Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1897-10-27
PACIFIC ROAD SALE.
Reorganization Committee Doesn't
Want Any Delay OF the
Foreclosure Sale.

New York. Oct. 25.-The Union Pacific
reorganization committee made the fol-
lowing announcements:
The attorney general has notified this com
mittee that he proposes to ask the court for
an adjournment of the foreclosure sale of
way property to December 10, so as to post
pone final disposition until after Congress
shall have met This action is doubt
taken to free the administration from EN-
barrassment.
The reorganization committee has,
however reached the conclusion that in
terest of the security soldiers represented
by it and of the syndicate furnishing the
funds to finance to reorganization, de-
mand reorganization without any further
delay. In this situation the committee
cOntemplateS. so as 70 gain prompt pos
session of the Union Pacific line, to on
pose any adjournment of the sale of the
main line, and TO bid it in, if need be,
for the full amount of the governments
claim, the additional sum involved IN this
being $S,00O000.
AS TO the Kansas lines. the foreclos-
ureS of the first liens upon the subsidized
divisions of the Kansas Pacific railway
will be energetically pressed, and when
these foreclosures shall have been accom-
pliShed the reorganization of the Kansas
Pacific lines will be completed as
claimed.
Allotments made under the plans to
Kansas Pacific holders and amounting 20
about S13, 100000 in new bonds and So
100000 in preferred stock Will remain re-
served for the reorganization of the Kan
saS line.
The amount of new first mortgage
bonds to be issued for the purpose o. the
reorganization of the Union Pacific main
line will not exceed $4,000 900 and pre-
ferred stock S55, 100000.
No change in the plan of reorganization
is involved in the foregoing.
Washington. ID. c., Oct. 25.-Attorney-
General McKenna was shown this state
ment and was asked if he had notified
the committee of his intention as stated.
to which he replied that he had; that
Gov. Hoadley, special counsel of the gov
eminent in the cases. was directed last
week to make the communication to the
reorganization committee. He also said
that the application would be made to
Judge Sanborn at ST. Paul for the post
ponement of sale, not of the main line
only. but of the Kansas division lines.
He further said that the government had
been very attentive to the situation and
very DESTROYS to have a sale open TO all
bidders-one that could not be complained
of-and for that reason desired the post
ponement to enable bidders to prepare,
and had reasonable assurances that there
would be bidders other than the reor-
ganiZatiOn committee at the sale.
what other propositions had been received
or by whom made, and it is certain that
the sum expected to be realized IS con-
siderably III excess of the guarantee offer
of the reorganization committee. That
guarantee. the attorney general said, re
mains III full force, Notwithstanding the
pOstponement of the sale.
No serious opposition to the consumma-
ton Of the sale on the part of Congress is
anticipated by the department.
Omaha. Neb., Oct. 23.-Judge w. ID.
Cornish, special master commissioner for
the sale of the Union Pacific. and Judge
W. r. Kelly. general solicitor for the
receivers. had their first news Of the
postponement of the sale from the Asso-
ciated press this morning They were
both very much astonished and declined
TO say anything further than that the
news was complete surprise and com
pietely upset them. They have no plans
in connection with the postponement.
! They were in consultation with General
Manager Dickinson at the time they were
told. Mr.. Dickinson also declined to
! IA