Show dissatisfied shareholders union pacific to be reorganized by them W H rosenbaum their representative returns from europe full of confidence says the present bonds can be converted into four per cents 1 new york jane 14 W H rosenbaum who went to europe laet april in the interest of bome of the of the union pacific returned today lie pays that he was more successful anan he even hoped for when be started 1 I fully realized he said the great difficulty 0 opposing the powerful syndicate which is engaged now in the so called re of the union pacific company some prominent bouc however have enlisted themselves en our side although for the present they wish to have their names withheld until the opposition is more crystallized the company can be easily reorganized without the necessity et on preferred stock 1 I think can be easily to the shareholders of course all union clars are dependent on beine able to effect of the government debt on about th basis which the present re organization committee contemplates but if such a settlement can be obtained the creation creat ioa of this mass of preferred stock is absolutely unnecessary and wasteful there are still hopes bow ever that congress might be induced to grant an extension on the debt on a fair basis with a sinking the government debt could be discharged within a reasonable time and there is no necessity for the government to lose ono dollar the union pacific not counting the payments into the collateral trust sink in funds and some extraordinary items euch as losses on investments which will not occur again earned last year a surplus of over and above payment to the government cf and after having charged the full interest on all its direct indebtedness except the various collateral loans which are however nearly self support in there is not the elieh test doubt that the interest on about first mortgage bonds can be reduce from 6 per cent to tour per cent without the necessity of giving the first mortgage bonds millions in preferred stock as a bonus this alone would tare to alie com p any about a year and woula bare enabled the company to apply last years towards the payment of the government debt of coarse all financial men realize that it the government wants to sell out its claim and receive cash it would be quite impossible to realize the lull sum of about which is now owing to the government and the government would have to accept a heavy sacrifice any benefit arising from this sacrifice should however in all justice and air ness go to the stockholder and any tiling that ia leit after having made a settlement with the by right and equity must revert to the 1 K |