The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-08

W. II. Bancroft has been officially
rendered the position of general man
ager of the reorganized Oregon Short
Line by the committee empowered
through the mortgage interests to bid
in that property tomorrow morning
Such was the official utterance yes
terday afternoon made to The Herald
by Chairman Samuel Carr of the re-
organization committee. Mr. Bancroft
has not as yet accepted the promotion,
for the principal reason that he has no
desire to place himself in the attitude
of jumping at tempting bait where the
angling is still premature so far as
concerns the actual authority to offer
such plum. However, the readiness
with which both Chairman Carr and
Counsel Henry G. Nichols advanced
The name Of Mr.. Bancroft for the most
important post in the gift of its pros
pectiVe directorate allays a great deaf
of speculation as to any opposition
that the committee might have feared
at the sale.
ARRIVED AT NOON.
Chairman Carr and Counsel Nichols
arrived from Boston yesterday at noon
and went at once to the KnutSford.
They were met at Ogden by Lawrence
Greer, the Utah Southern bond repre-
sentative. While Messrs. Carr and
Nichols are destined to play leading
roles in the immense transfer, they are
in no wise the most conspicuous figures
in tomorrow's extraordinary drama.
There were due to arrive in Salt Lake
either late last night or at an early
hour this morning Receivers S. H. H.
Clark. Oliver Mink and Frederick X.
Coudert of the Union Pacific system,
accompanied by Special Master in
Chancery William L. Cornish, General
Manager Dickinson and a number of
other executives of the Union Pacific.
Special Master Cornish viii direct the
three auctions by which the Short Line
VIII cease to be nOminally connected
with the old system. 1t is denied that
the presence Of so many other high
officials of the Union Pacific has any
bearing upon the sale, but no railroad
man with an ounce Of perception takes
any stock in that declaration.
A TALK WITH CHAIRMAN CARR.
An interview with Chairman Carr
and Counsel Nichols developed some
Information that seems to indicate di-
rectly the Union Pacific influences
which lie behind one of the more astute
=
American railrOading. Upon the pos
session of the Short Line by interests
friendly to the Union Pacific system
depends the link which viii complete
the plan mentioned.
THE OGDEN GATEWAY"
The ogden gateway IS now deader
than the Droverbial door nail and Salt
Lake City probably shall not be Sc
lected as the headquarters Of a brand
new system in name only.
These are a few bits of the converse
ton that occurred between The Herald
and Chairman Carr and Counsel Mich
OILS
Is tie Union Pacific a bidder in
any way for the Oregon Short Line?"
Chairman Carr-No, the reorganiza-
ton committee is doing the bidding.
In whose interests?'
Those of the bonded mortgage hold
ers"
Are not these interests also repre-
sented in the Union Pacific SYSTEM"
No. not particularly. OF course,
some of the holders of the mortgage
bonds NAV also be interested in the
Union Pacific. but the line viii be an
entirely independent one in every
sense after the purchase"
There has been considerable COM
ment over the possible existence of
contending factions among the bond
holders. Does the reorganization COM
mittee anticipate opposition from -lch
interests providing they exist at the
time OF the auctiOn?'
Counsel NichOls-The reorganization
committee is a unit as to the policy of
the line and its management after the
road passes into its new ownership.
There may be opposition, but we have
no reason to suspect anything Of that
nature. There appears to be a unani-
nifty Of action among all of the bonded
interests.
Then the liability of factional bid
ding is not of moment"
No; ! think there is nothing in it
THE OFFICIALS.
Does the reorganization committee
so fully understand itself as TO have
discussed or settled upon the officials
or management of the new liner
Those matters have all been dis
cussed- Nothing regarding the man
agement has been definitely determined
save the appointment Of W. II. Ban
croft as general manager. He viii oc-
cupy that position after the road is
formally turned over
Chairman Carr-"That is, of course, /
a natural consequence; we must have
a head TO begin. No. nothing further |
has been done with reference to other
officials. At this moment you viii APP
preciate that it would not be proper to |
say what the new organization in
tended TO do. As the sale develops, we
shall be very glad to furnish you with |
Information"
T0MORROW'S SALE.
How about three separate sales
affecting the entire purchase of the |
system: could it be segregated by OPP |
posing bidders?'
Counsel NichoIs-''No. the interests
are all too closely woven to admit of
any such possibility. The sale was !
not divided on account of there being |
different divisions of the system but |
for the purpose of expediting the !
transaction of the auction. The first /
is the foreclosure on the American /
Loan aud Trust company's consolidated +
nloraeara bonds on The OREGON Short