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-05-04
PRESIDENT IVES HERE
He Dimes ct the Rainier Club
With Q Few FriendA
HE - EVIDENTLY cRAIIPIEp.
In . Talk &C Tscoms He says the As-
organization OF the Northern Pa
clio L. Progressing Satisfactorily.

Tacoma May B. Special President
Brayton Ives and party Of attorneys and
representatives OF the various interests n
the Northern Pacific arrived here at 40
this morning by special train from the
East The purpose OF Mr. Ives present
visit 70 the Pacific Northwest has Already
been published in these columns The de-
cree Of foreclosure and order Of sale were
signed at Spokane yesterday. and an ap-
pl!cation similar 20 that presented TO tne
court yesterday will be made to Judge Gil
bert at Portland tomorrow.
Accompanying Mr.. Ives are Herbert Tur-
ner. counsel Of the Farmers Loan Trust
Company. Francis Lynde Sretson. repre-
senting the Morgan syndicate and the re-
organization COMMITTEES: Victor Morrowitz.
counsel for the peutsche bank; .iliiam
Nelson Cromwell. attorney for the old re-
ceivcrs. Col. S.las Petit, Mr.. Ives counsel.
and George H Gardner. The members OF
the party took breakfast a. the Tacoma
hotel and spent the early part OF the day
chatting with friends N the city AT so
the two special cars were attached to the
Seattle train and al hour later the visitors
were at the Rainier Club, where they were
entertained by a number OF friends in Sc
attic At I.3o the party retained to this
city and dined at the Tacoma
When the train from Seattle arrived herA
Mr.. Ives, accompanied by Nj. Stetson.
walked briskly up Pacific avenue TO the
Tacoma. disdain.ng carriages and the or
binary means OF transportation in a city.
The president of the Northern Pacific ex-
planned his rapid gait up the avenue by
saying that he and Mr.. Stetson felt tho
need OF a little exercise before dinner, as
they had been cooped up in a car ell day.
Mr.. Ives expressed his pleasure at again
visiting this section OF the West and SEEM
ed glad to greet his friends and acquaiat-
ances in this city. Arriving IL the hotel.
Mr.. Ives was induced to talk a minute
about the reorganization OF the company
and the effect the consummation OF the
plans of the committee will have on the
Northwest. Said he:
The reorganization OF the Northern Pa
cffic company Is progressing rapldly and
In the most satisfactory manner. All the
interests are working together for the
good of the property and in complete har-
mony. AS for myself. I am perfectly sat-
isfied with the condition OF affairs.
The advantages of the plans Of the re-
organization committee to the property
itself. to the country through which the
road passes, as well as to its patrons, are
manifold. When the road is finally placed
under the management Of the new COM
pany II will be Of much more benefit 10
the country and to the business 1t sub
serves. There Will be a reduction in fxed
charges Of 100000. and this fact is of the
greatest value. Besides this. the COM
pany Will be better able to handle its bust
ness in countless ways.
''The rapidity with which the securities
are being deposited with the reorganiza-
ton committee is without prece-
dent Already % per cent. of tho
preferred stock and SIS per cent
Of the common stock has been placed
In the hands of the committee Every
thing looking to the fuifiilment OF the I'M
dertaking is working splendidly and there
IS apparently nothing in the way OF a per-
feet realization of the reorganization as It
has been published. / am particularly
gratiiied at the pleasant manner IN which
the courts of the West have handled the
matters that have been brought before
them"
Mr.. Ives was asked II he could outline
the future management OF the road with
reference to the selection OF the various
officials. This he would not discuss at
ALL saying that while nothing definite was
known at the present time. yet II II were II
would be manifsstly outside the bonds of
propriety for him to discuss matters Of
that nature.
That the president OF the company IS
satisfied TO the fullest extent with the out
come OF the long and famous litigation
over the property and the plans for re-
organization. is apparent.
'hNAtFAh HlAifIs attorney IOF Inc IruSS
company. estimated tonight that the prop
erty Of the Northern Pacific would hs
placed in the control of the new company,
and the receivers discharged by October
Mr.. Turner expressed his qualification
at the result OF their visit to Spokane and
the lack Of difficulties thus far encounter
ed. and said that all the interests work.
Ing together would bring about the estab-
lishment Of the road Oh a permanent
foundation.
Mr.. Morowitz. who Is looking after the
interests of J. p Morgan & Co. echoed
the sentiment voiced by Mr.. Turner, and
said that the affairs OF the company have
very promising outlook. AS soon as the
new company assumes control. the road
Will be improved all along the line. and
particularly In the Pacific coast states
through which Il passes. Wooden trestlas
viii be replaced with steel. and The steep
est grades VIII be materially reduced. Al
together the road will be put in splendid
shape for business.