Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-01-09
RAILROAD AUCTION
Segregation aud Rehabilitation Of The
U, P. System,
A MERE MATTER or FORM.
Kea'orabi ums iid--1he Par lasiug
committees Program Carried

Pne events Of day as affecting
railroad Interests In tho intermoun.
tain region nave long been anticl-
pated, but their contamination was
matter OF great interest 10 !ocal rail-
ROAD men.
These events were the legal forms
by which the several branches Of the
Union pAc fic trunk system were fore
clOtej and bij In by the holders OF
leins upon them, and are to be fol.
lowed by IA reorganization OF the off,
GERS and certain employees of the lines
involved.
The fret sale took place at the city
and county building at 10 O'Clock this
morning. The special master I'M
rhancery, William b. Cornish OF st,
Pau acted as auctioneer. He read in
the presencs OF the crowd assembled,
which embraced macy prominent
railroad men, the notice OF the sale
published by order OF court, which Is u
lengthy document and then asked for
bide.
The property embraced the Oregon
Short Liue irOu Granger in Wyo-
ming to Its Oregon terminus at Hun.
tingtOn; the whole OF the Utah &
Northern, from o ,Gen TO Its northern
terminus; the Idaho Central, the
Utah Central rom Ogden to this CITY;
tue Ogden & Syracuse; the Utah &
Nevada from this city TO Tooele; the
SAT- Lake x Western, from Lent
Junction to lIntic; the Utah Southern,
and me Utah Southern Extension.
N a. rNa
sundated mortgage embracing all Of
them, and the amour; bid Tor them
was 60, Az 500. On some o. the
branches were puOr iens, VIZ: On
that portion Of the Utah & Ncfthern
between o !den and Franklin Is a lien
amounting to about 900 per mile,
which, however, Ia NOT GOnsidered
neavy encumbEance, aud on the Utah
Southern and the Utah Southern Ex.
tension respectively there was prior
lien each vi which was tbs subject OF
another foreclosure.
The amount named was bid by
Henry q. Nichols Esq, a member OF
purchasing committee representing
the lein holders, Consisting OF himself,
| Samuel Carr and Walter q. Oakman.
There wese 10 other bids, anu the
whole OF too property above named,
subject, however 10 prior liens, was
solI to the committee.
The next sale took place ut the
Union Pacific depot, at eleven
o'clt OK, and embraced the Utah
Southern from Salt lake City
to Juab, with all property and
appurisnances belonging to the road.
The special master In cnancery. Mr..
Cornish, read the lengthy legal notice
OF the sale, and then calleu TOR bids.
Henry q. Nichols Etq., stepped for
ward anu said: 'In behalf of the pur-
chasing committee combating of
Samuel Carr, w. g. Oakmsn and
Henry q. Nichols, as joint tenants,I
uIier 100000 Tor tue property"
MIR. Nichols at the same time handed
10 The ms.ter In chanceTy certified
check for $4,000 ON Boston bank.
The auctlUneer went through the
;orm OF announcing the FIRST, second
ana third calls, when he said that
there were no other bids, and declared
the property sold to Inc gentlemen
named by Mr.. Nichols as joint ten.
aDts.
The next sale took place at the U. p.
depot at IL O'Clock, noon, and embraced
the Titan Extension lrom Juab TO
Fnsco. Mr.. Nichols bid S975, 900, and
the property was sold to the commit
tee.
These sales clear up all liens on all
the lines named except that on the
Utah d Northern above named, and
some OLD mortgage bonds Issued in
1870, still outstanding on the Utah
southern. Such, at least, is the statue
Of the property resulting from loday's
proceedings, as stated TO NEWS
FRDOfter by "A IQilFoau official
1t linus appears that the roads above
named have ali passed into the hRnus
VI the purchasing committee, with
Indebtedness all cancelled, except as
stateJ, ana tue matter that now inter-
ests in a lively manner, many OF tho
officials and employees On the various
lines, is what changes the new owners
may make.
1t Is generally believed that no
radical changes will be made that will
affect the masses OF employees on the
various lines, but that all the proper
ties Will be organized into one system
ami operated substantially as in the
past, by pretty much the same Off
and employees.
Several railroad officials expressed
the opinion that the several bids were
very fair, that the properties could
not rtasonably be expected to
bring mere at forced sale,
and that the bids Indicate the
confidence OF capitalists in railroad
property in this intermountain region.
Two or three Of the prominent rail-
road men spoken TO on this subject ex-
pressed the opinion that, though the
prices paid were fair, the property
would pay good dividends on them.