The Providence news. (Providence [R.I.]) 1891-1906, 1893-11-22
UNION PACIFIC ROAD.
IMPORTANT CONFERENCE HELD
IN NEW YORK.
Many Railroad Magnates Present-A
Committee to Reorganize the Com
pany to BE Appointed.
SPECIAL TO THE NEWS.

NEW YORK, Nov. 90 "A conference OF
vast imp ,rtance was held yesterday in the
Union Trust company's building.
liz purpcs Sc was the formation OF
commit ee to financially reorganize the
Union Pacific railway system with nearly
eight thousand miles OF road aud over
So 0O0, 600 of securities.
The senate committee on Pacific rail
roads authorized its subcommittee TO sit
during the recess, with power TO send Tor
persons and papers with view to protest.
ing the governments interest in the prop
erty. and the subcommittee delegated It's
powers to Senator Bryce as committee
Of one TO do this important work.
In addition to what the Union Pacihc
has paid into the sinking fund established
by tho Thurman law the company owes
he government about $50 0OO,OOO, FOR
which IL holds u second mortgage
on 1895 mi 'es of the road. These bonds
will soon begin to mature and sinultane-
ously with them the first mortgage bonds,
held by the public, and aggregat-
ing about $1,000. 600. will mature.
The system. with its branch lines and
leased roads, is complicated one ana
It's disintegration, under those circum-
stances, would render the govern
ments claim OF doubtful valre.
At His Own Request.
Senator Bryce is understood 10 have
been placed in the pivotal position he
holds In compliance with bis own request,
- he has an opportunity OF dis
rfuvuishiug himself tn tire senate tfe T+eriz
being of "A sort with which he was fami-
linr and affording scope for some dip
lomatic talent as we'll as financial abilities.
Since the adjournme ~ OF congress he has
been in communication with the holders
as representative of the big blocks
II various securities with n view
60 bringing them together and focusing
mon n single committee TO reconcile all
Interests and proceed to financially reor-
ganize the property in manner satisfac-
tory TO tL EN- and equitable TO the govern
ment.
RAILROAD Mngnates Confer.
Asa result OF thess Efforts yesterdays
meeting was attended by the receivers OF
the property the exception OK Mr..
: II. II. Clark, who is tie active manac er
ofthe road, is necessarily absent In the
West-and by the folio wing representa-
tive security holders:
Executor Carr OF the os' ate OF the late
f. l.. Ames OF Boston; General Louis
FITZGERALD, president OF the Mercantile
Trust conp.ny. representing the holdings
Of the GoulG-Sagt Dillon party; Adolf
Bolssevaiu, representing the European So
eurity holders; II. L. HigTnson, Boston,
represemtng Oregon Railway and Navlga-
ton. company Interests. and General G..
NJ. Dodge, representing the Union Pacific
Denver and Gulf. were present The gov-
ernmen,, as the largest creditor, has q
majority Of tt e receivers--namely, Messrs.
r. Ellery Andersen, 81. W. Doane and
FIR Coudert, the general credit ors being
rcprps-nted by Messrs 5. II. III. Clark
and O. w. Mink. The conferences ycster-
day was protrscted until late in the after
noon. one OF the gentlemen present
st,tei after Adjournment that the inter
cDange of views hal proceecel In a very
friend wand businets like manner, and that
The selection OF n COMMITTEES Of reorgan-
ization from among thor numtcr would
probably be made at today's session.
Me-. =. Pie-pont Morgan, whose firm
aotted the S2O, 100000 OF Collateral trust
notes two years ago, was no. In attend
nee Yesterday. out ne Is said % be in
harmony with the purpose OF tlc con-
ference