The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-11-01

The Reorganization eonmfttee GA
the Greaaa, Preparing 80 Make
Hid of FFfry-Efxht Million Dollars
for IN. Read and Its Equipment.

OMAHA Get I--At Il Q cGcck t7-1orT0~
morning. Dawn n s-sEght house o. re
Omaha fats there VIII D. financial tra''s-
acton thar n Two respects viii be re.ard
breaker
IN re Sr~. Instance y will nA sne lzrg-
ess auction safe &C which history makes
mention zns in .ae second instance. Une1e
Sar VII e-usrxe from a money deal wtza
nsx apohews wit1oat leaving behind nm
nearly All ne advanced fer tneir sehe-s. n
addition 20 re regular patches q rs hfes.
as ar evidence q coed faith
Even II By some I!schancs which cannot
roz b. fcrseeen T-cie sam fails tomorrow
% receive rs 3ust ard lawful due. he A2s
1ontxht ire satisfaction that came 70 Moss
when the Hebrew l4w-giver looked over
into the urorasssa land He car say he saw
Il FUN ard fair. even th3uEh be missed
connection with Il at the a1ish- More than
thar. fhe chances q Uncle Sana f0x enter
inx the promised lard are as % those held
b. Moses a. a thousand 70 enc
About nfEy-egght millions of dollars will
Be PAID bv the reorganization committee
gor the LIE % t8s Union Pacific from
courrl Bluffs 10 Ogden Tnsre have been
rumors OF other bidders. and al sorts q
stories have been current regarding The In
tentton OF the sage syndicate" ard q The
Comics syndicate" but there seems 20
Be nothing IN them II there are any pes
bidding over the price 10 be paid by the
reorganlzation committee, II would require
the lens OF the Yerkes telescope TO locate
them The members OF the reorga nIzatlon
committee do not say that they are 70 be
the oniy bidders They simply say that
they know nothing about II. There may be
bidders and bidders. for al they k1ow-at
least that IS what they say. For al that,
however IL 3 srl small voice murmurs
~ "A as
Attorney Wlnslow :. Pierce has bid fifty
eight millions a tidal wave OF heart dis
ease VIII sweep through that freight house.
leaving behind dead and dy ng men. who
one second before were members % re-
OFganizat ton committee
There will be but one bid. and that viii
be the offer Of the reorg anlZatlon commit
tee. Master IN Chancery W. D. Cornish
has but one check guaranteeing bid, and
that Is the deposit Of the committee All
or nearly all the members OF the commit
tee who are TO attend the sale arrived this
morning, and today money is walking ny
millions and punches Of millions through
the office and hallway Of the Willard hotel
Those who came in this morning are Alex
andeF Miller OF Boston. secretary OF the
Union Pacific. Receivers J. W. poAns. e
E,lIery Anderson and Oliver W. Mink.
General Louis Fitzgerald and winslow 5.
Pierce. the attorney Of the committee.
John Sheridan. Of Maryland, one or the
government directors Of the road. arrived
today. and General Solicitor Kelly. OF the
Union Pacific hurried home 10 Omaha
from 81. Paul to be present at the sale
Among others who viii be there are Sena-
tor ]. III. Thurston. Gen. John c. Cowan,
OF Omaha the government attorney in this
case; Judge Sanborn. OF 81. Paul. and all
the prominent officials Of the Union Pacific
in Omaha.
The actual selling of the read which will
take place in the local freight depot Of the
Union Pacific, viii be made in this man
ner: Master In Chsncery Cornish will an
nounce that the road IS 10 be sold under
the foreclosure of the lien OF the govern
ment OF the United States He VIII then
read description Of the road. giving the
mileage the number OF cars. locomotives
and buildings and other property in the
possession Of the receivers. This descrip-
ton Is long and will require some time to
read, but once Il is finished, the balance OF
the operation viii be over in very short
order. Mr.. Cornish viii announce that the
minimum bid 20 be accepted is the maxi
mum OF the governments claim. Attorney
winslow : Pierce VIII offer that amount
for the reorganization committee. and Mr..
Cornish will wait q second 10 see IL any
body wants 10 make Il sixty millions ard
II nobody responds he vii declare the sale
made 10 the reorganization committee and
turn over the check Of the commlttee, de-
posted with him TO guarantee its bid. 70
the Representatives Of the government. and
the matter VIII be closed. The payment Of
the fun amount over and above the guar
sntee check viii b. made az some future
dat. 10 be arranged with the reorganiza-
ton committee and the government IL
VIII be- however. a short time after the
sale.
on Tuesday VII be held the second sale
under the mortgage. The reorganization
committee VIII OF necessity be the pGr-
chaser. None OF the members OF the COM
naistee are disposed 70 talk q the sale or
the probable lire OF action that viii be
pursued afterward Il IS likely that the
road will for A time, be left ia the hands
OF the receivers unless IL has been de-
cfaed who shall be the managing officers
OF the new company No serious thought
has been given 10 this matter as yet, but
Il is certain that Il Mr.. Clark desires to
be president az the road. a. he was before
the receivership. he can have the position.
II ne Will accept. II Is not likely that any
other narle wil De considered.
Alexander Miller, OF Boston. secretary
and assistant comptroller OF the Union Pa
elfie read said this morning that he had
no knowledge Of any competing bids thar
would be offered against that Of the re-
organization committee.
There may DE soma other bids coming
in said NJ Miller "but K there are. I
know nothing whatever about them. Mr..
Cornish The master IN chancery. vino Is
to auction Of the road is the only man
who knows Just how many bids are 70 be
rsaae and 7 know that he VIII not discuss
the matter He Is an officer Of the court
ard st would not BE- just the proper thing
for h3m 10 do.
While Mr. Miller disclalned all knawi-
edge regarding prospective rivals 20 TIE
organization committee for the property
Of The Union Pacific Il was sviden: from
his manner that he was quite sure thar
che COMMITTEES would NOT have any con-
pstlto-s. Regarding the future az tne
road after e has PASSED into ne hands az
the reorganization committee, Mr. Miller
saff
The actual turning over % Elae property
n fhe purchaser Viii be az some tire IN
TIE future depending very largely upoa
who IS the purchaser. II viii o. course b.
Qua - the question toF fRe purchaser wf1o
huys the road at = c'clock 20 assume cor
troi at noon II viii - simply a natter q
convenience ~ the purchaser. 7 havekncyvrt
Instances wgnra reads have been 1ouEhs by
rNn~zs MY t*f3T, committees. ant tnese con-
rrse.ess hara rot been n readiness 20 run
The rr.ad az -as instant. ar-S the receivers
have been allowed 20 Tan t1e road for two
Or thras 1aon5]9s % cI2fse under tns Girec-
-Fe- - tae owners. TAen wnea the pfgr-
rhase~S has naaEe az things ready. thHy
-nak hold ara ru& m Ee8 rhe property them
selves Nov - the resorERr1 alton com
su5ttea zets Iris road. aD5 Ar Miller
smiles 4 s~svf~rtsd sEIt.e "chat IS about