The Forrest City times., 1897-11-05
A FEE WORTH TAKING.
Master-in-C hancery Cornish WIN
Rake in a Snug Fortune.
fHE U. P FIRST MORTGAGE BONDS SOLD.
The Reorganization Committee viii Now
Have the Road in Their Own Hands
as Soon as the Conditions Have
Been Complied With.

OMAHA, Neb., Nov. 3.-The reorgan-
iZation committee of the Union Pacific
which bought the government lien,
which was the second mortgage on the
property of the Union Pacific. has
purchased the first mortgage on the
same property by which the construc-
ton bonds were secured. The price
paid for the mortgage was the amount
named as the minimum bid to be ac-
cepted. s5O,637. gS5. The property was
bought as was the second mortgage
Monday. in the name of Louis Fitz-
gerald and Alvin w. Krech as purchas-
ing trustees.
The sal e was, if possible, more unin-
teresting than that of Monday, not
over 40 people being present at any
time. 1t was IL o'clock to the minute
when Master-in-Chancery Cornish
mounted the stone step in front of the
Ninth street entrance to the Union
Pacific freight depot and began read
ing the notice of the sale, and the de-
scription of the property to be sold.
This consumed just SO minutes, and
he then read the same notice of
protest from the Union Pacific
the sale of two miles of track of the
Cheyenne & Northern road, which is
claimed by the Union Pacific, Denver &
Gulf and the Union Pacific, that he
read Monday. He announced that the
purchaser must take the property sub
ject to the protest, and asked for bids
for tie property, the description of
which he had just read.
Gen. Louis Fitzgerald repeated his
performance of Monday, by coming
out of the hallway and saying, Il bid
for the property fifty millions six hun
dred thirty -seven thousand four hun
dred thirty dollars:
Master-in-C hancery Cornish repeated
the amount, adding: Are there any
other bidders? Does anybody else de-
sire to bid?"
Apparently nobody cared to avail
himself of the privilege, and then Mr..
Cornish continues: "Inasmuch as the
bid of Louis Fitzgerald and Alvin w.
krech, purchasing trustees is the high
est bid, and the only bid. | declare the
property sold to them for the sum of
ea0 637, 435. This concludes the sale,
and as there is no other property to be
sold, the thing is finished"
Master-inChaneery Cornish has been
prompt in filing the report of his Of
fetal action in connection with the
sale of the Union Pacific. The report
of the sale made Monday has been al
ready filed in the office of the clerk Of
the United States court.
The report cites the order of sale is
sued by Judge Sanborn, and in &C.
cordance with the provisions of that
order, mentions that represe n tatives
of the purchasers deposited with the
master within the proper time
certified check for 50, 600, 900 as guar
antee on the bid for the property, and
another certified check for 81, 1864, 525 to
cover the sale of the sinking fund
| bonds.
The master says that when the prop
erty was offered for sale Louis Fitz-
gerald and Alvin w. Krech, represent
ing the purchasers, bid $50. 1888, PSI. 81
for the railroad and its franchises, and
s13, Gas, $50 for the sinking fund
bonds; that these bids were the
only ones offered, and were
accepted, the agents for the
purchasers depositing with the master
a certified check for 81, 100, 600 to guar
antee the fulfillment of the bids. The
certified checks were drawn up on the
United States Trust Co., of New York.
The fee for which the master who
made the sales will receive for his work
is generally estimated at 500, 900. 1t
may be over that amount, and it may
be something under it, but it is gener-
ally conceded that it will be close to
that figure in either direction.