Show UTTERLY INSOLVENT Not Enongh of Money to Pay Dar Laborers on its Line Topeka Kans Dec 25George F Sbaritt clerk of the United States circuit cir-cuit court has returned from Little Rock Ark with the papers in the Santa Fe receivership case The bill of the Union Trust company was sworn to before a New York notary on December De-cember 21 This effectually puts asidE I the impression that the death of Geo Magoun chairman of the Santa Fe executive board precipitated the re ceivership for the papers drawn were I sworn to before Magoun died it Is stated in the bill that the Santa Fe I his been dangerously near insolvency fpr a year and that for some months a receivership has been known to be only a question of a brief time The tme qompany was so hard pressed Te money the bill recites that on Au gust 3 last its President went to the office of the ofce Union Trust company in Now York and borrowed 200000 at 1 per cent to meet the immediate de mands pf the company I is stated that since that time owing stte period of financial depression the Santa Fe has been continually em aarrassed for money The company has not repaid to the Union Trust company com-pany the short time loan negotiated negotated in August nor has it paid interest on it I is set forth in the bill that in D December 1893 the company will have to pay 410000 the interest on its first mortgage and that in January 1894 it will have to pay 450000 and be teen February and June 1894 there will become due floating debts to the sum of 970000 the floating debt of the company being now 5920000 and the iptcrest on guaranty fund notes for 59000000 will be due in May 1894 and this interest will aggregate 270000 These fund notes have been twice renewed re-newed and besides there are other debts of the company due or soon to I fall due aggregating some 2000000 I The petition sets forth that the company I com-pany is totally insolvent that with l thls debt staring it In the face if has not enough money > to pay the day laborers along its line and that inasmuch as its lS I creditors are becoming impatient it is i i L o V e < < T < v b a question of but a few weeks until queston that will disintegrate suits may be brought wl integrate and ruin the system there integate fore in consideration of all these numerous allegations a receiver or receivers re-ceivers are asked for the property Accompanying this bH was the answer of the Santa Fe company George R Peck general solicitor of the company answering the charge confessed that all the statements were true that the Santa Fe was wholly insolvent that the creditors were growing Impatient and liable at anytime any-time to close in on the company J W Reinhart president of the this confession company and Peck make tis fession in New York mae swore to it before a notary on December 20 the day before the bill asking for receivers was sworn to This goes to show the receivership were brought about by the Santa Fe company itself because i desired to give up the fight and get under the protecting wing of the court The receivership of the Santa Fe was not brought about so much by the probable default in money interest payments pay-ments as by the companys utter disability disa-bility to meet the floating debts The Barings did not bring about the collapse col-lapse Magouns death did not cause or even hasten it The company is hopelessly hope-lessly i debt and Reinhart went all the way to London a few days ago to bet 1000000 not to pay the interest in-terest as every one supposed but to pay the floating ° debt Reinhart remained re-mained in London a week He could not get a cent and when he reached New York City on his return his first official act was to order the preparation prepara-tion of receivership papers I now develops that certain people in Topeka have known since August that the Santa Fe could last but a few months Officers of the United States court were on the lookout for papers almost daily and when it was announced that Reinhart had failed to get the money in London ten days ago the receivership receiver-ship was a foregone conclusion The ChlcaEror North Pacific New York Den 25A committee representing the first mortgage bondholders bond-holders of the Chicago Northern Pacific Pa-cific railroad has issued a circular to holcr of bonds relative to the condition condi-tion of the property and suggesting the first steps that should be taken towards the protection of their inter It bond ests I recommended that the holders should deposit the bonds with the New York Trust company with the privilege of withdrawal should the proposed plan of reorganization fail to secure the approval of 70 per cent of the holders of the bonds deposited To Extend the Receivership Chicago Dec 25 Tomorrow W H Rossington attorney of the Union Trust company will file a bill before Judge Grosscup of the United States court asking the appointment of Atchison At-chison receivers by Judge Caldwell be ratified and that the receivership be extended so a to include the Chicago lines A New Schedule of Wages St Paul Dec 25A Week from today a new schedule on the Northern Pacific railroad will go into effect unless some change jn the plans is brought about by conferences to be held this eek Which is a very remote probabitlly Under Un-der this schedule the railroad oflclals say the Northern Pacific men will fare better than those on any road between St Paul and Chicago though in evening even-Ing Up te ratesLthe empIoy e3 of the mountain division are considerably affected af-fected Committees of train men in the city are very strongly opposed tote I to-te adoption of the new schedule and will insist a far as they ean that the old one he maintained They say the unannounced portion of the schedule Is much adverse to their interests but I refuse to tell what the objectionable features are The final answer to their I protest against the changes will be given out tomorrow I Will be Bettered at Once Topeka Dec 25Receiver Wilson of the Santa Fe has arrived He said the receivers should appoint D B Robinson Rob-inson first vicepresident agent of the receivers to have full charge of the active operation of the entire system Wilson said the receivers had agreed that no sweeping changes will be made in the management Wilson said the receivers had just borrowed 200000 In St Louis for the immediate payment pay-ment of wages due the St Louis and San Francisco employees that the employees em-ployees of the Santa Fe system proper would receive their wages promptly not later than January 3 out of the money hoarded to meet the January interest Wilson said the Santa Fe shops at Topeka would be filled with additional employees at once and run to their full capacity and the road be put in better condition Conldnt Collect Fifteen Million St Louis Dec 25Ed M Kenna general atorney of the St Louis San Francisco part of the Atchison Topeka Santa Fe system said this morning in reference to the appointment appoint-ment of recivers The directors believe be-lieve that within threte or four or at least six months they will be able to devise a plan by which the company can be taken out of the receivers hands This plan will not involve any assessment of stock or shrinkage in value of the interest rate of bonds but will be formulated by the use of the collateral of the company as a basis for a collateral trust The principal I cause of the collapse Is said to be the failure of the Atlantic Pacific to pay over 15000000 it owes Will Represent the West Topeka Kan Dec 25It is rumored that DB Robinson first vicepresident has been made general agent for the receivers of te Santa Fe road I is understood he will be the active man ager of wester Irt rests of the road |