THE UNiON PACIFIC Reorganization Committee Submits a Review of Its Work TO BE KO POSTPONEMENT GOVEa1ME12T WILL NOT INTER PEBE WITH COURTS ORDER Unless Something Entirely Unfor seen Occurs The Sale Will Take Place on November Tirat Against the Southern Pacific The Latest Railway News By Wire Net York OctlS The Union Pa has submitted cific reorganization committee ha mitted n review of Its petition and Of the conditions surrounding the reorganization reor-ganization under its charge In respect to the terms of the ere of the fore tl lire 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 re-quiring the deposit to be mae live days in advance of the sale and that extending the time for the complete payment of the purchase over a period of C days after the confirmation Qf the sale saleThe provision for such an extended lime the committee Fays was desired of the sired because of the magnitude transaction and to secure reasonable terrrs of payment consistent with such early delivery of the property a must afford basis for carrying out tile large financial engagements involved THE DEPOSIT The provisions of the decree fixing fix-ing fh e days in advance of the date of sale for the der sit of earnest was de Sirevl liecause foi a period of more than plight months prior t the sale the committee com-mittee had I upon deposit the sum of guarantee bid and SloOOiO to secure a competing bidders could act in tv full knowledge of the committees plans and rrovisions The statement reviews the work of the reorganization committee during the past two years touching upon the subsidy debt the defeat of the funding fund-ing bill in con nfss in 1S3G and the cauF of the foreclosures PRESENT CONDITION The present conditions are reviewed as follows roluws The present solution of the business relations of the government to this property is the result of a process by which all less favorable solutions to the government have been eliminated I is the only solution open to the govern meat under existing legislation of congress con-gress I is a solution which has reeled re-eled the approval of two administrations administra-tions I was recommended by berth of the receivers who were appointed for the purpose of caring for the interest inter-est of the government and come unanimously unan-imously recommended a 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 Pacific railway the first mortgage bonds haying hay-ing priority to the lien of the government meat acre scarcely bringing par the divisional mortgage bonds were selling at heavy discounts and but small com poratHe value was attributed to the second mortgage of the government Todpy the tirst mortgage bonds are worth a premium and the government is assured that it will realize 50000000 or more for its interest SECUBITT HOLDERS SATISFIED The security holders of the company is satisfied satisfied The government are sat fe Te sa isfied with this outcome he enterprise enter-prise of the government in promoting the Union Pacific of the construction Unon Pacfc will from financial and material railway wi frm fnunclal terial standpoints prove to have been most profitable proftble Under the conclusion of the matter which now approaches their pecuniary and material results will have been accomplished ac-complished and secured and the political politi-cal evils which have attended the practical prac-tical relations of the government to this tcl raton to an will have been brought property wi have ben end