| Show northern affair chicado Chic aeo oct 8 judge jencina Jen kina of the united states court presided today in the continued hearing of the application of the northern pacific receivers for leave to issue of rece iTera henry baine one ol 01 the receivers was present with senator ex Soo oner of wisconsin M II 11 cordozo of new york the second niort gaRo bondholders bond holders opposed the issue claiming that it was unjust to the second mortgage bondholders bond holders attorneys for the receivers followed with arguments for the application mr newell for the receivers said the receivers bad liabilities 11 a to bibet within the next few months and the assets available do not exceed at least due now must be paid the honor of tho court which is in control of the road must be maintained by the liabilities as they fall due the actor ney said that while the receivers had petitioned for they coald if necessary get along with less but they must have at least to meet pressing debts and carry on the business of the board he said thu receivers would be willing to have the order for the certificates drawn in such a war as to meet the objections of the bondholders bond holders mr petit followed with an aren ment in opposition to the certificates in referring to tho securities to be put up by the receivers ho said the northern pacific securities curi ties were like northern pacific memories considerably below par the argument was concluded in the afternoon aud the court decided in favor oath receivers judge jenkins granted the application for leave to issue certificates to tho amount of and ordered the receivers to report to the court on october the bids which shall havo been received for them and the rate of interest offered |
