New-York tribune., 1897-07-30
UNION PACIFIC TO BE SOLD.
DEGREES ENTERED IN THE FOREcLOs-
URE PROCEEDINGS AT OMAHA.
THE UPSET PRICE UNDER THE FIRST MORTGAGE.
s5oes7 4s5-rwENrY DAYS FOR THE COM


THE UPSET PRICE UNDER THE rihSi NONAN"SS'
s5o.es7. .45,-rwENrY DAYS FOR THE COM
PANY TO REDEEM THE PROPERTY.
Omaha. July 29-Decrees OF sale Of the Union
Pacific Railway under the foreclosure proceed
ings instituted against 1t by the United States
were passed upon by Judge Walter Sanborn In
the United States Court here to-day There
was no objection to the entrance of the Ames-
Dexter decree and, after few corrections had
been made In the printed copy OF the Decree IL
was approved by the Court. The entrance OF
the Government decree drew forth vigorous
debate between ex-governor Hoadley. special
counsel for the United States. and Winslow 8.
Pierce. counsel for the Reorganization Commit
tee, on the right Of the Court to reserve to the
United States all rights Of the Government not
expressly stated in the decree. 1t was decided
in favor Of the Government.
The upset price under the first mortgage VIII
be S50637 455 Judge w. D. Cornish OF ST.
Paul. will act as special master In the matter
He will sell the main line. the 1.O3i miles OF
road from Council Bluffs to Ogden. and its I'M
mediate branches In this city
The date Of sale will not be fixed for twenty
days. the Court giving that much time to the
Union Pacific Railway Company to redeem the
property. The date Of sale and other matters ;
connected with the sale will be fixed by Judge
Cornish. similar OecreeS VIII ne eiitctcu III
Council Bluffs, and later in the States or Wyo-
ming, Colorado Utah and Kansas.
The entrance Of the DEGREES OF sale drew TO-
gether an assemDlage Of as many promiheh.
Judges attorneys and counsellors as ever met
in Omaha Judge Sanborn sat on the Dehch
with Judge Munger. and passed on the DEGREES
The Government was represented by ;s ex-IUv- coy
ernor Hoadley. Of Ohio. now Of New-fork CITY
and by General John G. Cowen. or TINS CITY.
Winslow S. Pierce, Of New-York City, VINO IS
said to have evolved the scheme OF reorganiZa-
I~..., aatA trtf n.
looked after the interests Of the Dexter-Ames
trustees of the Union Pacific first mortgage
r. S. Hail. Of this city. associated with Mr..
Pierce was also hand. The three receivers
Of the Union Pacific system, Oliver W. MINK,
John W. Doane and f. Ellery Anderson were
in attendance ,.,
II was after / o'clock when the formaties
werc completed. The attorneys In the case
spent another hour correcting the copies or the
decree to conform to the changes nade Dy the
Court. and the papers were then hled. me oe
cree orders that all the property and rights OF
the company shall be sold at auction 10 the
highest bidder upon the mortgaged premises az U
the freight station OF the railroad company IN
the citv OF Omaha, a date to be hxed by the
special master. a.,
The receivers Of the road are ordered to ME
within ten days an approximate statement oI
the amount of money in their hands the
ar1ount Of moneys due to them, ana all their
| liabilities due from the operation or the mort
ga yed premises. ,-
The decree appoints William D. Cornish as
special master to make the sale Prospective
| bidders are required to deposit five days Prev,
| Gus to the sale $2OOOOO0, and the successful
| nor cent of the bid No bid will be accepted for
a less amount than S5O637 49, The purchaser
may pay in cash. or cash and first mortgage
! bonds Deferred payments must be paid a.
| davs after, confirmation Of the sale; - per cen.
in forty days: % per cent in fifty days. and q
| per cent in sixty days
| The money received from the saie Is ~ -, -,
! rsad Arst for the payment Of the first mortgage
bonds; second If there be surplus 10 the pay pay
ment of any debt due the Government Ih'
purchaser pays all costs, compensation OF s Ias
ter balance due receivers on unpaid indebted
! ness Of receivers etc. $780,. !,
The decree in favor Of the United states i
similar in form to the one for first mortgage
- tbo nronertv subject to the prior liens repre-
sented in the other decree