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3600 1 (1898)

handle is hein.usccsset/usconset32544 and id is 1 raw text is: 55TH CONGaESS, SENATE. 5 DOCUMENT 2d Scssion. 1 No. 138. SALE OF KANSAS PACIFIC RAILROAD. LETTER FROM THE ATTORNEY-GENERAL, IN RESPONSE TO RESOLUTION OF THE SENATE OP FEBRUARY 15, 1898, RELATIVE TO HIS ACTION IN THE MATTER OF THE SALE OF THE KANSAS PACIFIC RAILROAD. FEBRUARY 15, 1898.-Laid on the table and ordered to be printed. DEPARTMENT OF Jr-STICE, Washington, ). C., February 15, 1898. Sm: In compliance with the resolution of the Senate, adopted Feb- ruary 1.5, 1898, which directs the Attorney-General to inform the Senate if lie has authorized the abandonment of any intention to redeem the first-mortgage bonds issued by the Union Pacific Railroad Company, Eastern Division, now the Kansas Pacific Division of the Union Pacific Railway, and to ask a postponement of the sale thereof, and for the appointment of a receiver therefor in the interests of the Government of the United States; and also if he has authorized an agreement by which said property is to be sold for the face value of the subsidy bonds, resulting in a loss to the Government to the amount of $6,624,107, and if the Government has agreed not to be a bidder -t said sale, I have the honor to report: The lien of the Government upon the Kansas Pacific Railroad covers both the Eastern Division and the Middle Division thereof. Each of these divisions is encumbered by a first mortgage given to secure bonds, which mortgages, respectively, have been decreed to be paramount and superior as liens to the Government's subsidy lien. The amount due upon these two paramount mortgages, with interest up to Febru- ary 12, is $7,515,255.15, exclusive of costs and allowances in the fore- closure suits. By the decree of the court in the foreclosure of the Government lien, the upset price on the sale of the Eastern and Mid- dle divisions, covered by the Governinent lien, was fixed at a sum which would yield to the Government $2,500,000 after the satisfaction of the prior liens, costs, and charges. The adjourned day of sale under the Government foreclosure is Wednesday, February 16, that time having been fixed by the court upon an application made in )eceiber for an adjournment of the sale. Q Doe. 11-1

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