| Show UNION PACIFIC SOLD omaha neb nov 1 the union pacific road proper including the buildings and all that goes to operate the system was this morning sold to the reorganization committee tor for the sum of this amount does not include the sinking fund in the hands of the government and taking this to be the amount stated in the government decree covering the sale of the road the total paid for the pro property perty is 76 there were no other bidders and the road went to the reorganization committee without any opposition the sale of the road was in itself one of the tamest and most uninteresting P performances possible to imagine it was advertised to take place in front of the union pacific freight house at the junction of ninth and jones streets at 11 and it was just one minute after that time when master in chancery cornish who was to act as auctioneer took his place on the low stone step in front of the ninth street entrance for over an hour a crowd had been gathering to witness the sale and it was only with great difficulty that mr cornish was able to get sufficient room to enable him to wor work lie he finally jammed himself back into the corner of the doorway with one shoulder against the door and the other against the brick wall and prepared for business the crowd which was not over all told was packed so closely around t the he doorway and up in front of the center of the building that the members of the reorganization committee the men who came out to buy the road were unable to see anything or hear a WO word rd of what was going on they were compelled to stand back in the hallway from which one of the mem bers occasionally poked out a atee just to see that all was well packed into the hall leaning against the banisters squatting upon the stairs or standing wearily in the center of the door were all the members of the committee receiver mink hied him to an upper window out of which he leaned to watch the proceeding below those of the committee and connected with it who were present were receivers john W doane ellery anderson gen louis fitzgerald af the reorganization committee and winslow S pierce attorney of the reorganization and the wizard who evolved the scheme of reorganization alex miller of boston secretary and ami assistant stant comptroller ef f the company john sheridan of maryland a government director of the road general solicitor key and mr cowen the government representative marvin hughitt of chicago T jefferson coolidge jr of boston and lawrence greer his assistant si mr cornish carried under his arm a large portfolio bound with the regulation red tape and as soon as the crowd gave him room to extend his bis arms he untied the strings and drew forth a number of papers selecting one of these he replaced the others aud aad holding it out he said gentlemen I 1 am here to sell certain railroad properties in pursuance of a decree of the united states oft dr auit court I 1 will now read the description of the property to be sold and when I 1 have finished the reading I 1 will be prepared to receive bids bidek here followed the notice of sale mae which was very long being about four our columns of agate type this notice is so long gentlemen said mr cornish that I 1 will hot to read it so that all of you can hear it I 1 will endeavor to get through it as rapidly as P possible os sibie 11 he began the reading of the notice and as he had said did not read it so ea that many people could hear it H his Is voice grew weaker and finally it became nothing but an unintelligible mumble that was not distinguishable three feet distant close to his left hand stood lawrence greer with a copy of the notice in his hand and he followed the reading of the masteran master in chancery very closely he was the only member of the reorganization committee or those connected with it who saw the proceedings from first to last from time to time attorney pierce who was in the hall just behind that portion of the door in front of which the auctioneer was standing ig looked out and receiving a glance from mr greer withdrew into tha hall once more the reading of the notice took just an even forty minutes and abw wh it was evident that mr cornish was wa through the last column of the notice dr louis who wt wag 4 to make the bids pushed through the door and stood close by the side aide at 0 the x leader eader As aa he finished his reading mr cornish folded up the paper wid and placed it deliberately in hia portfolio he then drew forth a small type writ ten document and without announcing its nature began to read it waa a protest from managing receiver trumbull of the union pacific denver ft gulf road against the sale without the other union pacific properties of the cheyenne northern road and the line that is claimed by both the denver gulf and the union pacific after reading this notice mr cornish placed it in the portfolio and said mad 1 I am now ready to receive bids bide tor for the railroad property of the description which I 1 c aade just read there was a moments silence and then general fitzgerald said 1 1 I I bid thirty nine million eight henr dred and eighty three thousand two hundred and eighty one dollars and eighty seven cents in the name of louis fitzgerald and A W kreich purchasing trustees there was another pause and mr cornish said are there any more bids there were none and the master continued 1 I will receive bids for the sale of the bonds of the description of which I 1 have read general fitzgerald replied 1 I bid in behalf of lovis louis fitzgerald and A W kreich purchasing trustees the sum of thirteen million six hundred and forty five thousand two hundred and fifty dollars and eighty nine cents centa in both instances gen fitzgerald read his bid from a memorandum which he held in his hand mr corbish opened his mouth to say are there any more bids when a voice from the crowd called loudly wait a moment mr cornish what are the amounts of those bids I 1 cannot hear them and gen john C cowan cowam the government attorney pushed his way through the crowd with great difficulty ile he bad been standing about ten feet from mr cornish and he had been unable to hear bear the announcement of the bids so low had been the voices of gen fitzgerald as he made them and the voice of mr cornish as he repeated them the sale stopped for a moment as general cowan struggled through the crowd to the side of mr cornish re he was shown the amount of the bids on the memorandum held by general fitzgerald and made a note of them he then turned away and mr cornish again maln opened his mouth to say are there any more bids and this time he succeeded there was not a sound and the master continued As there are no more bids I 1 declare the property of which I 1 have just read the description sold to louis fitzgerald ritz gerard and alvin W kreich purchasing trustees they having made the highest bid and the only bid that was all there was to the entire sale and the members of the reorganization committee and their attorneys lost no time in getting back to the offices of the union pacific road for the wind blew hard and it was cold out there where the auction had taken place under the terms of the sale the purchasers have ninety days in which to pay over the full amount of the purchase money and that part of the transaction will be carried out in new york in the future the government has now flow the sinking fund of the road and the amount of the guarantee check put up by the reorganization committee this to Is just lust about ten per cent of the full purchase price of the road the members of the committee ha had nothing to say aay after the sale was over attorney winslow win stow said that it was possible that tonight he might have a statement to Issue but just now he be was not certain whether it would be issued pr or not regarding the future management he had bad nothing to say but it Is practically ti that Is it will for the time being left in the hands of the present receivers ce who will run it as they haye have beell running it with the sole difference te e ce that they will be responsible to the reorganization committee instead of the government when the comm committee it has ban perfected all its arrangements lt it will relieve them the future head of the road will be S st clark the former president if his health will permit him to take the position he had bad been expected a al t the sale today but was WAN confined don fined to his hie home bome in st louie by illness t the sale today was under the mort gage on property held by the united states government tomorrow at the same time and at the same place as the sale was held today will be held another sale for the foreclosure of the trust deeds securing the construction bonds which constitute the first lien hen on the road |
