The herald., 1897-10-23
Formed to Buy the North
81 ern Pacific
SAGE MAKES PROMPT DENIAL
OF THE INTENTION CREDITED
TO HIM
General Thomas Did Not Tell the Story
but He Will Subscribe Ten
Million Dollars
Associated Press Special Wire.

Associated Press Special Wire.
NEW YORK. Oct 22.-Russell Sag
makes emphatic and specific denial to
day of the report that he is at the heat
of an opposition pool to buy in the Unior
Pacific road.
There is nothing uncertain about my
sattitude in this Union Pacific affair,
Mr.. Sage said. II think it is due to ths
people of this country that the govern
ment should get a fair return for wha'
it gave the Union Pacific, and if it shat
appear later that something different is
right, congress should see that it i:
done. Unless the president is perfectly
clear in his own mind that his legal aa-
visers are right in their conclusions, the
question would bear postpoFing unit
congress meets and can discuss it
Then the situation will bring out wha
is right and what is wrong. In the mean.
time 1 do not care to criticise any othei
plan. When a conclusion has beer
reached as to what is right and what is
pay the government its just dues, tax.
the road and protect its security hold
wrong, there are capitalists enough Il
ers."
Gen. Samuel Thomas, who was men
toned as a member of the Sage syndi-
cate, had this to say: II am not RESPONSE
ble for the story that an opposition
syndicate has been formed for the pur-
chase of the Union Pacific road at the
foreclosure sale. I do not doubt, how
ever, that such syndicate is cortem-
plated and in process of formation.
have been asked to subscribe and have
promised to do 80 to the extent of $10.-
600, 900. I know nothing about any othei
subscriptions. My position regarding
the Union Pacific road is well known
In my opinion it is worth the full gov
eminent debt"
WANT AN EXTENSION
SAN FRANCISCO, Oct. 22.-On the
first OF the coming January over $4,000,
900 of the first mortgage bonds of the
Central Pacific railroad will fall due
and an effort is now being made by the
company to induce the holders of the
securities to accept an extension on tise
bonds for a period of three years. The
banking house of Speyer & Co. of 80
Broad street, New York, has been en-
gagged to handle the entire matter for
the company and holders of the bonds
are asked to present their holdings for
extension at their office in the east
H. E. Huntington in speaking of the
matter said that in all probability the
entire issue. or the greater part of It
would be extended. Those among the
bondholders who insist upon having their
money when it falls due, however, can
have it by depositing their bonds with
Speyer G. Co. 1t is thought there is
money enough In the company's sink
ing fund for the redemption of first
mortgage bonds to cancel all bonds that
are offered for redemption. The sink
Ing fund now approximates $40, ,O00, ,000
THE SIERRA ROAD
SAN FRANCISCO, Oct 22.-Stuyves-
ant Fish, the New York banker and
President of the Illinois c. .ral Rail-
road, who arrived last Saturcay. made a
special trip over the new Sierra Railroad
in his private car night before last. He
desired to make quick trip into the
Yosemite Valley. Prince Poniatowski
and his railroad friends arranged to take
him from here into the valley in twenty
four hours This they succeeded in do
road yesterday afternoon and left for q
tour of Mexico last night.
Prince Poniatowski and his associates
In the Sierra Railroad have purchased g
controlling interest in several stage lines
in the mountains. One of them is the
line from jamestown to Angels and an
other the line from Chinese to the Yose-
mite valley. Chinese is a station on thu
new road five miles west of Jamestown
The stage route from Chinese to the val
ley will be fifty-eight miles long. The
railroad will be completed into James
town next week. 1t connects with the
Southern Pacific at Oakdale.
LAND LITIGATION
SAN FRANCISCO, Oct. 22.-The frs
suit growing out Of the recent decisio:
Of the United States Supreme Court. for.
feiting large part of the lands claimed
by the Southern Pacific Railroad was
commenced today by Mary Schwartz
who seeks to recover $500, alleged t,
have been paid for a quarter section o!
land in Los Angeles county which II
now appears the railroad company hai
DO right to sell but the purchase price OF
which it refuses to refund.
DAMAGE IN TRANSIT
SAN FRANCISCO, Oct. 22.-The su.
prerne court decided today that rail-
road company which contracts to carry
freight from one point to another is
liable for damage sustained by same on
connecting lires. The Colfax Mountain
Fruit company shipped a carload OF
fresh fruit to New York by the South.
ern Pacific. The fruit reached its de.st i.
nation in damaged condition. Ths
Southew1 Pacific was sued for dam ges
in Placer county and a verdict against
the company was rendered. This has
row been sustained by the supreme
court.
Not at All Likely
DENVER, Colo, Oct. 22.-A sneo;a