The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-15
J.. P. REORGANIZED
THE DETAILS HAVE ALL BEEN AR
RANGED AT BOSTON.
The Oregon short Line and Some Of
BE Left Out-The New Directors
Will Include George Gould, C.,llis
p. Huntington and Other strong
Names-Several Changes In Man
agcmcnt VIII Take Place I'm the
hmm euiate Future.

Special Dispatch to the Post-Inteiligencer.
BOSTON, Mass. June 1.-THE reorgan-
ization committee of the Union Pacific
has perfected its plans here and a new
company will take the road in the imme-
date future.
s. II. II. Clark, of Omaha In all prob
ability viii be ousted and his place will
be filled by Oliver w Mink, of Boston.
The new scheme has received the sane
ton of the representatives of the govern
ment. BY September the new company
VIII be I'm control. The Oregon Short
Line. In which the Union Pacific has an
equity, has reorganized on it's own ac-
count since the original plan for reor-
ganization was preached. and the Kansas
City & Omaha and the st. Joseph and
Grand Island being organized separately,
pass out of the Union Pacific system.
The Denver. Lincoln e. Gulf and some OF
the smaller roads in Kansas ard Nehras-
ka, which are Improbable properties, are
not 20 be included in the new reorganiza-
ton plan, and are to shift for themselves.
Among the men who are mentioned to be
members of the new corporation and its
probable officers are: Oliver w. Mink. of
Boston; John w. Doape. OF Chicago. and
Frederic r. Coudert. OF New York, pres
ent receivers: John r. Dillon, of New
York, general counsel: Alexander Miiiar,
OF Boston. secretary and assistant comp
troller; Edwin f. Atkins, OF Boston vice
president: Russell Sage. OF New York;
George J. Gould. of New York: George Q.
Cannon of Salt Lake; Henry b HYDE. OF
New York. present directors. and Colts
p. Huntington and William r. Hearst. of
New York. are aisn mentioned as among
the probable directors of the company
BOSTON, June l4.-ln short time the
reorganization committee is expected To
make public It's new plan for the reorgan-
ization Of the Union Pacfrc railway as as
surances have been received that the plan
will be acceptable to the representatives
OF the government. The new plan is said
to provide for the securing OF the road by
the reorganization committee for the
actual net sum OF SIS so. sss although tho
minimum bid was fixed at 49, go II is
said that the plans for reorganization
have proceeded so far that the changes to
be made in the board OF directors have
been decided upon and Oliver w Mink, Of
this city, is named as the probable preni-
dent OF the new corporation The ailot-
meus of first mortgage per cent bonds.
which. under the original plan, was To be
500 f0e .os9 is TO be reduced under the nev
plan, 30 s75 e0 400 and there is TO be an In
crease IN the allotment In preferred stock
10 the Union Pacific sinking fund Fights
and the Kansas Pacific consoIs The re-
organiza ton committee has now secured
practically all OF the outstanding bonds
afost and nearly all the stock
The time for the actual sale OF the road
10 the new company under the foreclosure
proceedings was set for the frst week In
July, bur owing TO necessary legal for
naIities which mus, BE- complied with II
is now expected that the great system will
not be operated by the new company
much before September or October OF this
year.