The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-11-25
MIR. MINK TALKS.
He Discusses the Union Pacific and
Reorganization.


Omaha, Nov. 24LReceivers Mink
Anderson and a number of Union Pa
cifc officials and stenographers re-
turned today from an inspection of the
lines.
Tonight the receivers left for New
York, where next week they will meet
the other receivers of the property and
decide, finally, on reorganization plan.
Mr. Mink, discussing the tour of the
system, condition of the property and
reorganization, said:
From my observation I should say
that the business situation has
frightened considerably west of Den
yer, but east, through Kansas and
Nebraska, L still find a depression, due
largely to the failure of crops. Had
the states mentioned been favored with
an abundance of grain and corn, this
am confident would have been one of
the best years in the history of the
Union Pacific
Asked if he though the numerous
foreclosure suits would be pushed to
their legitimate end, Mr. Mink said:
81 do not believe it is the intention of
the compliments and plaintiffs in these
cases to force anyone to the wall. The
general feeling seems to be that the
suits were brought to protect certain
interests and to permit the control of
the revenues under receivers, rather
than allow the revenues to go into
channels other than those represented
by the mortgage bondholders. With re-
ceivers favorable to the interests seek
ing protection, l believe that the fore
closure cases will not operate as a
bar to legitimate handling of the prt D.
critics."
Upon the question Of reorganiza i IN.
Mr.. Mink expressed himself as favor
able to some such scheme as outlined
by the. government receivers.
II do not understand that the gov
eminent receivers are pledged to the
several allotments made, but they were
advanced only to develop the reorgani-
cation feature of their report and show,
by actual figures, how some such
scheme could be brought about. The al
lotment of the government security is
a very generous one, in my opinion be-
ing something like $40, 900, or dollar
for dollar. This amount under the plan
proposed would become part of the
blanket mortgage proposed to be placed
on the entire property, and become a
shareholder of the first mortgage in
stead of holding its lien nature, or sec
ond mortgage function, as under exist
ing conditions. With the government
debt settled and out of the way,
L nave IO uOuDl Dur tnat the
other interests could harmonic
quite readily. OF course, there
would be some heartburnings. prob
ably, that in the allotment of
certain funds, the scale was not pro-
perly proportioned; but even these
could be handled without much diff
ficulty. There are certain giltzedge Sc
curities like the sinking funds. the
Omaha bridge bonds and others, which
would have to be carefully considered.
but [ anticipate everybody could agree
as to their position in the blanket mort
gage. If there was only some one who
could speak authoritatively for the
government / believe our pathway
would be clear toward reorganization
The reorganization committee must
take into consideration the government
debt first, and after a conclusion has
been reached as TO what would be
fair valuation of the second mortgage.
which it has on certain branches of the
Union Pacific, other security holders
can meet on a common ground for the
settlement of their interest Whether
the reorganization committee will pre-
sent plan to Congress, shortly to con-
Vene, l am not informed, but we can
only hope that the scheme as proposed
by Mr. Anderson and his associates
will meet with considera ton. The fact
that they went so far as to put in the
ailotments, including the Oregon Rail-
way d Navigation company, show how
sincerely they regard a united pro-
perty."