Show DENVER D S RIO GRANDE GRADE ROAD IS TO BE SOLD A AT AUCTION An auction price prIc of for the Denver Rio Grande Western West West- ern em road rat will be insisted upon uran by Harold P Palmer ot of New York one of the Intervenors In tiLe the sale and re- re ot of the system Palmer appeared in n person before a general conference attended by Federal Judge J. J Foster Symes and attorneys and bondholders In the case to urge the hIgher upset prIce Other urged a lower I figure which would they argued insure a buy buyer r and the llie culmination of i he reorganization plan as 33 approved approved ap- ap proved tentatively by the Interstate commerce commission Petitions were filed by Harold Hara Palmer and A. A L. L Finklestein of New York md and Horace W. W Bennett of Denver Demer to intervene in the foreclosure foreclosure fore fore- closure brought b by the Bankers Bankers' Trust company of New York true trus- tees In behalf of af approximately 87 per cent or of the holders of r an issue of first mortgage and refunding bonds In denying the Judge declared the 1 was too high I figure of and indicated definitely that a lower low low- er figure would beset b set Palmer declared however that tiffs his figure figure was ras b based sed ou estimates estima es that tie t e road was wa worth at least As a result of he conference whIch followed Judge S refusal to recognize the to Ita Intervene it was announced that the railroad J Ju u Id tf Jt t Ii auction s i nest sixt days das Final reorganization re- re organization will be completed before before be- be fore January 1 1925 was said and control of the system will pass to the Western Pacific and Missouri Pacific l' l railroad The action released the corpora corpora- from a tangle of litigation and meager financIal backing which has prevailed for two years and which was accentuated after default or of interest in- in terest on the bond Issue Under proposed reorganization plans between and 10 ot of new capital will be Put Into the Toad in addition to an mount sufficient to clear up old debts |