The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1896-05-16
SALE OF s., |. S. & {.
RELIEVED THE ROAD WILL BE
BOUGHT IN BY BONDHOLDERs
Washington Central May Buy the
Eastern END of the Seattle, Lake
Shore a. Eastern.

Spokane, Wash, May 13-(Specal)-
Lively interest is taken here in the sale
of the Seattle Lake Shore q Eastern rail
road, advertised to take place next Satur-
day at Seattle. well-infOrmed railroad
man said yesterday that he had reason l.
believe that the property would be bought
in by the bOndholders, and that their com
mittee is even now seriously considering
a proposal to dispose of the eastern end
of the road to the bondholders of the Cen
trail Washington This would give the
Central Washington direct entrance int
Spokane, and make 1t Independent Of tht
Northern Pacific. 1t now connects with
the Northern Pacific at Cheney.
you do not believe, then, that the Cen
trail Washington bondholders viii come in
under the Northern Paciiic's plan of reor-
ganization2"
Il doubt it, The bondholders' committee
seems TO have a thorough understanding
of the situation, and | believe realizes the
true value of the property. If the Contra
Washington could secure the Spokane end
of the Seattle, Lake Shore & Eastern, anu
then extend it's line to Waterville and the
Columbia river, ii would have the nucleus
of one of the finest railroad properties in
the west. l should not be surprised to see
the road extended this year to the Big
Bend plateau, % or 80 miles beyond Coulee
City, the company resting there for an
other year for a clearer vision and deci5-
ion as to whether it would be better to
make for Waterville or the Columbia
river
Speaking of the sale of the Seattle, Lake
Shore q Eastern, the Post-lntellgencer
says:
General John II. Bryant, receiver of the
Seattle, Lake Shore & Eastern railway,
returned on Saturday night from his trip
to the east. General Bryants period of
service as receiver of the railway company
is probably nearly at an end, for if the
sale of the road takes place, the entir-
property will pass into the hands of the
purchasers, and nothing will be left for
the receiver to do except to distribute tn
resulting funds, under the direction Of the
court.
AS far as the sale of the road is con
cerned, there are no developments al
though it is surmised that Mr Bryants
recent trip east had mere or less to dc
with the matter. Unless the United States
court should, in the meantime. decree
otherwise, the sale Will take place, as
advertised, on Saturday next. None OF
the interests represented in the litigation
have evinced an intention to oppose thu
sale at the time mentioned. A term OF
the United States circuit court and dis
trict courts will commence this week
the opening day being Thursday May Il
II any move is to be made In the direction
of securing an adjournment of the sale, Il
will be on the opening day of court, OF
on Friday at the farthest.
Speculation is still rife as to the proba
BILE purchasers at the sale but nothing
really tangible can be learned. If any o.
the railroad companies mentioned
prospective purchasers have any real lie
signs in that direction, they have no
been taking the public into their conf
dence and their local representatives, hav,
no information to impart on the subject
The general consensus of opinion among
those who hazard a conjecture on the sub
ject seems to have settled on the BELIEF
that the road will be bought i'm by tn
representatives of the bondhOlders. and
that no other bidders viii present them
selves at the SALE and that if any of the
companies mentioned desire to secure tn.
road, they will do so by dealing directly
with the bondholders after the sale, ami
not by appearing as bidders az the sale.
The argument advanced in favor of rhis
view is certainly a forcble one. 1t is
that the bondholders can buy the road
without being compelled to put up any
money beyond the court costs; while any
other purchaser would have to pay into
court. on confirmation of sale. the full
amount bid in actual money. If the bond
holders take the road. purchase from
them would readily be made in bonds Of
the purchasing company. secured i'm part
or entirely by the road itself. However,
next Saturday viii determine the whole
question.