| Show TO BUY THE UNION PACIFIC I Strong Syndicate Formed in New York New York Jan 13A Times special from Washington says Late yesterday yester-day afternoon information reached the I capital that the Union Pacific proposition I proposi-tion is formally before the president who has given it favorable consideration considera-tion and will direct exGovernor Hoad I Icy special government counsel in the Pacific railroad case to enter an appearance ap-pearance on behalf of the government by mint cross bills in the pending foreclosure fore-closure commenced in Missouri Iowa Nebraska and other western states I J I is understood that such action will be taken before the end of the month j and the court proceedings will be 1 pushed along in conformity with the j reorganization committees proposition which contemplates an early final judgment j judg-ment of the whole business This pro gramme does not include the Central I Pacific In this connection it may be said I I that report is afloat that Huntington is soon to be superseded as president I of the Central Pacific by General Hub i bard and the control of the property I i wrested absolutely from the man who ha been its director for more than 30 j I i years Jt looks as though the wonderful I I wonder-ful old man would soon have to give I ay to a successor I Huntingtonhad trouble getting him i self reelected president of the Central I Pacific the last time Since then the I j opposition is said to have been I strengthened both among stockholders j and bondholders I The Heralds Washington special I says Further details of a plan of a I strong syndicate of capitalists to obtain ob-tain control of the Union Pacific railway t rail-way were learned yesterday and tend j to confirm the contention of the opponents i op-ponents of the refunding scheme that I the government would gain more by the sale of the road under foreclosure proceedings than could possibly be obtained under the proposed funding scheme I The net balance due the United i i States from the Union Pacific railway I I is in round numbers 53000000 In addition I ad-dition to this there is the sinking fund of 17OCOooC The syndicate it is asserted II as-serted propose to make its first bid I at 328000000 or jf the value of the sinking fund is desired by the guy 1 I ernment to be covered into the treasury treas-ury 45000000 will be offered J I Of course if there should be another bidder at the sale either representing I i home or foreign investments the syndicate l syn-dicate would be prepared to raise its figures I is learned that the syndicate syndi-cate which is an open one is composed com-posed of a large number of financial t leaders and trust companies of New I York and has already secured the underwriting of about 40000000 in the furtherance of its enterprise i I Vtrirg will be done by the attorney attor-ney general in the direction of instituting tuting foreclosure proceedings until hIs h-is thoroughly satisfied that he has a guarantee of the largest bid which can I be obtained He will not have the sale of the road decreed anly to > find that the government interests have J I been sacrificed Foreolosure proceedings proceed-ings are mandatory under the law unless un-less some other legislation is enacted to I take the place of the law of March 3 1887 |
