Show PACIFIC RAILAVAY BILL I Introduced in the House liy Shut roth of Colorado WASHINGTON Jan 14In the house Mr Shafroth of Colorado introduced a Pacific railroad bill I contemplates a foreclosure sale of the Union and Central Pacific railroad properties and in the event that the titles vested in the government gov-ernment there shall be organized a government gov-ernment railroad company The company is to be managed by a Board of directors appointed by the president and a soon as organized the property vested in the United States by the foreclosure sale is to be converted to it The company is then to deliver to the United States fifty year 3 per cent bonds to the amount of the total indebtedness of the railroads to the government secured by a mortgage mort-gage on all the property subject only to the bonds secured by first mortgage upon the property in the event the United States has not purchased or paid the same The stock of the new company is to be sold at public auction and the amount realized applied to the Indebtedness ness of the government and when the latter is fully paid the stockholders are to organize a new corporation The government gov-ernment railroad company is then to convey con-vey the railroads and properties to I upon the surrender and cancellation of the stock of the old company |