, 1897-11-05
OFFICIAL RUM0RS.
IT is UNDERSTOOD THAT THE
ELECTION WILL TAKE PLACE
WITHIN SIXTY DAYS.
The Purchase Money Will be Raised
Without a Ripple in the Financial
World-Denver and Gulf Arrang-
ing for Observation-Disclosures
Made Under the New Plan.

Omaha, Neb., Nov. AT Union Pa
cific headquarters there is considera>
BILE talk about the reorganization. 1t
is understood that the election of off,
GERS will take place at New York or
Boston some time within the next 60
days The belief is general that S H..
H. Clark will be offered the presidency.
Whether he will feel equal to UNDER
taking the tremendous job of reorgan>
izing the Union Pacific is a much dis
cussed question. 1t was rumored that
a representative of the reorganization
committee had gone to st. Louis to
offer the presidency to Mr.. Clark.
The visit of President c.. S. Mellen
of the Northern Pacific here during the
early part of the week. and his inter-
course with the members of the reor-
ganization committee while here, has
led to the report that he is seeking the
presidency of the Union Pacific. This
rumor has been persistently circulated
within the past two days. Men most
conversant with Union Pacific affairs
declare that Mr.. Mellen is in no dan>
ger of being called upon to preside ov>
er the affairs Of the ~reorganized Un>
ion Pacific as chief executive.
Mr.. Mellen was recently selected as
a compromise president for the North>
ern Pacific, resigning the position OF
second vice president of the New York.
New Haven and Hartford railroad to
accept it. Formerly he was traffic
manager of the Union Pacific, and is
familiar with the business of the SOW
erland Route"
One hears the nam of Edward Dicks
inson mentioned more and more fire,
quently in connection with the Union
Pacific, should Mr.. S. H. H.. Clark not
be the a The other names men,
toned include William H. Truesdale.
general manager and third vice presl-
dent OF the Rock Island; Edwin Win.
ter, former president of the Northern
Pacific. and Oliver w. Mink. second
vice president and comptroller of the
Union Pacific. The property is in the
most perfect condition, and it is not
likely man changes will be made in
the operating department.
General Passenger Agent Lomax and
other high ofhcials, it is said, will be
retained under the new regime. Stories
are afloat that nearly all the old feed
ers will be brought back into the fold
in the due course Of events.
ARRANGING THE DEPOSIT.
New York, Nov. A member of the
Union Pacific syndicate speaking to-
day of the arrangements for deposit
in banks the $5S. OOO, 900 which is to
be paid the government for the release
of its lien upon the Union Pacific main
line, purchased last week at Omaha,
said:
THE transaction will be carried
through without a ripple to disturb the
financial situation. The money will
be deposited in eight or nine banks
and more If they care to qualify as
such depository One bank is ready
with bonds to take SIS. 200. 900 of the
money If necessary l do not think any
of the money will be deposited in Chi
cago banks. for the reason that the
money is in New York and Chicago
does not want 1t now any more than
the New York banks do. Some little,
Of course. may be deposited in Chica,
go, and one or two other cities, per-
haps, If there are any payments to be
made on that account in those cities,
It should not be forgotten that Writ
ually whatever money is to be deposits
ed this month is already here in banks
and trust companies or account Of the
reorganization committe and the un>
derwriting syndicate. and the deposit
ing of it in banks to the credit of the
government simply a book
keeping transfer for a great part Of it
and for the rest merely a transfer from
one bank to another. Some OF the
money to be received has yet to be
paid by European interests and for
that the underwriting syndicate will
draw exchange"
The managers of the Union Pacific
Reorganization plan have called for the
first rs per cent >from the syndicate
formed to secure the payment Of the
government debt. The $45 .00O, 900 syn.
dictate received 100 per mi in new
~ &c..