The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-02
SALE OF UNION PACIFIC.
IT rs KNOCKED DoWN TO THE RE-
ORGANIZATION COMMITTEE.

There was No Competing nidaer 60 Rhise the
Copmittee's Oner or esq, g9s. Sp0. s0-rt
Took Nearly an Hour TO Describe the Prop
ortJ-RiVnl syndicntcs Didn't RIatcrialise.
OMAHA. Neb., Nov. 1.-The greatest auction
sale in history was closed at 11:56 o'clock to-
day and the Government had ceased TO have
any monetary interest in the Union Pacific
Railroad Company. Fifty.ive minutes had
been consumed In the transaction and the prop
erty was knocked down to the Reorganization
Committee for $50, 52s.632.76. Gen. Louis
Fitzgerald of New York, Chairman OF the Re-
organization Committee, did the bidding.
The first thing offered was tho road and all
the connections in the way of rolling stock and
real estate. These brought S39, $685. s1.s7.
Then the sinking fund was sold and brought
S13, 64o ,250.s9. This does not include what
has gone Into tho sinking fund since Jan. /,
1897, which Is $4,000, 900. As that amount
will revert to the Government 1t mikes the total
amount realized by the Government S5s,02S,-
532.76. This was tho amount required under
the revised agreement.
At IL o'clock 500 persons gathered In the
bottoms. cast of the business portion Of the
city, where the Union Pacific freight house Is
situated. The morning was chilly and the sun
shone dimly through tho smoke and fog.
Promptly at the hour advertised for the sale
nkhotoE III ShhnOcVy We ~. SoEhinh = SS %
mounted the stops and unrolled q newspaper
which contained a technical description of the
property. Then he announced In q voice
scarcely hoard three feet away:
'The Union Pacific win DO sold to tho high
est bidder according to O decree entered by
Judge sanborn. Tho property is as followB'"
Then no read for nearly an hour q description
Of the lines rolling stock and the real estate Of
the. company. A crowd Of newspaper. mon
pushed and showed around Judge Cornish in
order to maintain their position where they
could hear. To the right of the austere auc-
tionoer stood Gen. John c. Cowan Of Omaha,
left and 80 close to the auctioneer that not q
sound escaped him stood. Winslow 8. Pierce OF
Ss %m hiSse' h htit0F olsEk, q faa shs a'S GREEN, ssoSa
next, with a description of the property and
checked the auotioneer as he read the list of the
others. They were talking in whispers, and sew.
Sage and his opposition syndicate. But for an
their confidence, Pierce and Gen. Fitzgerald
kept their eyes wandering anxiio9sly around un-
til the property was declared theirs, as " mo-
mentarily fearing the ghost Of the much.talked.
of opposition syndicate would rise up at the last
Wien Judge Cornish finished the description
he announced IN a louder voice: Il wiz now
receive Gdv bids b, for the PROF pro]Pe1F tSm MANN, ,,o o..
ures $50, ss3, 2s1.s7, and handing the slip to tho
auctioneer declared that. he bid that sum In the
tthi VI lhC itSoik oaeo
Cowan, after scanning the paper carefully, cop
led the figures. Then the auctioneer INQUIRED
II there were no other bidders. The members
Of the Reorganization COMMITTEES looked around
as II the supreme moment had arrived, and II
Mr.. Sage himself had stepped forward with o
prised. If they did not expect this, they expect
ed q protest. No answer being made, Judge
The same routine was followed with the
Sinking Fund, and 1t brought 1884 sos 80.
This, too, Cowan scanned narrowly and then cop.
led In his official book. The noon whistle from
the great shops of the Union Pacific was sound
ing when the Master In Chanoery declared the
Route closed and the Reorganization Commit
tee the purchasers. The crowd melted away,
mittee adjourned to q private office in the
freight house. where they discussed the affair
In a very cheerful manner. Winslow s.. Pierce
asserted that he never had believed the Sage
SYNDICATE or any other hostile organization
arrived. 1t required too much cash. and It
could not be got together in SO short a time.