The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-07-30
SALE Or UNION PACIFIC.


OMAHA. July Es~Decfees OF sale of the
Inion Pacific under the foreclosure pro
ce@d!ngs, instituted aEaipss IL by the
United States. were passed upon ny Judge
Walter Sanf,eru In the Enitsd Stats court
here this morning. There was M obt-e-
tion TO the entrance of tne Arass Dexter
decree and, after a fsw corrections had
been made Ia the printed copy Of the de-
cree. Il was passed upoG by the court.
The entrance of tbs government decree
drew forth g vigorous debate between ex-
Coy. HoadIsys special counsel for the
United States, and Wsnslow 3 Pierce.
counsel for the reorganization COMMITTEES.
The debate was upoa the right OF the
court 20 reserve 10 the United States al
rights OF the government expressly stated
la the decree. IL was decided In favor og
thn government
The apset price under the slrst mort
gage VIII be 81, t3s t5A. J.dge xilliam u.
Cornish. OF ST Paul Will act as special
master In shs matter. lie will sell the
main lire. the J. aS4 miles Of road from
connctl Blufs to Ogden. and it's immediate
branches In this city. The date Of sale
viii not be fixed until twenty days shall
have expired. the court giving that much
time 10 TIE Uaion Pacinc Railroad Com
pany to redeem the property. The date
OF sale and ether matters connected with
the sale Will be fixed BY Judge Cornish.
Similar aecraes Will oe entered ia Council
Eluns today. and later In the states of
Wyoming. Colorado. Utah and Kansas.
Il y. ForecIo.oxe Decree signed.
OMAHA. Neb.. july 2.-Judge Sanborn
passed the decree OF sale In the Union
Pacific foreclosure case this morning lie
accepted the Ames decree with but few
corrections. There was sharp debate
over the governments decree. the attor-
neys for the reorg ganixation committee OBJ
3ectins. The upset price was placed at
tsA.ao6. 9s. Judge Cornish was appointed
special master 60 conduct tie sale He
VIII fix the date later.
The decree for the first mortgage bond
holders recises the history of the road,
with the several acts Of congress govern
Ing the same. the issue OF the different
ser.es Of bonds and the litigation leading
up 10 the suit fof foreclosure. II is then
dec. ca and ordered that all the property
ard rights of the company shalt be sold
al auction 10 the hixhes; bidder upon the
fnorlgage5 premises az the freight station
OF the railroad company in the city of
Omaha en- a date TO be fixed By the spe-
ciai master notice OF the sale Is Or
dered published at least once a week for
four successive weeks In at least one
newspaper In New York city. Boston
Omaha. Denver. Cheyenne and Salt Lake
City.
The receivers Of the read are ordered to
file within ten days Of The entering OF
this decree an approximate statement of
the amount OF money In their hands. the
amount Of moneys due to them, and all
their liabilities due from the operation OF
the mortsaged premises The decree sp-
points William ID. Cornish as special
master TO make the salA, and he Is given
power 10 postpone the sale from day TO
day. Prospective bidders are required TO
deposit with the master FIVE days preyi-
n tfF Il h.. sxf fszlf fsls1
the successful bidder must deposit within
five days after the sale sam equal to Ia
per cent OF the bid as n pledge that hs viii
make his bid good No bid will he ac-
ccpted for a less amount than $50 esT. 4as
The purchaser may pay for the property
Ia cash or In cash and aTst mortgage
bonds. and fhe amount remaining after
the application Of me two deposits made
must be paid as follows.
Twenty-Five per cent. within thirty DAYS
after the confirmation Of the sale q per
cent. in - days; = per cant. IN ~ days
and = per cent. I'm 60 days Payments may
hs made In bonds az the value Of the prin-
eieal and the interest due. The money re-
ceived from the sale is 20 be usad first
fer the payment of the tirxt mortgage bonds
AMI. second II there he surplus TO the
payment OF any debt due the government.
The purchaser pays all costs Of the Gaze
the expenses OF the sale. compensation OF
the master balance due The receivers on
salary and unpaid deb, OF the receivers IN
Cured during the Tnanagr snent Of the Z, OPP
erty
The decree I'm favor Of the United States
Is similar IN form 70 the one for the FIRST
mortgage hondholders. except that IL pro-
sides for sale OF the properly subject 10
the prior Hens reported IN the other de-
cree. Il provides for a double sale to-wit:
Trio subsidy bonds of 81 ~ 5ls with inter-
ess amounting 10 80 So. 40 making a total
Of 81. 81 4So. the upset price being s.3eo-
ta9. the Other Is the sale Of sis sss 80 in
bonds - the United States Union Pacific
sinking fund which cannot DC seid fer less
taaa par value.