The Government has no information as to whether there will
be other bidders or a better bid than the minimum amount herein stated.
The question presented therefore is: Whether the Government shall, under
the authority given it by the act of March 3, 1887, purchase or redeem
the road in the event that a bid is not made by private parties covering
the entire Government claim. To qualify the Government to bid at the
sales will require a deposit of $900,000, as follows: In the Government
cause $500,000 and in each of the first mortgage causes $200,000, and
in the latter the deposit must be in cash. Payments at the sale are as
follows: Upon the acceptance of the bid a sum which with the amount
already deposited shall equal fifteen per cent of the bid; the balance
in installments of twenty-five per cent thirty, forty, and fifty days
after the confirmation of the sale. The lien on the Kansas Pacific
prior to that of the Government on the 30th July, 1897, principal and
interest, amounted to $7,281,048.11. The Government, therefore, should
it become the highest bidder, will have to pay the amount of the first
mortgage lien.
Pages:
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90