The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-10-26
No LACK OF BIDDERS.
sotarr served ON the 4. r. peorgnnfr-
FRS, sho Promptly Couse IN with
s~-frso.ooo - Harrington BehIna

NEW YORK. ocs. @.-The unlon pa-
fsssc FeoFzaaiEa si9a committee has MAZE
re fo3oMsng announcement. The ntfor-
E~F Ssaerai Aas nctlaeE sae carnrsffs e
ta4f Bs proposes g ask tbs court for an
adjournment q TIRE foreclosure sale q taa
Kansas ard Union Paeisc railway prar-
cry 20 December Is 50 a. 20 uesfrs7ra
IS hnai disposition until after congress
ahs1 nave met THIS action f. no foEFt
taken 20 free Ire administration FROM en-
nsrrassraent
1ae REORGANIZATION committee has reach
% The eoncfHsIea that 81 the interest q
tae security holders represented by il and
q ire syndicate furnishing the funds %
hnanee tns reorganizat ton. Il viii oppose
any further delay. TIE committee con-
templates. 80 as 20 gain prompt posses
Hl9n o. Ena Eulon Pacific Mna. 10 oppose
ans Adjournment % the sale OF the main
Ire and 70 bid * In. II need be- for the
fun amount % the governments claim.
The additional sum involved in this case
being about s. is0e30
As = tae Kansas lines. the foreclosure
q the FIRST liens apon The subsidized asvl-
sioas az The Kansas paclac railway win
Dc theoretically pushed. and when these
foreclosures are accomplished the re-
organization 81 The Kansas Pacific lines
viii be completed as planned All aFot-
ments under The plans 81 the Kansas Pa
cine holders. and amounting 70 abou-
IL 90. 60 new bonds and 80 coo 90 in
preferred stock. win remain for reorgani-
cation Of the Kansas lines. The amount
o. new first mortgage bonds 10 be issued
Tor the purpose Of Feorganiza ton OF the
Union Pacific lire will not exceed SO. eo0
os9 and preferred stock s.. 90 600. No
eAanga IN the pan Of reorganization is
involved In this scheme.
Open sale. WITH Plenty of Bids
WASHINGTON. Oct. 2s.-Aftorney Cen
eral Mckenna wfs shown the Union Pa
ctde reorganization committees state
ment. ard asked II he had notified the
committee of his intentions as stated. TO
which ne replied thai Gov Hoadley spe-
cial counsel Of the government was d.
rectea last week 10 make communication
10 the reorganization committee He also
said that application would be made 10
Judge sanb0rn at St. Paul for the post
ponement OF the sale. not Of the main line
only. but Of the Kansas division lines
lie further said the government had been
very attentive 80 the situation and was
very DESTROYS % have a sale open 10 ali
bidders-one that could not be complained
of-and for that reason desired the
pcstponement 20 enable bidders 10 pre-
pare, and had reasonable assurances that
There would be bidders other than the re-
organization committee.
OMAHA. Oct. 25.-Judge Cornish, spe-
cial commissioner for the sale OF the
Union Paclfic. and Judge W. Il. Kelly
general solicitor OF the receivers, had their
nrst news Of the postpOnement of the sale
from the Associated Press this monlng.
They were both very much astonlshed and
declined to say anything further than that
the news was complete surprise and
completely upset them.
New Competitor in the Field.
NEW YORK. Oct. e5.-Indicatlons point
TO the formation OF a second syndicate 10
bid for the Union Pacific railway at the
foreclosure next month but this syndi-
cate Is entirely distinct from the much ad-
vsrtised one attributed TO Russell Sage and
Gen. Thomas. which both Of these men
deny having gotten up. Two certified
checks for 100000 each have passed
through prominent New York banks. made
out 70 the order OF ". p. Cornish, sDe-
eial master Ia chancery Of the Union Pa
cifc sale. ana those conversant with the
reorganization plans stated that these
checks would probably form the 70 per
cent deposit on 4 second bid The reor-
ganization committee made rs deposit sew
erai months ago.
- Huntington Behind sagef
OMAHA, Oct. SIT is said here that
competition with the reorganization COM
mittee VIII come at the Union Pacific sale
from the Russell Sage syndicate which "a
believed 20 he really the Huntington crowd.
who are anxious % get the road to run in
connection with the Southern Pacific II Is
declared that, II the Sage people get the
road. they VIII probably build a new line
70 Chicago. and thus control the situation
from that city through 20 the Coast II 4
further said that II the Vanderbllts fan
20 get the line. II viii mean the inevitable
extension Of the Western line Of the
Northwestern. which now reaches into
Wyoming, through 70 the Coast. The bid
ding vii probably be so spirited that the
price obtained viii far exceed expecta-
tons.
ST PAUL. Oct. 25.-~A motion on the part
Of the government 70 postpone the date Of
sale FOR the Union Pacle railway viii Re
made before United States Circuit Judge
Sauborn IN this city tomorrow. II "a
thought Judge Sanborn viii SET an early
date for the hearing.