| Show n THE UP REORGANIZATION Funding Bill B fora Congress ironies Interest In the ProJCt ollAlnol 1lt 0 0 II II roy sloliresIoetsaalOs or lb 011I 001Y New York Journal In vlow ot 1 Ibo funding hill non beore bongreu which leeks to provide for the debt 01 I be Union IaolUo an I Central Pi o I flu railroad to Ihe unTernmenton account of advances made on bonds with hlob to construct lb blues oanihler abl Interest Is felt In financial circles over attimpti now beln majo to re organic the UnIon Pacific Hallway company Tho present movement whIch Is I known tn ths plan of the reorganlzi lion ol the collateral trust cote holdori I sin i realIty au annex to Ibo original lIen 01 rtotganlzatlon that was luued 10 October 1803 The original plan lone thus far failed ol iuccti > owing olbo lying up or llioiu ding bill In Cungrrai AlvIn W Krecb of the deroautlle Iru t company 11 I eecre ttry ol both commit tonc Too memlieia ul thoCollntiral Fruit Note oonitulttee are John a Moore and Jainoi SV Alec under ol tills clly and Kiwis F At line 01 Button J 1lerpout Morgan i Co are the ruiteea 01 the collateral deposited as ourlly lor Ill notes ol whloli there ara cutitaodlni JS6U8lll All 01 lb eaeecoe lIon ale 01 branch liner oltInb a intituled or acquired by the Union Icllio Itillway ojuipany or or various tub > ltll ry companies such u s Ibe ItciOu Hiprco coutnany moli Union Dtpjl mpiny Uclun acltlc Coal com piny on In o plan copiei ol wnlch will be ready toe distribution today calls lor uepotlti ol tko collateral trust note psued by the company under Hi indenture in-denture ol Bipteulter 4 1891 As Ibo note are bW two yearn overdue It la I IIIoIJOelI In view 01 the Insolvency ot the oamptoy to cauie au curly tore clolur oaadaa Ia 01 tho oollatele belu la trust uud their purchaio by a loom osrnpauy la be organize under the tula of the UnIon 1aoldo riecurlllea ujriipany rue new couiiiany Is to Issue S percent per-cent first mortgage Iwentyllveytar old bond 10 the amount ot 10000 COO which ate to be exchan 11 at pur for uolts deposited under plan I and are to besecutel by Iho oollatbrai Five million dollars In locU la eleo to bo tsiued to tbu holders 01 the old Doles lu Ihe extont ol SO per cent of the par value 01 the note Ol the rrintluliie bonds provided l > for 16000011 are to be held In the treasury I ul I Ihe new company to be umd with tin consent of the trusteo ol ihu mortgage In the proteclon ol becur lIme held lu I the collateral in rlgago by joinIng plans of roorgatilzalioulpuj mint ol asaemrujinls under tuck plant sad other puiputes connected with the business ol Ihe oirupany The time for declaring ito plan mlctivo 19 I limited lo Febtuaty 11897 rI enoooo lIlUn 0 requiring this reorganization reor-ganization are outlined at follow by Alvlu W Kreo tUo lectetary ot 110 imlttei It Is proposed to reorganize the trustcecurittea harmony with there organization of tie Union Pacific Railway i Rail-way tie character ol tuu securities I It l lucb that this mrthod ol reorganization reorganiza-tion la requlrea lo best reserve OS en nance their value It Is I obvlouily to the tntttett ol the mileholders ai well ai the holJurs ol all fixe oblIgatIon 01 the railway company that the proper tics represented the trust should not bo scattered lu ownership and aurulnli irjtluti tut should be kept together and administered for the oimmou advantage ad-vantage I tlie iccurlty holders The comnilttto hat been oranlzsd lor this purpose The Unlou raclflo railway complOT com-plOT delaulled In In Internet and pasted Into the hands ol receivers on October 131893 fbo receivers then appointed tvutuB H 11 Clark ptetl dent ol the road Oliver W Mink and 10 tilery Anderson lu November ol the same year Frederic It Coudert and J W DJUIIII Wero appointed au dlllonal receiver The total mileage ol Ibo Union Ia elfin railway ryitem at the time ol the Huflmmejl oi tin rcoilori wn 70111 mlle Blnco tlitn rainy ol Iho loaied and branch lines have teen shorn lion bo system until now tOn total mileage 10 only 4001 IOn 1 01 tho principal eauoiB for tho Collateral Trust reor eaulzltlon and the fotmttlon cln new um tat y to be known as the Union aclflu securities company It I to pre vonl briber dltmembermrut ol the yetini |
