Omaha daily bee., 1896-12-06
AFFAIRS OF THE SHORT LINE
Receiver Mink Talks of Its Relations to the
Union Pacific.
OVERLAND NOT LIKELY TO CONTROL II
VIII Probably lie Operated in Har-
mony with the Union Pacific, How
cNcr-ERcct of Opening the
Ogden Gateway.

Oliver W. Mink. receiver and comptroller
| Of the Union Pacific, will leave for New
| York this morning. He goes on i'm
| portant business pertaining to the foreclosure
| of the Oregon Short Line, which matter
semes to be one of pretty general concern
among the railroads
When asked yesterday morning whether
| the Union Pacific would retain a controlling
interest in the Short Line, Mr., Mink said:
The reorganization of the Short Line is
through n stock ownership which now repre-
sents less than a controlling interest. Prior
to the receivershp there was traffic con-
tract which gave it almost absolute control,
Independent of its stock ownership My
judgment is that the owners of the Short
Line property, as reorganized, will operate it
as independent property. though probably not
in hostility to the Interests of the Union
Pacific"
"How will the Short Line be sold?" was
asked.
The same as any other mCrtgaged prop
erty is sold to meet a mortgagei debt. 1t
will probably be bought in by the reorganiza-
tion committee, acting in the interests of
the reorgani2ed company. The control Of the
title in the property viii then be vested IN
the new company, in which the interests of
the Union Pacific will not be sufficient to
control its operations"
"Huw will the sale affect eastern roads?"
"As | ntimated before. it will not ma
terially change the existing traffic relations,
although it is impossible at this stage of the
proceedings to make any definite statement
in this connection
what amount of interest has the road
defaulted causing it to be scld?"
THE foreclosure proceedings, which per-
haps control the situation, were instituted
under a defaut of the payment Of the interest
on the consolidated bonds. No interest has
been paid on these bonds since the road
passed into the hands of the receivers, in
October, 1893"
opening the Denver and Ogden gateway to
all lnes?"
Union Pacific II the ogden and Denver gate
5 opened. This would let in all competing
lines and the bad effects would be
inevitable
"Can you say who the auditor and gen
eral manager will be?'
mo. ! know nothing about the personnel
of the reorganization. My judgment Is that
the reorganization committee has been
obliged to spend so much time in perfecting
the details Of the plan arranging for the !
sale and taking inventory of the property !
that 1t has not yet considered the question
OF general or local organization"
"Are the receivers satisfied with the lines |
present earnings"
oh yes. about as well as they are salts
fed with anything else in life, You know
how that is yourself probably"
"Do you think all OF this matter will cause |
any further dissolution In the old Union |
Pacihc?"
II do not think the reorganization OF the |
Short Line will have any effect on the |
schemes or plans for reorganization OF any |
other parts OF the system. So far as the |
Union Pacific lines making up the Union !
Pacific proper are concerned the security |
holders in a great Fart viii deposit their !
securities with a reorganization committee, |
which will attempt TO advance It's plan |
independent OF the plans made or suggested |
for reorganization OF any Of the branch line |
properties "