St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-13
COMPLETE REORGANIZATION
Expected TO Be the Outcome of the
Union Pacific ReceiVership.

Expected TO Be the Outcome of the
Union Pacific ReceiVership.
OMAHA. Neb.. Nov. 12.-Gen. John G.
Gown, who is engaged by the depart.
ment of justice to represent the United
States in the Union Pacific receivershIp
matter at this point, said today that
tomorrow morning he would file petit
tiOn in the United States court asking
for the appointment of two additional
receivers. He would take all steps
necessary to secure speedy adjustment
of the matter. His instructions from
Washington were TO do all that seems
Indicated for the protection of the peo-
ple's interest in the Union Pacific mat
ter. 1t was his opinion that no resist
ance to the appointment of the addi-
tional receivers would be made, and
that Judge Dundy would act promptly
in the matter. 5. II. II. Clark, formerly
president, now one of the receivers,
returned from the East this morning
He absolutely refused to say W ord for
publication.
General Solicitor Thurston reached
home this morning at 10 O'Clock directly
from New York. and went on 10 Denver
10 participate in the argument of the
case in which eX-GoV. Evans. of Colo
receivership for the Union Pacific,
Denver q Gulf company. Mr.. Thurston
said:
LAS the result Of friendly negotiations
between the officers of the government
and the parties interested in the re-
ceiverShip Of the Union Pacific system,
satisfactory agreement has been
leached, under which the government
will file its petition Monday morning IN
the United States court in effect ratlfy
ing the receivership and asking for the
appointment OF TWO additional receivers.
The persons agreed upon are j. w.
Doane, of Chicago, and T. r. COudert.
OF New York city, both of high stand
ing and reputation throughout the coun-
try.
1.-The entire personnel OF the receiver
ship, as thus constituted. furnishes
abundant evidences that all persons ill.,
terested in the stocks and securities of
all the different roads in the Union Pa
cltic system, including the interests of
the government, will be fully protected
and fairly dealt with, and the proper
ties will be operated and administered
in a reasonable and conservative man
ner. This action looks towards the re-
organization of the properties IN such
manner as to deal fairly and Justly with
all DOnQnOlQerS. ana In way 10 protect
the best interests of the government
concerning its debt. Such reorganiza-
ton could only be effected by help of
congressional legislation. the details of
which have not yet even been consid-
cred. Similar action will be taken in
all Of the courts where receivers have
been appointed, and undoubtedly
within very rev days all five of the
receivers will be prepared to act to-
gether.
II am not prepared to make any Off
cial statement, but it has been the gen.
eral understanding that S. II. S. Clark
would continue to direct the practical
management and op GRAFTON of the lines,
and that Mr.. Mink would continue to
direct all accounting matters. The five
receivers will really act as board of
directors Of the administration of the
properties.
The Teceive have opened an office
at SO Wall street, New York city, where
E. Ellery Anderson will probably re-
main duriug most of the time. l think
this action will finally result in a CON-
plete reorganization of the entire sys-
tenn in such manner as TO deal fairly
with all the bondholders and with the
government"