The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-26
ADJOURNMENT OF SALE
OF THE KANSAS PdCfFTc AND
UNTov PACIFIC no BE asked
ny the Attorney Generai--Better oncrs
ahan Those Made by the Reorgantza-
uor Committee Are Expected.

NEW YORK. October 2S.-The Union
Pacific Reorganization Committee to-day
made the following announcement.
The Attorney General has notified this
committee that he proposes 10 ask the
court for an adjournment OF the fore
closure sale Of the Kansas Pacific ana
Union Pacific railway property TO De-
cember 18th so as TO postpone final dispo-
sitlon until after Congress shall have met
This action is no doubt taken to free the
administration from embarrassment
The Reorganization Committee ha9'
however, reached the conclusion that the
interest OF the security holders repre-
scented by II and Of the syndicate iur-
nishing the funds 10 finance the reoi-
ganization, demanded Reorganization
without further delay.
WILL OPPOSE 1T.
In this situation the committee c oii.eii-
piates-so as 10 gain prompt possession
OF the Union Pacific line-opposing any
adjournment Of the sale OF the mann
line and TO bid II in. II need be, Tor tne
fun amount OF the governments ciaiih,
the additional sum involved IN TINS Deihs
$3.50 900.
AS TO the Kansas lines. the foreclosure
OF the first liens upon the SUBSIDIZED ul-
visions ~ the Kansas Pacific Will be en-
practically pressed. and when these i0re,,
closures shall have been Accomplished
the reorganization OF the kansas racine
lines will be completed as claimed
AIlotments made under the plans 10
Kansas Pacific holders and amounting 10
about fifteen million dollars In new DonuS;
and twenty million In preferred STOCK, VIII
remain reserved for the reorganization OF
the Kansas line. The amount or new Irst
mortgage bonds 20 be Issued for the pur-
pose of the reorganization OF the Ohlon
Pacific main line will not exceed seventy
million dollars. and Of preferred STOCK
6fty-fve million dollars. No change IN the
plan Of reorganization Is involved IN the
foregoir" .. Immune
WASHINGTON. Oct. 2.-Attorney-Gen.
erai McKenna was shown this statement
and was asked II he had notified the com
mittee of his intention as stated. 20 when
he replied that he had seen tnat DoNcl
nor Hoadley, special counsel or tne kDe.
eminent in the cases. was directed ldst
week 10 make the communication 10 tne
reorganization committee. He also sara
that the application would be MADE 10
Judge SanbOrn at ST PAU LOT the PVq1st-
ponement OF the sale not or the mann inc
only. but OF the Kansas division ines.
lie further said that the Government
had been very attentive TO the SITUATION
and very DESTROYS TO have sale open TO
All bidders one that could not be COM
planned of. and for that reason desired
The postponement 10 enable bidders 10
prepare. and had reasonable assurances
that there would be bidders other than
the Reorganization Committee AT the SAFE.
The Attorney General declines TO state
what other propositions had been re-
ceived or by whom made. but IL Is Ger.
tain that the sum expected 10 De realized
Is considerably I'm excess Of the guarantee
OF the Reorganization Committee. Ihat
guarantee, the Acknowledgement says, re-
mains in full force, Notwithstanding the
nosfnonement OF the sale. No serious op-
position to the contamination Of the sale
on the part OF Congress is anticipated by
the department