The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-23

made by the Union Pacific reorganiza-
ton committee that it has come to an
agI cement with the government IN ac-
cordance with which the latter has be-
gun foreclosure proceedings Of Its lien
upon the Union Pacific lines inclusive Of
the Kansas Pacific line. Tho reorganiZa,
ton committee guarantees a minimum
bid Of something over 100000 for the
governments claim upon the railroad
and for the government Union Pacific
sinking fund and has deposited $4,000, 600
as an earnest money. Kuhn. Loeb 6; Co
bankers for the reorganization commit
tee. have assured the committee the
funds required to carry its agreement
with the government into effect.
People well informed on the Union Pa
cific situation intimate that in order to
limit the present issue Of first mortgage
bonds Of $50, 600, 900, which, ii appears Is
the intention. some junior issue of bonds
will have to receive less than it was ct
first intended to give them. It is under
stood that Kansas and Pacific conSols
and the sinking fund bonds will be mod
fled as TO terms before the plan becomes
operative.
THREE ROADS IN ONE.
l11ianapolis, Ind, Jan. 22-The News
says tonight that the Louisville, New
Albany and Chicago will soon be a thin,
OF the past, and when it goes out of ex-
istence. the Bedford ard Bloomington
and the Orleans, West Baden end
French Lick road will go with il. What
was once those roads will be the Chicago,
Indianapolis and Louisville and It will
be a road practically freed from the old
debts. The first step toward the bring
ing this about viii take place in Judge
Woods court tomorrow when the Farm
ers' Loan and Trust company of New
York, against the New Monon will be
tried. 1t is believed by the attorneys
that a decree of foreclosure win be or
dered, and date set for the sale of the
road. Until that date. ". c. Mcdowell
viii remain as receiver. and after the
road is reorganiZed under the new
name he will become vice president and
general manager. All of the present Of
fcers will be retained. The road viii be
bought in by the present management
for the first mortgage bondholders at the
courts upset price.
CHICAGO-NORFOLK LINE.
Chicago, Jan. 22-Acting President
Mcnsawatt OF the Columbus, Hooking
Valley and Toledo railroad confirms the
reports as 70 a railroad deal, the con-
summation of which means a new line
flom the Great Lakes TO the Atlantic sea-
board at Norfolk. Va, by which the pro-
duct of the Lake Superior iron mines
and of the grain fields of the northwest
VIII find new outlet 10 the ocean. The
roads TO form the new line with the Co.
lumbus. Hooking Valley and Toledo are
the Western Central. Flint and Pere
Marquette and Norfolk and Western.
Extensive terminal facilities al Chicago
Tor the use Of the lines are said 10 have
been arranged for. The Wisconsin Cen
trail and Norfolk and Western roads are
both in the hands OF receivers at the
present time
PEORIA AND ST. LOUIS.
Springfield. H.. Jan 22.-At a meet
ing of the stockholders of the Chicago
Peoria and 81. Louis Railway comnsnv
neid here today the following were elect
ea directors: Charles II. Bosworth.
nps.nSfleld; Henry L. Putnam. New
ork; CHARLES Meyer, Chicago; Cnar'es
(. Dean, New York.
PACIFIC CABLE.
washington, jar. 22.-James &. Scrir1-
ser and Edmund L. Bayliss were before
she mouse committee on Interstate and
foreign commerce today fnthe Interest," of
The Pacific Cable COMPANY. Of New yorll
Ihey both argued upon the merits OF the
Scrimser bill over the Spaldinr hill of |
the New Jersey company.
MT Scrimser stated that his cOmDanv
should Want eighteen months after The
passage % tie b.ll 10 complies tho ca
Die 20 hawaii. and one year more n |
comple,a il 10 Japan.
Mr. Patterson OF Tennessee said II |
hal been charged that the Scrinsar com
Gany was in sympathy with or had con-
nectioa win England, or English inter- |
est
Mr.. Serimser said that. Of course. his
E 9hapany would expect 20 do English bu- |
Sl1esS. and NJ. Patterson said tina.
there should be inserted IN the bin a Dro- |
VISION that The cable company should not |;
come under British influence. Mr.. Scrjm |,
scr referred 20 the statement that japan |
HarJed nc other cable connection as Il |
llculcuS- He said that the assertion of /
Nr- Swayne before the committee 10 thas /
a-teCs was absurd. He also said tha; 4
China and Japan telegraph lines were !
dependent uron and controlled by the :
lines. The Sqaulding company. |
sail -. would build 70 Hawaii and stop.
His line L Japan would save 10 the pso- I
pc II tcst country more than a million |
j liars in tolls. and il was ridiculous 10 /
- N-t~ - foaANSC fe,---S'A Az t1RLc- j
Tha japanese" said he. ara fiockiag \
MO laval now. This country is going I
h have contest NTH the japanese OF 1
some oiher power 10 control Hawaii. Il /
: necessary 10 nave a cable dine there a.
SION a possible
Mr. Scrinlser did not like the idea OF !
oaving the matter o. contract % the
postmaster general.
The present postmaster general will
Coz nave time 10 act. sEd we don't know
y no the next postmaster general Is. OF
\ rat he VIII Dc.
one o. the usmbers OF The committee
G.ned 70 Mr.. Sherman o. New York. VINO /