Chicago - August 26
The Pacific Short Line will be offered for sale at public auction next Tuesday under foreclosure proceedings by order of the United States Circuit Court. It is expected that there will be a sharp contest for the possession of the property, as several companies are known to have had a covetous eye on it for some time and will make the most of this opportunity to secure it. Among the bidders, it is understood, will be the Chicago, Milwaukee & St. Paul, Chicago & North Western, and the Illinois Central Company, besides syndicates of the original bond holders.
In railroad circles much interest has been manifested in the Pacific Short Line project from the first. It was originally an Illinois Central scheme, but was abandoned by that company and afterward taken up by the Wyoming Improvement Company. The intention was to build a line from Sioux City to Ogden, paralleling the Union Pacific and shortening the distance by several hundred miles from the Missouri River to the Pacific coast. Sioux City men added $1,000,000 to the amount that was put into the enterprise be Eastern capitalists. The whole line was surveyed and laid out, three different companies were incorporated, and 130 miles of the road, between Sioux City and O'Neill, Neb, were constructed and put into operation.
The enterprise looked promising enough, until the financial panic of last Fall, after which the outlook was changed. Jay Gould had gobbled the Union Pacific and was understood to be hand in glove with Huntington, who controls the Central Pacific. The latter road, which is the only outlet from Ogden to the Pacific coast, was in hostile hands and the Pacific Short Line people decided that it would be folly to complete their line under such circumstances. The property was allowed to go into the hands of a receiver and is now to be sold by order of the court. The Illinois Central is said to be anxious to get possession of the road and thereby gain access to the Black Hills territory.
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NY Times 8/27/1891
The Pacific Short Line will be offered for sale at public auction next Tuesday under foreclosure proceedings by order of the United States Circuit Court. It is expected that there will be a sharp contest for the possession of the property, as several companies are known to have had a covetous eye on it for some time and will make the most of this opportunity to secure it. Among the bidders, it is understood, will be the Chicago, Milwaukee & St. Paul, Chicago & North Western, and the Illinois Central Company, besides syndicates of the original bond holders.
In railroad circles much interest has been manifested in the Pacific Short Line project from the first. It was originally an Illinois Central scheme, but was abandoned by that company and afterward taken up by the Wyoming Improvement Company. The intention was to build a line from Sioux City to Ogden, paralleling the Union Pacific and shortening the distance by several hundred miles from the Missouri River to the Pacific coast. Sioux City men added $1,000,000 to the amount that was put into the enterprise be Eastern capitalists. The whole line was surveyed and laid out, three different companies were incorporated, and 130 miles of the road, between Sioux City and O'Neill, Neb, were constructed and put into operation.
The enterprise looked promising enough, until the financial panic of last Fall, after which the outlook was changed. Jay Gould had gobbled the Union Pacific and was understood to be hand in glove with Huntington, who controls the Central Pacific. The latter road, which is the only outlet from Ogden to the Pacific coast, was in hostile hands and the Pacific Short Line people decided that it would be folly to complete their line under such circumstances. The property was allowed to go into the hands of a receiver and is now to be sold by order of the court. The Illinois Central is said to be anxious to get possession of the road and thereby gain access to the Black Hills territory.
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NY Times 8/27/1891
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