The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-06-11
ANOTHER NAN NAMED
W. h. Bancroft Appointed By Judge
Merritt Of Utah.
HE AND EGAN ARE BOSSES
The Oregon Short Line and Utah
Northern, In Certain Districts.
In Their Han6s-General Man.
ager Dickinson Highly Eiated.
IE AND EGAN ARE BOSSES

ager DICKINSON highly Elated.
Salt Lake, June lO.-Judge Merritt of
the Third district court. handed down
decision in the Oregon Short Line
and Utah Northern case to-day. He
appoints John NJ. Egan OF st. Paul,
and w. ii. Bancroft OF Salt Lake. re-
ceivers of the entire property within
the jurisdiction of the court. This Is
upon condition that the interest now
due on the mortgages will be paid by
July l, and all interest falling due
thereafter will be paid within 80 days
from maturity. Otherwise the prop
erty shall be surrendered to the re-
ceivers OF the Union Pacific road.
Bancroft is one of the general super
intendents of the Union Pacific sys-
TEN.
The decision has been the all absorb
ing topic in railroad and commercial
circles to-day. Before the order of the
court is operative. II makes 1t incum-
bent upon the American Loan e Trust
company to pay s734O0o interest due
on the mortgages July /. and to pay
all interest falling due thereafter with
in 30 days after maturity. This in
cludes the interest due on the Utah
Southern mortgages. II default should
be made on the interest the road is
then to be surrendered to the present
| receivers. 1t was also stipulated that
the entire road should be operated In
one interest No reference was made
10 the issuing of receivers certificates.
The Loan & Trust company made
strong fight for single receiver.
claiming that the appointment Of an
associate receiver would defeat the
objects Of the suit. In some quarters
1t Is claimed that the Loan & Trus;
company will not accept the conditions
imposed by the court. This opinion is
In part shared by Mr. Egan himself.
The friends Of Mr.. Bancroft point to
hisclean and successful management OF
the Rio Grande Western road during
his six years management as receiver
and general superintendent; also the
vast improvements made by him on
the Oregon Short Line. and think that
his association with such al able rail-
road manager as Mr.. Egan could not
fail to bring satisfactory results to
every interest involved. Mr.. Egan
leaves for the East tonight and Sena.
tor Thurston goes to Idaho for a few
days recreation.
Omaha, June 10.-It was a foregone
conclusion that the Short Line and
Utah Northern would be placed under
the control Of separate receiver,
the only hope OF the interests antag-
onistic to the American Loan & Trust
company being to secure q coreceiver
who would be fair to the Union Pacific,
which has now been accomplished by
the appointment of w. II. Bancroft,
superintendent of the Mountain divi-
sion OF the Union Pacific. General
Manager Dickinson was elated over the
appointment Of Mr.. Bancroft, whom he
regards as the one man to direct the
interests of the separated property.
But 1 do not believe Mr.. Egan will
accept the terms of the transfer en-
bodying. as it does. the Utah Southern,
a property which has not paid operat-
ing expenses. Our people feel salts
fled with the terms of the order as
made by Judge Merritt, and IL II is
accepted by the American Loan &
Trust company. 1t must be done at a
great cost to that corporation. The
American Loan & Trust company,
through its attorneys, has fought the
coreceivership idea from the beginning,
and this. coupled with the interest
feature of the order. which Is along the
lines outlined by the attorneys for the
first mortgage interests. the receivers
of the Union Pacific and Oregon Short
Line will probably prove too much OF
load for the receivers to carry.
Should Egan accept, II will not affect
the forces at Union Pacific headquar.
ters to the extent of more than 80 men
and as for our mechanical forces. they
are reduced TO minimum 1t has
been my idea. however, all through, II
the two receivers were accredited Ia
the property and the contentious OF
the attorneys OF the first mortgage and
other interests followed, that the sue
cessor receiver could not consistently
take the property.
Mr.. Egan will now operate the prop.
critics in the Eighth and Ninth cir.
cults. but ! can hardly believe this, as
Ogden is the key to the situation and
ii would leave Egan the ends Of the
line to operate. while the great middle
would be operated by the present re,
ceivers; for l take 1t that Bancroft
would refuse to take the road IL hi.
senior should object to the ORDER
There was considerable satisfaction
expressed about headquarters wher
the terms of the order became known
for the majority Of the heads OF de
partments felt that Egan would no
take the Short Line loaded down will
non-paying divisions, as in the case o.
the Utah Southern and Southern ex