New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-24
UNION PACIFIC REPRESENTATIONS.

I FrIFCY ANDERSON GIVES SOME SUCCESS
r1ovs IS TO HOW IT CAN HE EFFECTED
Washington. April -. Eicry Anderson one Of
the five receivers OF the Union Pacific Railway COM
pany appeared by invitation before the House COM
nittee on Pacific Railways this morning and eX-
,oinod at great length the relations OF that COM
nany TO the Government. the status Of the Govern
oon,'s claims against It and other matters Of col
lateral interest.
Some equitable reorganization looking TO the pro-
lection OF all the interests connected with the ROAD
was the only thing in his judgment. to be done.
He was asked II any default had been made on the
nrst-uortrage interest AMI he replied in the mega
tive lie was then asked II there was any nkell-
hood that any such default might be made. to
which he answered that he thought not. though
the losses IN earnings have been enormous
HAS the Union Pacific made any provisions for
meeting the nrst-mOrtgaGe bonds when they are
due" he WAS asked
Il can't answer that question. don't think they
have any sinking fund of any magnitude for any
purpose whatever.
Mr. Boatner asked Nj Anderson II the Union IA
cinc had made any provision FOR meeting the debts
Of the United States and whether II had Il SPECIFIC
fund for that purpose. The reply was an emphatic
NO" lie read to the committee a statement show
ing the losses of the Union Pacific. month 10y month
from May to December Of last year as compared
with previous years and added that these losses
s,ill continued and he did not expect any material
change. the better until next autumn
lie thought S5.5CG0cp conservative estimat" o'
tho minimum net earnings Of the Union Pacific. the
Short Line the Oregon Navigation AMI the Car
road His suggestion WAS 10 issue S-0ccOoD worth
of 3 per cent bonds. the interest which could be-
met from the minimum net earnings; exchange the
outstanding stock Of the Union Pacific. the short
Line and the Gulf road for stock requiring tne
present stockholders to pay such an assessment a"
might be- necessary to quidate any portion ~ the
debt that could not be- l!quiIai"l 10y the bones r.
uuiro the r"lrgtn.2eI company tO sell from IN" ~
10000 worth Of bonds enough bonds 10 pay Oft all Hens
prior 90 thos. Of Government, require IN" t.
orc tnizcd COMPANY 80 by 10 thr Government IN
FUN amount Of PRINCIPAL anl interest dic Us the
Union Pacific To . ~ tl' . l"r cent bonds IL cas-
the representatives Of the Cove rnwcnt di not thrK
these Lens sufficiently advantageous. they could
iuirc still further Application @. me n"H.s ~
other words TAX, them az pric" below par final-
IS. apply all the remaining bonds and such ~
amount ~ the preferred stock a@ might %" required
- the adjustment of al the other secured onist-
lions of the company
rni,tce 90 give tho reorganization cowmltt"s-o'
which he was a member -a hcarnc The committee.
H. said. had nos set agreed upon a plan but would
do - hy next week.
On motion 30 MIR. Cnruth. ~ Kentucky, n was
decided near Nj St.isou and others OF bis COM
Inittce on Tuesday n"At. On Friday next ~" com
mitt-- Will hear Mr. Huadiy. coUnsr! ~ the Iuitrl
Mr. Hoady was 20 have been ncari Wclnesl ~. bnt
the day was changed m 20" re1ues 81 he At'rH"f-
General who IS preparing q lil AMI report % IA
cinc Railroad iuetfor- Th',e VIII not B." r'tly be-
fore Friday. and Ar Iioaiiy wishes 90 address the
coDlmiitce n Inference 80 taom.