| Show TRUST NEXT MOVE will proceed to foreclose its mort gage pay the prior lien and take the road utah court imposed conditions which could not be complied with further proceedings in the oregon court portland or june 30 the amerlean american loan trust company will riot not accept the terms imposed b by y the decision of judge merritt in the oregon short line utah northern receivership case but will begin foreclosure lore closure proceedings ex senator dolph counsel tor for the junior mortgage bondholders bond holders of the oregon short line utah northern was seen this evening and when asked it if it were true that the effort tor for a separate receivership for the oregon short line utah northern has been abandoned he said the effect ot of judge merritts decision was wag such as to stop all further proceedings by the american loan trust company along the line they have been pursuing the utah court has simply imposed conditions with which the second mortgage interest cannot afford to com comply ply and it has decided upon the better policy of foreclosing the american loan trust company would not raise the interest due on the prior mortgage and take the road it if it was to be controlled in any degree by the union pacific the american loan trust co company M will proceed to foreclose its mortgage immediately the oregon case in the united states circuit cincu it court for oregon has been set tor for the bill and answer and we have given notice of application to the court next wednesday to fix a day for the hearing the american loan trust company will sell the road and the foreclosure proceedings will undoubtedly be brought by the bondholders bond holders under the junior mortgage this will mean that the prior mortgage will be paid off and a general reorganization of the property be undertaken |
