People's Pilot, Volume 3, Number 9, Rensselaer, Jasper County, 18 August 1893 — HELD BY RECEIVERS. [ARTICLE]

HELD BY RECEIVERS.

Culmination of the Northern Pacific Railroad Company’s Troubles. Chicago, Aug. 16. —Considerable excitement was caused in railroad circles here Tuesday afternoon by the announcement that the Northern Pacific Railroad company had been placed in the hands of receivers. It has been known for some time past that the Northern Pacific was in financial difficulties and unable to meet its obligations. It was believed, however, that these difficulties could be surmounted and a receivership avoided. Failure of the scheme to fund its floating debt of $15,000,000, however, compelled the appointment of receivers. The receivership embraces the Northern Pacific Railroad company, the Wisconsin Central and all the railroads owned, leased or controlled by the corporation,. The receivers will each file a bond, for $500,000.

The receivers appointed by the court are Thomas F. Oakes, of New York, president of the company; Henry G. Payne, of Milwaukee, and Henry C. Rouse, of Cleveland, chairman and president of the Missouri, Kansas & Texas railroad. These were appointed for the jurisdiction of Wisconsin. New * York, Illinois, Minnesota, Dakota, Montano, Idaho, Washington and Oregon. This action is the result of the extraordinary Repression in Business and the stoppage of shipments along- the Hoe of the Northern Pacific. No company could long stand such, severe pressure. The falling off in earnings is due to several causes. The money stringency prevents the marketing of erops, cattle andi products of all kinds,, consequently the road is not getting the traffic usual to* this season of the year.