The Roanoke times. (Roanoke, Va.) 1897-1977, 1897-11-03


ceased to have any monetary interest in
the Union Pacific Railroai Com pany,
Fffty-iv minutes had been consumed in
the transaction, and the property was
knocked down to the reorganization COM
mittee for e53, 528, 532.76. Gen. Lewis
Fitzgerald, of New York, chairman of
the reorganization committee, did the
bidding.
The first thing offered was the road
and all the connections in the way OF
rolling stock and real estate. These
brought $39, SS3, 5o3.S7 Then the sink
ing fund was sold and brought S13,645,-
250.09. This does not include what has
gone into the sinking fund since January
/, 1887, which is about $4,50O,O0O. AS
that amount will revert to the govern
ment it males the total amount realized
by the government $58, 028, 53276. This
was The amount required under the re-
vised agreement.
AT ! l o'clock 500 persons gathered In
the bottoms, east of the business por-
ton of the city, where the Union Pacific
freighthouse is located. Promptly at
the hour advertised for the sale Master
in-Chancery Cornish, of St. Paul, stepped
to the steps IF the big freighthouse and
briskly unrolled n newspaper which con-
tanned technical description of the
property. Then he announced In voice
scarcely heard three feet away
1.-The Union Pacific will be sold to the
highest bidder according to decree en-
tered by Judge Sanborn. The property
is ns follows:''
Then he read for nearly an hour dry
description OF the property. Those about
him, In addition to reporters, were John
G. Cowan, OF Omaha, special attorney for
the Government; w. s. Pierce, of New
York, attorney for the reorganization
committee; his clerk. Law ence Greer, T..
Ellery Anderson, Oliver Mink. Gen Fitz-
gerald, and many othcr distinguished Wis,
itors. All were talking in whispers, and
several times jokingly inquired if anyone
had seen Sage and his opposition syndi-
cate, but for all their confidence Pierce aud
Gen. Fitzgerald kept their eyes wander
ing anxiously around until the property
was declared theirs, as IL in momentary
fear that the ghost of the much talked of
syndicate would rise up at the last mo-
ment and protest against the sale
When Judge Cornish finished the de-
scription, he announced in a louder voice:
81 will now receive bids for the prop.
erty."
Gen. Fitzgerald read from paper the
figures 500, SS3, 2S1.S7, and handing the
slip to the auc.ioneer declared that he
bid that In the name of the reorganiLa-
GtOu COIAnllIIcc
Judge Cowan at once demanded to see
the slip, and after scanning it carefully,
copied the figures.
Then the auctioneer inquired if there
were any other bidders The members
Of the organization committee looked
around as IL the supreme moment had
arrived, and il Mr.. Sage, himself, had
stepped forward with bid they would
not have apparently been surprised. No
answer being given Judge Cornish
knocked the road down to Fitzgerald
The same routine was followed with the
sinking fund, and it brought $l3, 645,-
25o.S9. This, too, Cowan scanned mar
rowly and then copied it in his official
book. With the noon whistle from the
great shops Of the Union Pacific, the
master in -chancery declared the Govern
ment connection with the overland route
closed and the reorganization committee
the purchasers.
w. S. Pierce asserted that he never
had believed the Sage syndicate or any
other hostile organization would lie in
the field when the time for bidding ar
rived. 1t required too much cash, and it
could not be got togei her in so short
time as the new syndicates are reported
to have been organized
In the railroad circles hostile to the re-
organization committee there is a rumor
that when Judge Sanborn attempts 20
confirm the sale n protest will be filed on
the charge that if the Government had
given the proposed new syndicate time to
organize IA premium might have been
secured, and on this theory the rumor de-
clares that the court will be asked to
have the sale repeated. But there is lit.
tie of a substantial nature to base this
on, and in Omaha last night it was the
general opinion that the difficulties of
the reorganization committee as to Sc
curing the Governments equity in the
property are over.
CLEVER TRICK.
1t certainly looks like it, but there is
really no trick about it. Anybody can
try it who has Lame Back and Weak
Kidneys, Malaria or nervous troubles.