Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-10-18
SATISFIED.
WAS RECOMMENDED BY ALL CONCERNED


New York, oct. 1S,--The Union Pa
cific reorganization committee has sub
mitted a review of It's petition and Of
the conditions surrounding the reor-
ganization under it's charge. In re-
spect to the terms OF the decree of the
foreclosure the committee claims to
have had no purpose whatever and to
have made no suggestions, except in
the cases Of two of the provisions, that
requiring the deposit to be made five
days in advance of sale, and that ex-
tending the time for the complete pay
ment of the purchase over period of
sixty days utter the confirmation Of
the sale.
THE provision for such an extended
time" the committee says, was de-
sired because Of the magnitude of
the transaction, and to secure reason
able terms Of payment consistent with
such early delivery of the property as
must AFFORD basis for carrying out the
large financial engagements involved"
Inc provisions of the decree fixing
I'VE days IN advance Of the date OF
sale for the deposit Of earnest was de-
sired because for a period of more than
eight months prior to the sale the
committee had upon deposit the sum
of si,5O0,O0J to secure u guarantee bid
and competing bidders could act in fun
knowledge OF the committees plans
and provisions.
The statement reviews the work OF
the reorganization committee during
the past two years, touching upon the
subsidy debt; the defeat of the funding
bill in Congress in 1896, and the cause
Of foreclosures. The present condi-
lions are reviewed as follows:
THE present solution Of the business
relations of the government to this
property Is the result of q process by
which all less favorable solutions to
the government have been eliminated
1t Is the only solution open TO the gov
eminent under existing legislation of
Congress 1t is solution which has
received the approval of two adminis-
trntions. 1t was recommended by
both OF the receivers who We're APP
pointed for the purpose Of caring for
the interest Of the government. and
comes unanimously recommended as
well by the five directors who were
appointed to serve the interests Of the
government.
when the committee took charge
of the reorganization Of the Union Pa
Cihc railway the first mortgage bonds
having priority to the lien Of the gov
crDmeut were scarcely bringing par
the divisional mortgage bonds were
selling at heavy discounts, and hut
small comparative value was attribute
ed to the second mortgage OF the gov
eminent Today the first mortgage
bonds are worth a premium and the
government Is assured that II will re-
allze $50 ono or more for It's interest
'The security holders Of the company
are satisfied. The government is
satisfied with this outcome. The en-
terprise Of the government In pro-
noting the construction OF the Union
Pacific railwaywill. from financial and
material standpoints, prove to have
been most profitable
"tTnder the conclusion of the matter
which now approaches these pecuniary
and material results will have been ac-
complished and secured, and the po-
litical evils which have attended the
practical relations OF the government
TO this property will have been brought
to an end"