The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-06
I'M RAILROAD CIRCLES
The Appointment of Frank E.
Ward Announced.
HE HAS BIG SHOULDERS
Northern Pacific Affairs --Receivership
Lands VIII Be soid-Directors OF
the Burlington Road Are
REFLECTED.

The official circular. signed by j. j.
Hill Of the Great Northern. was re-
ceived in Butte yesterday announcing
the appointment of Frank r. Ward
superintendent of the Montana Gen.
trail. to be general superintendent of
the Great Northern. TO succeed Russell
Harding, resigned. Mr.. Ward also re-
mains superintendent of the Montana
Central. but removes his headquarters
to 81. Paul. The circular reads as fol-
lows:
r. T.. Ward is hereby appointed
general superintendent, vice Mr.. Rus
sell Harding. resigned. to accept SER
vice elsewhere. Mr.. Ward will nave
full charge of the operation of all the
company's lines. his duties being de-
fined by the company's code. Mr.. Ward
will continue, as heretofore, as general
superintendent of the Montana Central
railway, with headquarters at 81.
Paul. Mimi, instead of Great Falls,
Mont"
Speaking of Mr.. Wards appointment.
the st. Paul Pioneer-Press says:
Mr. Ward is not much over 30 years
of age and has had comparatively lit
tie experience in the operation of rail-
roads. but in his brief experience he
has given evidence of remarkable abil-
Ivy WIFI <nls III hio tNfa'AiAfF ~
ticed and appreciated. He began about
six years ago as secretary to President
Hill and afterward was sent to the
Montana Central as general superinten-
dent, where he has produced some mar
velous results. His experience as the
read OF a railroad began last March.
His many friends feel confident the
load he has just k on his shoulders
will not prove too heavy. Such a load
cannot be shaken OF In part. and II too
heavy brushes the man that holds Ii.
Mr.. Harding Will remain here "A few
days to coach Mr.. Ward. n then go
South to become vice president OF the
Cotton Belt in st. Louis. The position
Mr.. Ward assumes is. even greater
than tina Mr.. Harding has resigned.
because II includes the position former
ly held on the Montana Central, a very
difficult property to operate"
Regarding Northern Pacific affairs,
General Council Bum of the Northern
Pacific. is quoted as follows:
I'm the reorganization of 1915 of the
old Northern Pacific Railway company,
an arrangement was made between the
company and its preferred stockhold-
ers that they might exchange their
stock for company lands at the y
praised alu thereof. A part of his
arrangement was that the n of the
company In Minnesota n In North
Dakota, east of the Missouri river. We're
not to be m~ortgaged. Consequently the
general second. general third and con-
s%olidated mortgages of the Northern
Pacific Railroad company did not
the lands referred to, and when these
were foreclosed the foreclo-
sure and sale at which the new COM
pany Northern Pacific Railway com
pany) was purchaser. did not pass the
- - H. a aAaa 80 ~ ~
either I'm Minnesota or In North Da-
kota east Of the Missouri river. The
railroad and all n other property, in
Guiding the and grant west of the Mis-
souri, river. did pass to the new com
pany because IL was covered with mort
cages. but the lands referred tn re-
manned i'm the re~ceivership, McHenry
and Bigelow being the receivers there
OF appointed by the federal court. This
Is the present condition of said lands
and they are salable. under the orders
n DEGREES of the courts by the re-
ceivers and their LAND agents.
"Basing their claim on the old ar
rangement with the company. the pre-
ferred stockholders have made a claim
in the United States court before Judge
Jenkins at Milwaukee hat they are en-
titled to lake these lands for their
stock. But the old company. having
unpaid debts to the amount of v e
$lOO. 000. 900, the creditors holding these
debts resisted this lain of the stock
holders and assert that their right to
the lands To satisfy their debts is par
amount to any right of the stockhold-
ers. The special master of Judge Jenk-
ms court. Alfred l.. Carey, has heard
the case and decided In favor of the
creditors. The matter has not yet been
argued before Judge Jenkins upon the
report of the master.
This question is of no practical in
terest To the Northern Pacific Railway
company, the new corporation which is
now operating the railroad. because IL
is the owner of over 30 per cent of the
preferred stock of the old company and
the owner OF more than 80 per cent of
the said Indebtedness of the old COM
pany.
lin the ordinary course these receiv-
ership lands will be sold under orders
OF the court and will go to the highest
and best bidders. II the court should
hold that they belong to the old pre-
ferred stockholders the proceeds of sale
will go to such stockholders; IL the
court should hold, on the other hand.
that the lands belonged to the credit
ors. the proceeds of sale will go to the
creditors"
At the annual meeting Of the Bur-
lington in Chicago. all the old direc-
tors were reelected. with the keep
ton that j. Malcolm Forbes was chos-
en- To I'LL the place vacated by the death
of his father. John NJ. Forbes. A reso-
luton was passed eulogizing the life
Of the deceased director and his work
as an active manager and director OF
the road. The directorate OF the road
Is now made up as follows:
j. Malcolm Forbes. Boston,: John A.
Criswold. New York; Charles ]. Paine.
Boston. Charles l.. Perkins. Burling-
ton. Iowa: 7. jefferson Coolidge. Man
chester Mass. John l.. Gardner. Bos-
ton; William Endicott, jr.. Boston;
Francis w. Hunnewell. Boston: Rich
ard Olney. Boston; Edward w. Hoop
or. Cambridge. Mass; James II. Smith.
New York.
The directors submitted the follow
ing report OF the earnings and ex-
penses for the year ended June 20.
which was unanimously approved:
Earnings