The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-02

The date has at last been set for the
sae-ree,a+ion Of the oregon Short Line
and I1tah Northern railway from the
Union Pacific system and the reorgah-
ito, Of the former. 1t Will occur on
Jan. Q, 1897.
on that date, Hon. William ~ Ooi-
nish of St. Paul, who was yesterday
appointed special master for the pur-
pose. viii offer for sale at public auc-
tion. at the passenger depot of the
line in this city. all the properties OF the
lines embraced within the Short Line
system. The reorganization commit
tee Will then bid the property IN and
the transfer from the old company TO
the new one will be made. Reorgan-
ization will Immediately follow and
what has been formerly known as the
OREGON Short Line < Utah Northern
railway, part OF the great Union Pa
cific system, will become a separate
system by itself and Will be known a.
the Oregon Short Line & Utah North
ern railroad, the latter word constitut-
ing the only change from the former
title.
The headquarters of the new COM
pany Will be at Salt Lake, giving the
city all the advantages the fact implies
The date OF the sale was settled yes
terday at the conclusion of the pro-
ceedings in the United States circuit
court, IN which DEGREES Of foreclosure
We're entered IN the suits of the Utah
Southern general mortgages and the
American loan & Trust compan-'s
blanket mortgage When the courJ
proceedings had been completed Re-
ceiver Oliver w. Mink and the at
Jorneys for the parties interested, got
together. They included Hon. William
i. Cornish, the special master, Hon.
William r. Kelly, attorney for the re-
ceiVers, Lawrence Greer and lie Grando
Young for the Utah Southern general
mortgages, Zera Snow, attorney for thD
American Loan x Trust company.
They then agreed that the special mas
ter should begin advertising the sale
or Wednesday, the 9Th Of this month,
and that the sale should take place 80
day. later
This completes all the details prior
to the sale itself and the transfer of
the property. and il only awaits the ar
rival OF Jan. 8 to see the Short Line
out Of the hand~ Of the receivers.
The reorSa ization committee who
will cOnsU+ -Ce the new company are
Samuel Carr, Alexander Z. Orr, Waite.
Q. Oaknian, Nathaniel Thayer, Gordon
Abbott, Gardiner NJ Lane. A. A. II.
Boissevain and George P. Butler
Nho viii be selected chief officers
of the new company cannot be said at
this time as none of the gentlemen who,
have been here for several DAYS past
attending the foreclosure proceedings
were willing yesterday to So much al
NOuchsate a guess. They all echoed
% Il
said: That is a matter not to be con-
sldered at this time. None of the gen
temen now here are interested beyond
closing up the cOur- proceedings and
would not h in a position 10 know
even if the officers had been agreed
upon, which ! do not believe is the
case. do not believe the committees
mas taken the matter up at all as vet
but am of the opinion it viii he iarl
open with no action taken in that re-
gard at all till after the committee
takes charge They VIII then make
their appointments"
In raI-road circles the general noa,,-
agership is a live topic of conversation
however, and il is the general imDras,
sion as y has been for some time
mat W. II. Bancroft, the present gen
eIal superintendent of the Utah and
1udho uAlsions Of the Onion Pacific
VIII De made the general manager and
that s. W. Eccles, assistant general
irelSht agent of the Union Pacific. viii
DC appointed traffic manager. Both are
known 10 stand very highly with The
receivers and the members of the com
mittee.
THE LAST STEPS.
The proceedings in the United States
circuit court yesterday and the dav
before in the foreclosure suits. the last
steps before the reorganization. were
entirely formal The matter had oil
been arranged IL advance by stinuia-
ton and it only remained for the At
torneys to appear and have the de-
crees entered IN.
The application for the DEGREES was
b made day before yesterday and yester-
day they were granted and signed by
Judge Sanborn. who had come on to
Salt Lake 10 hold a session of the
circuit court for that specific purpose.
The mortgages fOreclosed were the
blanket mortgage OF the American
Loan and Trust company for S10. S95 00d
and three interest payments amount
ing to S242,3l5 each, or a total of SILL
1915; the Utah Southern general
mortgage, amounting. with interest, to
= 81 $50. 257.5S, and the Utah Southern Elk
tension mortgage, amounting, with in
terest, 10 $2,417,5 sic.
In the DEGREES il is ordered that the
separate lines of the system may be
sold apart from the general Oregon
Short Line and Utah Northern system,
but each line must be scld in its en-
tirety. This, however, is merely a for
mality. as it is the programme of the
reorganization committee TO buy in
the whole property in lump.
Three separate DEGREES of foreclosure
were entered, one for the blanket mort