The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-06

The chief topic Of discussion just now
in local railway circles is the approach
ing sale Of the Union Pacific, and the
general opinion is that the sale viii
take place at the time fixed and that
the reorganization syndicate will be the
purchasers. No Importance is attached
to the London telegram indicating that
an English syndicate might buy the
road.
It is said on good authority that Z.
W. Winter, late general manager OF the
Northern Pacific, Is slated by the re
organization committee for president Of
the Union Pacific TO succeed s. Il Il
Clark.
HOADLl1Y AND AIKENNA CONFER.
Washington. Oct. 5.-Attorney Cen
eral 0Ickenna has had another extend
ed conference today with Ex-Governor
dOadley in regard 20 the pending Union
Pacific foreclosure sale. With reference
10 the statement cabled from London
last night to the effect that an English
syndicate had forwarded 4 Did for the
Union Pacific property in competition
with that Of the reorganization com
Inittee, the attorney general said that
although no foreign bid had yet been
received, It was a fact that the govern
Inent had received inquiries from for
eign sources and ne had no doubt that
the CAPITALISTS Of this country and Esu-
rope would see to it that the property
is not sold at a price much below its
value
me GOV eminent, he said. had entered
into no agreement or understanding
with the reorganization committee or
anyone else By which they were to
have the road at S45, 600. 600 or any other
sum.
The property, he added, would be
sold under foreclosure proceedings to
the highest bidder, and the only con-
nectiCn of the government with the
reorganization committee was that the
latter guaranteed that if the govern
ment would Join in the foreclosure pro-
Ceedings the committee would guar
antee that a bid of at least $45, 600 coo
would be received for the government
equities. Under this pledge the good
faith was secured by a deposit of S.
100000, and the government joined in
the ssit, which resulted in an order by
the court for the public sale of the
property on Nov. l.
HOW THE CASH WILL BE PAID.
New York Oct 5-A dispatch to the
Herald from Washington says:
Former Governor Hoadley. counsel
for the Union Pacific reorganization
syndicate, win discuss the final details
for the foreclosure sale of the read with
Attorney General McKenna tomorrow.
1t is probable that ARRANGEMENTS viii
be MADE by which the purchase money
can be paid by the syndicate without
taking much of it out of actual cir
cuiation and locking it up in the treas
ury. Under the terms of sale, the final
dnstailment must be paid on Jan. /. On
the same date the government VIII be
called upon 10 pay about S90,00o,000 Pa
cite railroad bonds, on which the roads
have forfeited
Il VIII probably be settled tomorrow
that $50 900. 900 or more of the pur-
chase money shall be placed in the ma
IiOnal bank repositories OF the United
States, instead of being paid into the
treasury and thus remain in circula-
ton.
NOT REGARDED SERIOUSLY.
London. Oct. 5.-The sensational re-
port published this morning under re-
serve by the Daily Chronicle that a
London syndicate has sent the United
States government through Consul
General Osborne an offer to purchase
the Union Pacific railroad, was based
on the fact at the request of an Eng
lishlnan whose name is not diYulged,
the consul generals Office cabled 10
Attorney General McKenna asking
whether the road could y purchased
by Englishmen. The attorney general
replied that ii would be sold 10 the
highest bidder, irrespective OF nation
ality. The affair IS not regarded seri-
oGsly here By hnanciers.