The Wichita daily eagle., 1896-12-12
WAITS ON CONGRESS
UNION PACIFIC REORGANIZATION
COMEITTEE FXPLAINS
Circuiar Addressed to Security Holders Re-
cites the Efforts Pending to Secure an
Adjustment OF IndebtedAess to the Gov
ernmsot and the Desissbllity Of Delay
In View of Foreclosure Following the
natl. Newport and CovIseton street Rail-
way Bonds-GeneRal Railway News.

way BOn0S-GeneY0l Hallway News.
New York, Dec 1.-THE re-organiza-
ton committee of the Union Pacific rail-
way company today addressed circular
to the holders OF securities of the COM
pany's main lines. inclusive Of the Kan
sas Pacific, explaining the decision to
extend TO June 1897 the time during
which the plan and agreement may be de-
clared operative. The committee recites
the frequent efforts to secure the adjust
ment Of the Indebtedness OF the COM
pany and Of the Central Pacific railroad
10 TIE United States during the session of
congress which began in December, 1895.
and lasted until June, 1896. The circular
committees on Pacific railroads of both
houses shortly before the adjournment OF
the last session of congress is, in its main
features, satisfactory to the committee.
1t is hoped that action by congress at its
present session viii be favorable, in
which event the committee viii promptly
proceed with the reorganization upon
the lines of the proposed funding bill.
Should, however, this expectation not be
realized, there is a proba bili.y that the
government win proceed on existing au-
rhorization with the foreclosure of its
liens. In such event the committee in-
tends to prepare for the purchase of the
property on such foreclosure and there
upon re-organize the property. In the
existing situation the committee has
deemed it prudent TO postpone action in
declaring the pan operative until the al
titude OF congress and the executive be-
comes more clearly defined.
CUT-RATES TO THE COAST.
Chicago, Dec. 11.--General Passenger
Agent Fee of the Northern Pacific, who
was N Chicago today, declares that the
reports of the s25 rate made by the North
ern Pacific and the Great Northern from
st. Paul to North Pacific coast points
are without foundation in fact. The same
story, he says, was started about one
year ago, and in both instances it came
from land SPECTATORS in the state of
Washington, who circulated the report
of cut rates In hope that immigration
would set in toward their state. There
has been, Mr.. Fee declared, no change in
the rates from st. Paul to North Pacific
coast points for two years. or since the
organization of the Transcontinental Pas
senger association, and there is no i'm
mediate prospect of any change being
made in the present rates. The story
had the effect OF stirring up the other
L
however. and there was all kinds of talk
about meeting the rates and calling a
meeting of the Transcontinental lines,
and other things of a like nature.
TRANS-MISSOURI LINES.
Chiago. ILL.,, Dec. 11.-Chairman Cald-
we'll of the Trans-Missouri Passenger as
socidticn is now making an effort to
have a meeting of the Trans-Missouri
lines in Denver in the near future. The
decentralization among these lines Is less
at present than it has been for some
time, but there are a number of mat
ters that require adjustment, and the
chairman will call a meeting Of all the
interested lines as soon as he can find
a date On which all the roads can be
represented. There is probability that
the meeting Will be held some time next
week, but the date is very indefinite.
STREET RAILWAY BONDS.
Cincinnati. Dec. ia syndicate has
been formed here and agreed to take up
$500. 600 second mortgage bonds of the
Cincinnati, Newport and Covington
Street Railway company, subject to rau-
fication by the stockholders. most OF
whom are of Cleveland. Pittsburg and
Cincinnati. The company has sixty
miles of track The system is capitalized
at s4,OO0,00O of which three-fourths is
pdlQ up anu II Ids SosUOV,Vvv OOAUCl IL
debtedneSS.
RATE DISCRIMINATION.
Chicago, H., Dec. u.-At the instance
of the interstate commerce commission,
a warrant has been issued for the ar
rest of A. ]. O'Rielly, commercial agent
of the Louisville. New Albany ard Chi
cago Railway company at Indianapolis,
the charge being that he violated the in
terstate law by discriminating in rates.
1t is understood that the trouble arises
over western shipment, in which sew
eral lines were involved, and that the
warrant for O'Rielly is only the forerun-
ner of several that are TO be served in
this city.
GRAIN MOVES FREELY.
Cincinnati, o., Dec. 11.-General Man.
ager Greene of the Baltimore and Ohio
railroad stated today that the road was
receiving and forwarding all grain thar
was being offered. He said there is no
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