Show NORTHERN PACIFIC The Transcontinental Line Passes Into a Receivers Hands NEW YORK Aug 15 Thomas F Oakss of New York W H Payne of Milwaukee and Henry Crouse president of the Missouri Kansas and TEx flail road company were this afterfi on appointed ap-pointed receivers of the Northern jSicific railroad in the United States court of this city The appointment did not come asa as-a surprise t the street Although not announced Until after B oclock brokers were prepared for the news a rumors of such a step had been plentiful all day Most of the stock and bonds lave recently been taken it is said by Philadelphia parties The Principal prin-cipal aeliirie today was by commis ion houses andwas thought to be a liquidation of long stocks Judge Lacombe appointed the receiver on motion of the Farmers Loan and rust company and Phillip D Winston and Willium C Sheldon George R Sheldon William L Prentice and William C Sheldon Co as copartners comprising compris-ing the firm of W O Sheldon Co The receivership embraces the Northern Pacific railroad and all railroads owned Jeajed or controlled by said corporation The receivers are the same as those appointed ap-pointed in Wisconsin They gave bond tor 500000 in the United States court there and are ordered to give a bond of 5500000 here The application was made with the consent of the railroad company Vice President Williams of the Northern North-ern Pacific says In consequence of thee the-e raordinarv depression in business and stoppage of shipments along the line the Northern Pacific Railroad company has been forced to acquiesce in the application applica-tion for a receiver No company could long stand such a severe pressure The falling off in earnings is owing to several causes The money stringency prevents the marketing of crops cattle and products prod-ucts of all kinds consequently the road is not getting the traffic usual to this season of the year The failure of banks tied up money upon which we depended for cash The depression prevailing over the whole country is exceptionally severe in the younger states and the general business busi-ness along our main and branch lines is practically at a etandsill The receivership receiver-ship means a presarvation of the property and the preservation of all interests until better times The road has demonsirated in the past what its earning capacity really is and when prosperous times return re-turn the revenues of the company will again more than exceed expectations of those interested in the property The original bill was fled by the Farmers Farm-ers Loan and Trust company for other creditors and stockholders in the district dis-trict court of the United States for Wisconsin Wis-consin and an appointment was made there Today auxiliary bills were tiled in New York Illinois Minnesota Dakota Da-kota Montana Idaho Washington and Oregon and the same persons were appointed ap-pointed receivers in each separate jurisdiction juris-diction From official sources it is learned that the main cause for the appointment of a receiver is that the Guarantee syndicate or certain members of i failed to make good their subscriptions alleging they had been misledas to the actual condi sion of the property Since the completion comple-tion of the Manitoba road to the Pacific coast the company has had a hard struggle For instance its earnings for July were only 2019425 a decrease for the month of 5698880 compared with tho same month of 1892 Henry C House who was appointed one of receivers it is understood represents the Standard Oil party which has a large interest in the property The North American company has not sacrificed its Northern Pacific holdings and expects t weather the storm Mr Cromwell one of the counsel for the receivers said the receivership is not due to the failure of the twelve million collateral trust gold note plan as the entire amount of issue was subscribed for some weeks ago Rates to BoHe stored NEW YORK Aug 15The Northern Pacific and Groat Northern companies have decided to restore the freight and passenger rates to the basis prevailing last February to go into effect as soon as practicable Other transcontinental lines are expected to follow the example of tho two companies mentioned |