The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-06-05

One Of the most important move
ments in the history of Salt Lake is
drawing near to its contamination, and
the interested business men viii soon
know whether there is to be a separ-
ate receiver for that part of the Ore
gon Short Line and Utah Northern ly-
UG in Utah and who that receiver is
10 be. Probabilities are that, when the
hearing is held on Thursday. the court
will make the separation and that
John NJ. Egan, who has been appoint
ed receiver in the other states. will be
the successful man.
There has been much questioning as
70 whether Mr. Egan would ask to
take the southern extension of the
line. In fact, there are some who have
been positive enough to say that the
southern line would be refused and
that the American Loan and Trust
people would readily consent to the
appointment of some local man for
that frG{a, leaving Mr.. Egan to look
after northern properties.
SpecSAseion has been rife. Rumors
without number have been set afioat
during the last few days. 1t has been
said that Mr.. Egan would play into
Ihe hands of Hill and the Great North
el 4, and would care a great deal for
the northern country and the cut off
lines up to Portland, letting the south
ern country shift for itself under heavy
tariffs and poor service. A meeting of
business men to consider rates merely
vas construed into one for a. protest
against the appointment of MIR. Egan.
It is said that those interested To-
cally III the bonds Of the road viii
make a move to have a local receiver
appointed in order to prevent any such
effects as those spoken about. \ num-
be- of those prominent in old Utah
Northern. affairs are already on the
move, working up sentiment and a
case tds present to the court when the
hearing comes on They base their
hoTEs largely on the report that the
American Loan and Trust company
does not want to take on its hands the
southern lines. which, on the reDorts,
have been shown to be improbable.
However. the most absolute assur-
ances have reached here that Mr..
Egan Will apply for the receivership of
all the lines in Utah. The Trust COM
pany holds first mortgage on the SYRIA
cuse, Stockton and Eureka branches
and second mortgage on all the other
lines. It is the evident belief that these !
roads can be made to pay if properly
worked, and all the property possible
IS to be taken into the combination /
While the authority cannot he given |
on1 count az the disinciinati of |
th6se interested to talk before the
hearing comes off, it can be positively |
stated that this is Mr.. Egsn's purpose, !
and when he arrives in this city this /
morning he probably will not hesitate !
to confirm it. OF course, under the cir |
cunstsQces. he viii have the inside |
track8nd will probably succeed in |
spite Of any opposition that may come |
from local bondhoiders and stockhold- |
ers.
Another of the rumors that went the |
rounds gave it as Mr.. Egan's intention |
TO establish his headquarters at Port /
land and operate the road from there. |
This is pronounced by the other side |
70 be a story started by the Union |
Pacific to prejudice the case for sep |
arate receivership. Equally positive as
Eurances come that Mr.. Egan would |
as soon think of operating from San !
Francisco or from Omaha as he would !
of going TO Portland, and that it is his |
positive intention to come 10 salt Lake |
city and establish a home here as well
as his headquarters.
In the meantime, interest is certer-
Ing around the hearing. That there is
intense interest in it among those who
viii be affected is shown by the oppor-
tune presence here of General Man
ager S. II. II. Clark, of the Union Pa
cific. and Superintendent OF Motive
Power Mcconnell. of the Union Pacific
system They have been fishing up in
Idaho and Mr. Clark denies that his
visit has any significance in connection
with the receivership fight. However,
he VIII be at the hearing on Thurs day.
OF course, he cannot help being in
terested. He will have but little left
of his great system after the courts
get through looping of the feeders
; I'd the bitter fight to the end is TO
ON place before Judge Merritt on
l..sEsday Mr.. Egan will also come
m4As morning and will stay until
n Fee IS disposed of. The ATTORNEYS
Fgthe trust company are also on the
Tlhere is little doubt that the suit will
he successful. The trust company has
won in both districts affected so far.
where the cases were not as good as
they are here, on account Of their
holding no first mortgage on any of
IRE property. AS the trust company
represents about SOS, 000, 900 of the bonds 1
or- about ore-half of the total bonded y
Indebtedness, it will probably have its
way and have its choice of receiver
ratified
It is announced that Mr.. Egan will
come here and settle for business. He
Is one of the best railroad men in the
ro,4ntry and has a reputation of work.
ing q road and country for all it is
Worth It is not the purpose of the
trust company to send a, man simply
81 draw salary, bit the object is
20 ,nale the road pay. OF course, that
can be&Ioae only by building up the