The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-01-13
SALE POSTPONED.

A special session Of the circuit court
for this county was held on Wednesday
last, Judge Fullerton presiding. Itsi
purpose was for a hearing Of a motion
made to have the sale set to take place
January 10th, postponed to a later
date. Argument pro and con was
heard from Judge Flynn, attorney for
the railroad company, and contra By
Messrs. Fay and Bryson who repre-
sented committee Of bondholders IN
the east and. who prayed for post
ponement. The decision from the
bench was that the sale be postponed
until March 1st, 1898.
The grounds upon which this motion
was based were formulated at meet.
ing Of certain .bondholders held in New
York city December 18th. Then and
there the affairs of the Oregon Pacific
railroad were discussed-not the most
harmoniously- and the question was
broached whether it was not best for
the bondholders to throw the road
overheard as valueless property.
Finally, however, the meeting settled
upon proposition that if they could
l1get stay of sale they would immedi-
ately send an expert out here to 60
over and examine the company's Prof.
erty that if said expert should report
to the bondholders that such property
was of sufficient value to warrant
it they would make a bid upon it when
it came to sale to the amount Of ST.
$50, ,00O-its stated sum of indebted
ness-perhaps more; that a reorganiz-
alton be effected, if possible, and to
this end a committee ON new organlza-
ton was chosen, consisting of: James
| A. Blaif, Joseph, Wharton, Alexander
Brown, George H. Earle jr,, and Al
| fred Heidabach.
| It was upon the advice of this con-
mittee that this cause was prosecuted
They represented that they held nearly
| five and ahalf millions in bonds and
had enough more pledged to raise the
sum to over Sc, ,0oo, 900 in bonds. The
argument in their favor recited in ex-
tense how the interests of the bond
holders would be best conserved by
the postponement how they were act
ing in good faith to get the affairs o
the company strightened out and it
debts paid; how mindful they were 0
the humane obligation they were unde
to the working men here and that tn
nine months arrearages educ then
should be paid at the earliest possible
date, ETC., etc.
Judge Flynn, attorney for the Ore
gon Pacific railroad company, oppose
the adjournment. He argued that th
committee abovenamed, was simply
selfconstituted coterie whose purpos
it was to worm into control and bar o,
of voice all bondholders whom the
:. chose to put in the background; that I'll
purchase of Zephine Job once mac
was in the interest of all the bondhol'
ers and should now be consummated
n that The committee in their schen
promise to doiabsolutey nothing de
'e mite further than to SEND man he
g to examine the property, whose repc
10 may be favorable Or to the contrar
y SO that they may buy or not buy, Wit
the day Of sale comes; and that furtll
70 delay in getting the money to pay t
10 operatives on the line---those who a
a' dependent upon their wages as mea
of subsistence, should not be tolerate
10 Argument on both sides was high
rs spirited and able. At the close of
ne Judge Fullerton gave his dicision
u stated above.