Show I 1 T MAY STEP IN I 1 should take the union and pacific I 1 I 1 central nt directors recommend Ee commend pre foreclosure proceedings n bo kit t e first liens paid off and buted r alit I 1 F beads operated until a pur 1 the can cain be found trunk lino line r baser cinalia to san jose florl D C oct 19 the reo t jagt avash tile the gove government rement directors of 0 of anlon pacific lias has been made to the interior they becom of 0 the tary delary following as a basis 0 ot f set f tle the 1 all of r the debt to bo be accomplished open gressional t greBs ional legislation the at con general q shall hall immediately after ey 0 or of at any ly portion of the united states from the tile the va I 1 i aae pacific ue railroad company or the t ion il I 1 pacific railroad company ra proceedings for the protection is of tile the uni ot or the lie lion foreclosure closure fore front omaha omah a to ogden and elites i states tor for the lien from proceedings sn liar jar sacramento and thence to to djoe 1 I tile the secretary ot of the treas lose have power to 1 pay bettl attle 0 and shall all amounts ain due or to become I 1 principal and interest which S for or by lions liens prior to tile the lions liens united states including the the to take assignee assign assignments me it Is of any fore decrees securing such prior mure lire it if necessary tile tho entire property properly sold to such corporation or pur he c committee as will agree to renil d ing the entire mount amount advanced by government it if no committee or a the minimum ration oration ahall bid pied by congress it shall be the of 0 the secretary to report to the session cession 0 of congress the pur it I 1 committee or corporation shall tsang ing the construe po power lr to complete IT to oakland but sacramento ni f bom om nil I 1 not ot be allowed to consolidate with transcontinental lines until it a basing committee COMI littee Is a found the arol 0 of the properties shall be in hands of the courts having 11 of 0 the foreclosure proceedings of government ove liens abe e board says that the fixing of the anum price of 0 the roads would be with some difficulty di but free Iti oll with all competitors dogus degus 9 ut J bidding would soon develop aults of 0 the price to be obtained tf believe that such a scheme would reached ached through any ally funding bill or tension sion of the present indebtedness lions ons ot of the government debt of h roads will mature early in SITUATION SUMMED UP the board thus sum sums up the sittia lon of the roads standing to the it ot of the central pacific arid union icino cilc slaking sinking funds october 1 1895 sinking fund to the credit of he ti trustees of th the e central pacific mort e lien which Is prior to the lien of lit united states state as stated staled in III the re ort of 0 amount of prior ds of the U union ulan pacific railway any and central pacific railway hallway apary Bip aisy exclusive of tile the kansas railway amount re noreil red to complete payment ot of the antha ilis bridge bonds he cash balance in the hands of the alie anlon ion pacific receivers applicable to anton a pacific property pro balAy will e apar approximately OX irately sufficient to meet the acears ars of interest accruing on its prior onias ds abe eIn interest terest on the central pacific bor r bonds is paid up to late date the ird d says ays that therefore the entire BBS amount of prior liens on the ion a pacific and the central pacina eslye of the kansas pacific less je amounts stated held in tho the sinking ails it will be the amount filch h may be required to discharge or base the prior liens Is liable ilabe e to be ed if tile the abovementioned above mentioned suma the sinking funds of the united ates tes under decisions of tho the secretary the treasury and the attorney gen hl L should riot not be available tor for the indicated the ithe board says that it congress bould uld fix the price which it Is willing 5 receive reca alvr in satisfaction of its cla claims ling J a sum gum which should meet the ap an foval val of 0 an intending purchaser the tire transaction could be so arged between the contracting parties to avoid the necessity for any ex ri alture of moneys in the treasury for purpose ot of taking up prior liens the board suggests that the secre Y obtain from the bond aided roads mil A statement of 0 all lands remaining their halias as the property of the allies HOULD EE BE consolidated illiam J coombs one ot of the direct I 1 makes a report to the board ch h Is filed with the report lie ile says it the aid extended to tile the C central tide fie and arlon pacific was intended forma ria a continuous line from the mis 1 l river to the pacific ocean and A it was expected this line would be abed under one system and the falc a between Cali california fornis and the I 1 east ast relied upon for revenue As th alie e creditor he declares the ineil d states has a light to demand 11 this plan shall be adhered to i have no hesitation in saying finues mr air coombs as a result of investigations that tile the violation this his understanding Is the main e ot of the present deplorable condl 1 0 of f the roads I 1 find that almost B the beginning there has been a k of operation cooperation co between them as 0 the he last ten years year the hc central pa afi has haa been leased to ro and under the atrol rol of the southern and the union fie has haa been absolutely at its i ky Y in the matter of through rates passenger as and freight traffic it Is antly reported in fit california that Is brought to bear 0 on phlp hi who wish to ship by the central f is to the kast east to compel them to by uy the southern route and that in 1 respect it I 1 treated as a tender 6 interest ot jhc southern ta ra tills this hau haia created in that state A to a settlement of the it to the government idys ays it a settlement cannot receive attention of the representatives ot of tates states west ot of the missouri river the added lines shall form a bous system t coombs discusses tile the tangle in ch the union pacific railway finds t f and says that the network ot of ch lines which that road has built 0 and especially in tile states ot of kanand nebraska could well be left ot of tile the scheme ot of reorganization thinks that the union and central tile sine conducted as a trunk line could 0 w anade pro prosperous J |