The herald., 1897-09-29
A NOTICE
is FILED
OF the Sale of the Union
Pacific
REORGANIZERS ARE READY
TO TAKE THE ROAD WITHOUT
REoRGANIzERs ARE READY
TO TAKE THE ROAD WITHOUT
THE DEBTS
On November 1st the Government
Will Charge Thirty Millions to
Profit and Loss
Associated Press Special Wire.

that the official announcement of the
sale of the Union Pacific property under
foreclosure will be made within few
days and as the proposed sale involves
thirty days advertisement, the road, in
the event of no one being willing to pay
more for the property, will pass into the
hands of the new company about No
yenber 1st
Receiver Anderson said today that
while he had no knowledge Of an agree
ment having been reached between the
reorganization committee and the gov
ernment, he believed the sale would be
effected before November 9Th. He said
that the main trouble would be paying
the debt Of $45,0O0,0 900 due the govern
ment. The property could be turned over
to the new company without any diff
Guilty.
NOTICE FILED
CHEYENNE, Wyo., Sept 2S.-The
Union Pacific attorney, ]. w. Lacey, to-
day filed in the office of the Cheyenne
Tribune a copy Of the foreclosure notice
and sale of the Union Pacific roads. The
notice contains complete description of
all property to be sold in Iowa, Nebras-
ka, Wyoming and Utah. Bids for fran
chises and property for less sum than
S23, 900, 900 shall not be accepted by the
master in chancery. The notice also con-
tains tabulated statement of the sink
ing fund bonds, and provides that no bid
for the same shall be accepted for less
sum than 1856, $50, the amount of that
fund. Ten per cent of the bids must be
paid to the master in chancery at Omaha
at least five days before the sale, as a
pledge that the bid will be made good.
The foreclosure notice covers nearly four
columns in agate type, set solid, and the
same is furnished in electroplate ready
for use. The date of the sale is fixed for
Monday, November l. 1897
RATE TROUBLES
CHICAGO, Sept. 2S-A meeting Of all
the western roads called for the purpose
Of considering the rate situation met to-
day in the office of Chairman Caldwell
of the Western Passenger association.
The Southern Pacific, Great Northern
and Northern Pacific were not repre-
sented at the meeting and this threw a
frost at the outset on any attempt to
stiffen up the condition of transconti-
mental passenger traffic A resolution
offered providing that after October 1st
all roads should cease the payment os
commissions on territory east of the
Missouri river and after November 1st
on transcontinental traffic was debated
somewhat and then went over until to-
morrow. The meeting then resolved it.
self into another effort to bring the Great
Western and Wisconsin Central into the
association, Both roads were repre-
sented at the meeting, but at the close of
the meeting both declared that they
would not become members of the West
ern Passenger association. The meeting
will be continued tomorrow.
COILS RESIGNS
SAN FRANCISCO, Sept. 2S.-Collis P.
HUNTINGTON is no longer director of the
Central Pacific railroad. 1t has just been
learned that on August 10th last hisresig-
nation was accepted al special meeting
of the stockholders and w. M. Thomp-
son, for many years secretary of the COM
pany, was elected in his place. AT the
same time Director Gates of New York
rendered his resignation and John c.
Kirkpatrick was chosen to fill the va
cancy. Mr.. Kirkpatrick has been man
ager of the Palace Hotel since 1885 and is
we'll known in business circles in this
city.
The primary cause Of this change in
the Central Pacific directorate was the
dissatisfaction of the English stockhol-
ders, and some of the Americans as well,
over the fact that SO many of the direc-
tors are residents of San Francisco,
the principal place Of business of the
road.
C. E. Bretherton, the repre- sentative
of the English stockholders, has written
a letter in which he says he objects to
Southern Pacific officials sitting on the
Central Pacific board and disputes the
validity of any votes they may give on
Central Pacific affairs.
It is asserted that the changes were
prompted by a desire to conci1iate the
English shareholders who at the pres
ent crisis in the affairs of the company
are about to organize for their mutual
protection and possibly. through the
registration of their stock and the plac-
ing Of proxies in the hands of some Eng
lish solicitor vested with a pawer of
attorney, secure control of the organiza- :
LlOIL WHGH the udle OI the next annual
election comes around.
ONLY TEMPORARY
SAN FRANCISCO, Sept. CSC. p.
Huntington, president of the Southern
Pacific company, has only retired tenn
porarily from the directorate of the Cen
trail Pacific company, and will return to
his former position probably at the an
nual election. So, too. will Isaac T.
Gates. who resigned a directorship and
the vice presidency of the Central Pa
cific. The authority for these state
ments is w. H. Mills, second vice-presi-
dent Of the Central Pacific company,
who states that the temporary resigna-
tions were caused by Mr.. Gates absence
in Europe and Mr.. Huntington's sum-
mer trip to London. Mr. Mills stated
that the absence from the United States
Of these two directors and of Mr..
Bretherton. who is a resident of London,
left the board without quorum in this