New-York tribune., 1897-10-27

-,,r MOVEMENT ~ CHARGE OF HOUSE OF
HIGH FINANCIAL Standing.
Londoa Oct. 26.-The first attempt 70 organize
,,,dics,A in London for the purchase Of the
Union Pacific Railway having the appearance
n, substantially is being made by Coates Son
T. Co stock and share brokers. A swarm OF
cheap American and European promoters nave
infested the city since It became known tnat
The property would be put up at auction out
their efforts could not be considered seriously
The firm Of Coates, Son & CO. Is nnanclal
bouse Of the highest standing Whicn mas han
rsijroad interests IN Canada and mas solu Oans-
dian and American bond issues In Europe Inc
concern became interested In the Union faoinc
sale. and is said TO be organizing an opposi'lon
SYNDICATE
The chief obstacle to be overcome was tna'
,,. notice given by the Court much too
short to allow the maturing OF plans TOT secu'-
ing the necessary capital. The plans OF Coates
Son & co. were communicated 10 Initso states
Consul General Osborne who. thinking that
hat,er price would result from fostering the
cornpetjt,oa. cabled TO Attorney-General Nc
K4nna Yesterday that another trustworthy oo
might be ma.e If the sale was postponed add
ing This effort 20 secure the property, look
ING ~ the reputation OF the parties concerned
is undoubtedly an honest one
The only member of the Coates frm VINO was
accessible this evening declined 10 discuss 'u~
project -. 49, r,,,,sN sh,ra
holders association said this afternoon. II Is
obviously impossible for any interest pu' tne
Determination Committee 10 secure the roac
Their syndicate is prepared 10 nay the enure
Indebtedness !, necessary, 10 secure IL more
over the Reorganization Committee con'rois
practically all the hrst mortgage oohos, an1
tbcoo could he transferred under the terms OF
saje in part payment Of tho bid. The ReorSani-
-stion Committee represents practically Gil the
sbarehoIders as 3500N.00o worth OF stock has
bean already deposited win tne bdnA oi @''"
,real under the committees control
/ Pie~pon. Morgan declined TINS evening 10
d,ecrse the matter in any aspect. de saio, now
over mat re did not expect 10 san TOT New
York tomorrow. although booked fCr 'he leu
tonic. He intimsted that he did not Kno" "nen
o,rrnth;. saws: "A deal OF hard lying is evi-
dently going on concerning the Union racine
Railway Possibly some efforts are peihs H.aoe
10 promote a new syndicate. IT only TOT olacn-
mailing nurposcs But the original syndicate II
var,, r,owerfIl apparently undisturbed. ara con-
rdent that IL will be the only bidder ~ me lole
closure sale It's successful comple tlon VII
mean very considerable recovery ~ Chlo"
Pacific shares. Large orton deahnsS nave "'
curred lately with that in view IL, -
THE Times" in IT'S fnancie, article VIII say
.or,orrov,-. '.The considerable sales Of Union
Pacific Railway shares YESTERDAY We're cdusS'.
faith in United states Attorrey-Genei@l NC
kenna's conduct Of the foreclosure pr"ceedlnss;
The Eeorgs nization Committee having deposi1ed - 4
20 per cent 0, their BID. IL Is cuh'ci.uep i ~
d4narture from the spirir Of the engagement,
whatever legal technicalities may ne auVdilSeu
In support OF IT, II is probable however tnd .
Tire committee will defeat the Attorney -',enei a, a.
hv buv,ny in the main line. paTirg on me ruii
Government claim ard eband' ming the Kansas
Pacific division"