The San Francisco call., 1897-11-02


'thc strings and drew forth mum Der OF
papers. Selecting one of these he re-
placed the others and, holding it out, he
said:
Gentlemen, am here to sell Ger ain
railroad properties, in pursuance OF a de-
cree of the United States Circuit Court.
I will now read the description OF the
property to be sold, and when have I'm
ished the reading will be prepared to
re ceive bids - -
He then unfolded the notice of sale,
which was very long. being about tour
columns OF agate type. e.
This notice is so long, gentlemen, said
Mr., Cornish, "that viii not attem pit 10
read it so that all of you an:hear.lt. /
will endeavor to get through it as rapidly
as possible ~ !. ..:.....
He then began the reading of the notice,
and, as he had said, did4Dot readit SO that.
many pc ople could hear it. His voice grew
weaker as he read, ana finally it became
nothing but an uninteIligible IN um bic that
was not distinguishable three feet distant.
Close to his left hand stood Lawrence
Greer, with copy Of the notice IN his
hand, and he followed the reading OF tile
Master. in Chancery very closely, He
was-Ihe only one of the reorganization
committee or those connected with it
who saw the proceedings from first 10
last From time 10 time Attorney
Pierce, who was in the hall just behind
that portion of the doorin front of.which
the auctioneer was standing, looked out
and, receiving q glance from Mr.. Greer.
withdrew into the hari onc+ more.
The reading OF the notice took Just an
even forty minutes, and wheh.it was evi-'
dent that Mr.. Cornish. was well through
the last column#of the notice General
Louis Fitzgerald, who was. to make. the
bids, pushed through the door and stood
close by the side OF the reader. ...:-
AS e finished his reading Mr.. Cornish
folded up the paper and placed il delib-
erately in his portfolio. He then drew
forth small ty ype-written document and,
without announcing its nature, began to
read. ..... s<=>..-.~ -..:..- gas
1t was protest from Managing Receiver
Frank Trumbu!I of the Union Pacific,
Denver and Gulf, against the sale with ghe
other Union Pacific property of TWO miles
of track on the Cheyenne and Northern
road. the two miles being claimed both by
the Union Pacific and the Union Pacific,
Denver and Gulf Mr.. Cornish. after read
ing the protest, announced that any pros.
pective purchaser of the road must be
willing to encounter the consequences OF
the protest, and that no guarantee OF their
ownership by the Union. Pacific was in
cluded in the sale. This was. agreeable to
the reorganization committee, ana the
sale proceeded. -.,-. -
After reading this notice, Mr.. Cornish
placed it in the portfolio and said:
II am now ready to receive bids for the
railroad property the description OF which
. have lust read. -. -. - .*-.>
There was: moments silence, ,sand then
2 General FItzgeraldvsaid :: II bid $39 883,
J. 28l. 81: cents, in#the name of LOUIS Fltz-
gerald and a. = W.: kfeeh, purch asing
trustees. - -. :. -: -. :: j.: -. :: :
There was another pause and Mr.
Cornish said =: f.. ::~... -:
Are there any more bids p i: +. =.
: There were none and the master con-
:inued =: :. 20 =: :: r. f..
5 81 Will now receive bids. for the. sale OF
the bonds the description OF which nave
read. .. - ~:+:~ s. ~*::
E General EilzSetald replied; - bid in
behaif of Louis Fitz.erald and a. W.
krechi purCha sing trustees. the sum of
thirteen millions six hundred and forty
i've thousand two; hundred and nifty
dollars and eigh1y-nine cents"
r: In both instances General FITZGERALD
.read his bid from a memorandum which
lie aeld IN his hands,: ="
MI. NOEIllSl' opened. MS Ontil / O. say,
sc Are there any more. bid<?'F* when voice
lromth crowd called loudly. ~ r. =.
Wait a moment, Mr..Cornish. What
are 1he+amounts. of rhose: bids ?..:I cannot
hear them," and General John c. Gown,
the Government altoFneytpushed his way
through the crowd with great difficulty.
He had been standing bout ten feet from
MIR. Cornish and had been unabIe to hear
. the announcements of the bids, so low had
been the voice OF General Fitzgerald as
he made them and the voice OF Mr.. Cor
nlsh as he repeated them.:
: The sale stopped Tor moment as Cen
eral Gown struggled through the crowd
to the side OF Mr.. Cornish. He was shown
the amount # the bids on the. m emoran-
dun held by General Fitzgerald. and
made a note of them. lie then turned
away, and Mr.. Cornish again opened
his mouth TO say, ''Are there any more
bids?" and this time he succeeded There
was not sound and the master con-
tinued: ~ II.
LAS there are no more bids, declare
the property, of which l have Just read
the descript on, sold to Louis Fitzgerald
and ALVIN W. krech, purchasing trustees,
they having made the highes: bid and the
only bid.
That was all there was to the entire
sale, and the mem bers of the reorganiza-
tion committee and their attorneys lost
no time in getting back TO the offices of
the Union Pacific road, for the wind blew
harI and it was cold out there where the
auction had taken place.
Under the terms OF the sale the pur-
chasers have NINETY days in which to pay
over the full amoun: OF the purchase
money, and that part of the transaction
will be carried out in New York in the
future. The Government has now the
sinking fund OF the road and the amount
Of the guarantee check put up by the re-
organization committee. This is just
about 10 per cent OF the full purchase
price OF the road. The members of the
committee had nothing 10 say after the
sale was over.
Attorney Winslow said that il was pos
siole that the committee might have a
statement issue later on, but just now
he was not certain whether 1t would be is
sued or no.. Regarding the future man
agement OF the road he had nothing to
say, but 1t IS practically certain that it
Will, for the time being, be left in tho
hands Of the present receivers, who will
run ii as they have been running it, with
the sole difference that tbey will be re-
sponsiDle 10 the reorganization committee
instead of 10 the Govern ment. When the
committee has perfected all OF its arrange
men it will relieve them.
The future head of the road will be S.
H. ii. Clark, the former president, if his
heath will permit h I'm to take the posi-.