Show D R G railroad purchased by B y the western pacific on the fiftieth anniversary ot of the I 1 organization ot of the de denver nv er and rio grande railroad company coliny november 20 all the property and holdings of 0 the organization were sold bold to three men representing the western pacific railroad corporation for or 5 the purchasers also assumed obligations dt the denver and rio grande amo amounting tinting to 1 I 1175 the sale completely ely wipes out the stock of the denver and rio grande Gra orte amounting to according to john F doile bowle of new kew york general counsel for the western pacific and one ot of the three purchasers the others associated with him were john B D marsh and ralph 51 arkush both of new york the road was sold to satisfy a judgment of 0 36 obtained by the equitable trust company of 0 new york ad trustee for holders ol of bonds issued by tho western pacific railroad company find and guaranteed by the denver and rio grande the sale Is subject to confirmation by the united states district court operation separate following the lie sale mr bowle bowie announced that although the 11 western estern pacific ila railroad company corporation now owns both the western pacific and denver deliver and rio grande railroads would be operated separately of course said mr bowie in 1 a statement there will naturally be a tendency to ta favor ilse western pa effle on through business to and from the pacific coast the rio grande western railroad company recently in delaware with a capital of will be the holding company tor for the road sold today sir mr bowle bowie said bald and an operating company with a name similar to that held by the old company will be organized soon books of both the ope operating and holding companies will be opened in ill new york january 1 at which time officers of both companies will I 1 lie e an bounced noun ced mr bowie said ile he declared it would bo be the policy of the new owners to continue the service ps of the present officials and employees the headquarters of 0 the road will remain main n in denver ho he said big alf expenditure planned tho the first consideration of the now new owners of tho rio grando grande will bo the expenditure 0 of approximately for putting the property in first class shape slid and purchasing new power ho said tills will include new machine shops ata at a cost of upwards of 3 3 the ballasting ballas of the tracks and lit in every way possible the putting of the ilia property in heat class shapo lor for operation tho the system will be operated f for or the best interests ol of the territory it serves at present there tare are no plans for proad broad gauging narrow tracts tracks or for extending main une line track although ailiese stops steps undoubtedly will he taken J when financial conditions permit hew extensions 1 the purchase of the property was made by myself john B D marsh marsh and ralph M arkush of now york as a committee representing enting the western pacific railroad corporation the holding company of the western pacific railroad company un under der tile the reorganization plan the rio grande NN vestern estern Vc stern railroad company will be the holding company tor for the rio grande and the operating company will be another both tile the holding and operating companies will be in independent of the western pacific holding bolding and operating companies open door policy 1 i 0 it is the purpose to ach ere ciric tria y to the policy of the open door to he lines east of denver wo we will con bract ct no alliance mill any eastern ines slid and the rio grande will be ree to accept arid and deliver le liver traffic equally to all other lines except of ourse there will naturally lie be a tendency to favor tile the western facile on through business to and from tie he pacific coast we expect to have the now new coni com lany bany in actie oper operation atlo n within wathla less han sixty days there is naturally nuch to be done in the way ot of adjustment ustin ent of the financial arrange absents and it is expected that this w will ill be completed for the opening of the books of the new companies by january I 1 wallo special master Willi william arn A jackson was performing the concluding steps of the salo sale attorneys C F carnine and george L nye both of denver were reading formal notices issued to by interested parties thus tor for a time it war wab almost impossible to understand any of the three litigation threatened 1 mr 1 r carnine Carn lne representing tile the stockholders protective committee ln in his notice declared that the stockholders intend to institute proceedings in the united states district court for the southern district of new york to have the judgment on which the sale was based Naca vacated ted the notice set forth that the stockholders attempted to intervene in the suit when tho the sale was ordered but that the intervention hat had been denied after which they appealed to tho united states circuit count court of appals appala this appeal was denied yesterday sir mr ayos notice concon ed certain contract rights of tho th utah railroad compau company which he ha represented |