New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-28
AFFAIRS OF UNION PACIFIC
J. P. MORGAN ON lie REORGANIZATION
COMMITTEE.

HE CONSENTS TO ACT AND IS MADE CHAIRMAN
his ASSOCIATES.
J Calvin s. Brlce. who has been working to Sc
/ cure the formation Of a suitable committee TO
represent the stockholders and the security
holders Of the Union Pacific Railroad and to de-
termine upon a plan of reorganization. yester-
day obtained from j. Perpont Morgan his con-
sent to act as one Of the committee Of reor-
ganization Mr.. Morgan is chairman Of the SUBJ
committee appointed at a meeting held yester-
day Of those who had consented to serve on the
committee to present plan Of reorganization.
Previous to Mr.. Morgan's acceptance number
Of well-known men had consented to serve. but
it was not until Saturday that Mr.. Morgan de-
cided to aid in the attempt to reorganize the
road The main committee on reorganization
Is made I'D as follows: Calvin s. Brice, chair
man; l.. NJ Schwan and w. f. Glyn, secre-
taries John w. Simpson, Of Simpson. Thatcher
& Barnum and Victor Morawetz. Of Seward,
Guthrie Morawetz & Steele, attorneys; j. Pier
| pont Morgan, General Louis Fitzgerald, Colonel
II. L. Higgnson, Samuel Carr, General Gren-
| vile NJ. Dodge and A. A. II. Boissevain.
Calvin s. Brice is chairman Of the Senate Com
mittee on Pacific Railroads and James B. Reilly Is
| chairman Of the House Committee on Railroads
Congressman Reilly has been asked to serve as
member of the committee. but he decided to
| wait until he could consult with the other men,
bers of the committee before accepting the Offer
| The subcommittee appointed to draw up plan
| Of reorganization is composed Of j. Pierpont Nor
| gan, chairman Calvin s. Brice A. A. II. Boisse-
vain and General Louis Fitzgerald. This COM
mittee will have offices at No. so Broadway,
| where all communications for 1t should be sent.
| Before Mr. Morgan consented to serve on the
committee he received letter from Calvin >.
Brice which, besides telling who the members OF
| the committee were who had consented TO serve
said:
The committee believe that they represent and will
have support OF majority in interest as well as IN
nominal value OF the securities OF the Union Pacific Com.
| pany and system.
In formulating plan reorganization, the committee
will have to judicial capacity passing upon the
respective interests Of the various classes OF
| securities In the system. While your house has not
heretofore connected with the issue OF any oil the
securities Of system and Is not known 10 nave Deeo
Identified with It except trustee OF the deed securing
the collateral notes. the members OF the committee
believe that your knowledge values and experience ano
authority as will be Of great service In forming
ulan OF reorganization which will meet with general
approval. We therefore authorized to ask you 70
| become q member Of the committee
| To this letter Mr. Morgan made the following
reply:
have received your letter. written on behalf OF the
committee formed for the reorganization OF the Union
Pacific Railroad Company, asking me to Join the COM
mittee and them the task they have undertaken
hesitate on many to assume the additional re-
snonsItillty ard labor which such position entails; al
the same time the importance OF success IN
your work to oil interests particularly to oil security
holders OF the Union Pacific Company including the "o'
| ornmcnt Of the United States
| o,,,ho, recocnlze the fact that the committee Is
| comnosed OF gentlemen whose position promises unity
| ., n,rnose 20 arrive at successful result. Under
these circumstances you all think can be OF service
feel bound aside all personal CONSCIENTIOUS anu
| 800, Tho ,nv,tatloo 20 become q member Of the com
| mlt