Capital journal. (Salem, Or.) 1893-1895, 1894-02-03
THE OREGON PACIFIC GASP.
toODoluded from Firs, Pags.I

Court: I might adjourn this term /
over till say the 18th or 18th Of this
month.
Bryson continuing: Your honor, we
have no assurance that we can hear 4
from them by that time; it takes six 1
days to get communication to them, |
and that would not help the matter
any. We will have to make it a later
date. think the first of March would |
be about the right time, and then by |
the 10th Of this month, if do not hear 1
from them | will serve notice on the |
parties, and we can proceed without |
reference to them.
Mr.. Bingham, of Darcy & Bing-
ham: Your honor, L represent some
seventy odd employees Of the road, and
we are very anxious to realize the
amount due these employees on the
back pay rolls. While my proceeding
is not yet ready for hearing, their in.
terests are such, thai | would like to
say that we would like to have the
sale as speedy as possible. 1 think it
would be best, if il could be so arranged, |
to have this sale come off in time to |
haye it confirmed by the court at its |
next regular term, which Is in April. / |
believe.
The road is running behind all the |
time, and has continued to do 50 all |
through the receiverships, and un-
derstAnd from the present receiver that
it is very doubtful whether it will pay
operating expenses even as the business
is now being conducted Inasmuch as
these conditions exist, we ought to
know where his deficiency Is going 10
come from-while the road is being
operated at such a loss, il i quite im-
pOrtant that we know who is liable for
this deficiency-if somebody is going
to be liable for any deficiency in the
court expenses, that liability ought to
be fixed, and L think it is therefore
best to have the sale before the next
term of court. 1t occurs to me that an
order of sale could be made ia time to
have the sale advertised, sold and the
return made by the April term of court
April 9th, l believe.
Court: II an order of sale was made
the first of March the time would be suf-
ficient before April 9th. My judgment
was when l came 10 have the sale set
for some time in March, but in view of
Judge Bryson's remarks that seems to
be impracticable.
Mr.. Bingham: The on ly reason why
1t should be postponed l presume is in
order to give contemplating purchasers
time in which to arrange for matters of
finances. 1t occurs to me that these
parties upon whom we are now waiting
are the parties who have considerable ,
Interests at stake, and they have given ,
the matter some attention before this. =
Judge Bryson, l presume does not r
think that these people have been wait
ing until they received his commu. '
nication, and they have before =
this formulated some scheme for 7
taking this road out of the hands of the =
court. If they understand that the a
sale will take place not until May they {
will not go ahead aud adjust differences
that now exist between the different f
factions. If the court sells the road a
by the April term, that will give them l.
plenty of time to go ahead and har.
monize the differences exissing-and
the trouble with this whole matter, is I
only the differences between the differ
ent factions. y
Mr.. Strahau; represent some claims $
and l feel that If another hasty sale is
made Of this property now in the hands 1
Of the court, It will result just as the o
hrst sale did; there is no doubt of that.
Mr.. Bingham seems to suggest that 3
court is In "A position to force this thing
of course it can force a sale even to
the loss of all these people and all their
would be the certain b
result OF a hasty sale made at this time v
want TO say from some information
On the subject, that later sale will n
result in the payment of all these b
claims. The p,ilies interested are in a d
better condition financially than they
were; the road il being operated at a
less expense than Il ever has been, aud 5
there is no need OF making hasty sale
'f these properties. Any attempt to
'ell 1t now will result as did the pre-
vious one, 1t would force these people :,
70 come in as the limit would r
permit them. they would perhaps bid p
,nly 100000, II the limit was cut down s.
% that, aud these Wall street people Is
would simply take the property aud {,
he creditors would be left holding the al
ack. This is too serious matter to 81
'e acted upon hastily, and 1 a
nope your honor will not, without p
ffr "A