New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-23
SALMON TRUST MIDDLE.
Receivers May Sell Property Ncrt
FaU-Conmittee Has No Plan.

IN. hol6.rs OF about sl2OOo0OO OF the capital
stock and OF about 100000 OF the bonds Of the
Pacific Packing and Navigating Company, other
wise known as the Salmon Trust" are greatly In
terest.d 10 know what viii be the final outcome IN
the affairs OF the corporation The company became
insolvent about a year and half ago. and Thomas
b McCiovern. George y. Hallock James 4. Kerr
ard John r. VIM appointed receivers by the
United States Circuit Court. A number q charges
OF fraud were made concerning the original oTSani-
cation and the subsequent TeoCgan ization OF the
corporation and litigation is stil pending In (which
these charges are raised
At the time OF the appointment % the receivers
decentralization COMMUNICATIONS r. Crane. Stuy-
voeant Fish. George f. Victor. John z. Borne.
Charles Fletcher. Charles Counselman Neal RAN
tout and the Colonial Trust Company-was ap-
pointed. This committee proposed 10 formulate
some plan % reorganization and submit II % the
stock and bond holders and the creditors OF the
company. n being expected at the time that such
plan of reorganization would be submitted within
faw months. The receivers. however, got authority
FROM the court 10 issue receivers certificates in the
sum 81 81 10000 from the proceeds of the sale OF
which they conducted the business In 1893. and put
up the usual pack OF salmon on Puget Sound and in
Alaska The season was not q favorable one. there
being a small run Of salmon. so the receivers made
very little out OF the years operations.
In the mean time. however the reorganization
committee had not taken any steps whatever toward
recognizing the company and had not submitted
any plan for that purpose. When Il came 10 The
OF 1903 the receivers decided to curta opera
lions TO a considerable extent. and therefore from
the proceeds Of the former years operations they
paid of $4,000 Of the receivers certificates. and got
authority the court 10 continue operations this
year smaller scale and 10 reissue $4,000 81 the
receivers certificates. This plan is I'm operation Al
the present time, and the receivers putting up
salmon on Puget Sound and IN Alaska in the
mean time another protective committee Of bond
holders and stockholders had been formed. in which
j. Craig Hayemeyer one OF the leading spirits.
The committee in which Mr.. Havemever was inter
ested was 10 certain extent opposed 10 the
original reorganization committee. and made an
application 10 intervene in the suit in which the re-
Ceivers We're appointed.
The original reorganization committee finally an
nouncea ihat it had no plan 10 suggest and that
II would not suggest any plan by which the com
pany could De reorEauiZed. on this announcement
the receivers finally determined that they would
Than The present season They also declared that
unless some rl9 ri rtarra,iz9rfo7 WIS made and
the property taken over directly on behalf -
the -khueers, bonoholders and creditors OF the
1ara mis- fs or e.~lz- m no -err for authority 10
sell al the property OF the corporation under the
hammer. or otherwise, as the court might direct,
and finally 10 wind up the affairs OF the company:
ou these TWO announcements being made by The
reoreanlzltlon committee and the receivers he pro-
tective committee urged that a new committee be
belonged 10 either the reorganization committee or
the protective committee, and that this new COM
old committees and should have fun power TO take
such steps II should deem necessary 10 protect tha
thought II might be possible 20 sell out all the prop
Crty the trust other salmon packing interests
the Pacific Coast. and the proposed reorganiza-
fion the lines suggested by the protective COM
Inittee has been delayed for that reason II the
property Is finally solo by the receivers under the
hammer IL is not believed that there viii he realized
sufficient money pay more than a small proper
tiOu of the outstanding Indebtedness. As the bonds
issued by the company are not mortgage bonds the
holders thereof VIII only receive payment pro rata
with the other creditors OF the corporation, and
there pTOba hlv will be struggle between the bond
holders and the other creditors on the question OF
priority.
The advance in the price Of salmon IN the last
few months. caused by the large purchases for the
Russian and japanese armies has materially in
creased the resources Of the corporation but In well
Informed circles II is not believed that this Increase
WA sufficient TO relieve the financial embarTass-
meut OF the company.