The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-16
0oRNIsH'S REPORT CONFIRMED.
J1dGo Eaoonbe's RuIins In the Union Pacific
Railway Case.

An order was signed yesterday by Judge La
combe of the United States Circuit Court con-
6rming the report Of w. D. Cornish. who was
appointed special master to take testimony In
tho suit Of ]. Pierpont Morgan and others. I:as
~trusteea, against tho Union Pacific Railway
Company and Frederic r. Coudert and others
rs receivers. On Sept 4, 1891, the Union Pa
cihc Railway Company executed a deed of
trust to Drexel, Morgan 8 Co., as trustees. to
provide for the payment Of the principal and
interest on certain Of its collateral notes, :and
deposited with the trustees bonds. stocks. and
other securities. Collateral notes to the
amount of $1s, o 900 were issued, payable,
with interest at 9 per cent, on Aug. /, 1894.
Drexel. Morgan g. Co. from time to time sold
certain Of the securities deposited with them
by the company, and with tho money thus OBJ
tanned redeemed collateral notes to the amount
of 1882. 900. leaving outstanding and un.
paid notes to the amount Of SO. 1873. OoO. which
became payable on Aug. |, 1894. The Union
Pacific Company failed to redeem these notes
and also defaulted in the matter of interest.
have made full accounting for all securities
Entrusted to them and state that they now
hold, as Repositories, nearly 50, OOO, 900 par
value OF the collateral notes.
,. In his iS order confirming the special masters
pay to DTe1el. Morgan 4 Co., as trustees. Tor
49, bOhShL N lhc hOIuCIb VI tOIltlOTul nOIbb,
the sum Of S3,1s3,OOo. with interest from the
nrst day OF August, 1897. less such sums as the
trustees may hold under the trust deed. Upon
ply 1t to the redemption Of collateral notes.
the Union Pacific Company or its receivers
Drexel, Morgan & Co., as trustees, together
with the special master, are to sell the bonds
and other securities held by the trustees at
public auction in the New York Real Estate
6alesrooms, the sales to be discontinued when
AL the collateral notes have been redeemed and
all the expenses paid.
The order excerpts the following described
coupons from sale, unless otherwise ordered
by the court: OREGON Short Line and Utah
Northern first consolidated mortgage coupons
% the par amount of 1892. 400; Utah Northern
halfway Company z Der cent. coupons to the
par amount OF So. 800; Oregon Short Line and
Utah Northern Railway Company collateral
trust D per cent. coupons to the par amount OF
@274,O5O, and Idaho Central Hallway Com.
pany FIRST mortgage q per cent. coupons to the
par amount Of $3.50.
Judge Lecombe further orders that In case
default be made by the Union Pacific Com
pany in the payment Of the SO, 1873, 900 within
the time specified the trustees hall be author
ICED TO sell from time to time prior to the pub
lie sale any or all OF the bonds and other secur.
ttes held by them at any Stock Exchange or at
any public or private sale. Any surplus re-
naming, after all collateral notes and ex-
penses shall have been paid Is TO be delivered
To the receivers OF the Union Pacific Company.
Judge LacoInbe retains jurisdiction OF The
: whole, matter for the purpose Of any further
7 adjudication which may become necessary.