The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-31
SALE Of UNION PACIFIC.
The Way Bids viii b Received at
Omaha.
LARGEST AUCTION SALE ON RECORD.
Many Proninent Men VIII he Pres
ent 20 see the Road Go Un-
der the Hammer.
IRGEST AUCTION SALE ON RECORD.


carried through In Omaha Monday, when
the Union Pacific will DO auctioned on 10
the highest bidder. Incidentally the trans
action will involve the largest sum ever
disposed Of by auction In the United States,
yet the whole matter is not expected TO
occupy more than ten minutes after the
auctioneer announces his readiness to hear
proposals.
Special Master IN, Chancery w. d. Corn
| ish Of St Paul has been appointed by Judge
Sanborn to officiate. He will act as auc-
! tioneer, offer the road after The clerk has
read general description OF the property.
receive the bids and announce the result.
This will be orally Attorney Winslow S.
| Pierce, who has charge OF the legal al
fairs OF the reorganization syndicate, VIII
make the formal bids for the committee. 1t
is believed that he will be opposed by
representative Of the Sage syndicate.
though It is not at present quite clear who
Will represent Mr.. Sage's interests.
| The sale will take place from the north
steps OF the old court house In Omaha.
The group that Will surround Judge Cor
nsh at the stems Of the Federal building
number OF men noted throughout the world
az men of millions, great lawyers, railroad
managers and jurists. Judge Sanborn Is
| expected 10 he present. but merely In the
capacity Of spectator. Joha Cowan OF
Omaha will be prominent figure. He will
| represent the government. as special at
| n lt,y cn ifi
| the Union Pacific, will be there Wnslow
Pierce will be accompanied to Omaha by
| oliver w. Mink OF Boston ard q number
of interested New Workers.
J. rierpont Morgan may be one OF this
| party and 20 over the road on a tour OF
| Inspection Immediately afterward. The
| rumor that Morgan VIII be rcssnt In per-
son probably grows out Of tho doubt as 10
| Just exactly what opposition the reorgan-
ization committee may expect. 1t 10 said
the great railroad organizer wants to to
| on the ground for any emergency that
may arise. for il is nov quite clear that
| the Vandtrbilts are determined to have the
| properly at any cost. Though the auction
Ger and the Two attorneys who will bid are
| the only ones who will probably lave
word to say, yet many others prominently
connected with the Interests concerned viii
make up he crowd
| President Clark, who hns been with the
| Unicn Pacific continuously since Its organ
| ization except during TIE hree Yeas the
Charles Francis Adams people managed to
keep Jay Gould out Of the company VII
come up from st. Loutu 10 witness this
chapter In the roads career. !, nu,ahei cf
Chicago railroad men Will cms ont jlst to
satisfy their curiosity and ray tLcy Wit
Messed the big transaction.
AS the upset price was fixed at So, 900 :
900 tie special master will first ammo lace
that he Will accept no BID under that
laniount as n starter. tf'there is competition
tte reorganization committees rtpreseat-
alive Will probably start thu bidding with
that figure, though OF course the full bid
mast exceed $50 100000 for the rsorgan "a
ticn committee has given the government
to Understand informaly that 1t will sec
that a price equal to the full government
NOR gage is bid. General Cowan stands
ready 10 protect the interests OF the gov
ernmcnt in this direction. and would OF
course, enter n protest against any bid be-
Ing accepted less than thls amount. The
sale ia made subject to Judge Santo-n =
approval, so anything in this lire would
have to be explained to that determined
old jurist II II should occair.
After the first bid the amount Will go by
Jumps of $1,000 900. Few words will Prob
ably be spoken after the bidding Is started
1t win be a nod OF the hend by one side
seccnd bid CT the reorganization commit.
tee VIII be the fun amount of the mort.
gsgr, and that VII end the SHE,
Tho master In chancery declares he will
say not word concerning the number o.
pcssible bidders as Indicated by the de ;osit
checks as required by the courts ruin
!, Until Monday noon, when the sale Is rsad,
to take place.
In spite Of this it Is current talk OF III,
streets Of Omaha that Cornish holds twt
checks In the shape OF deposits which rep.
, resent the Sage syndicate and the reorgan
la lon committee A feature OF the case
however that makes Il look rs II the Sag,
syndicate will have little chance Is tina
this IS merely thu preliminary skirm,sh
d unless the reorganization committee get
n The property. II the Sage people. for in
> stance, should get the governments equity
hey would still have to BID at the 70 e
= closure OF the nrst mortgage which Is helt
!. by the reorganization committee practical
y ~ Still. the element OF doubt In the cas-
. Is sufficient to cause considerable uneas
q moss in local Uuion Pacific circles
Q Senator John NJ. Thurston, formerly gen
= erns ccuns,l for the rosd has come on iron
= Washington. He denies that he will he in
= 'erested further than matter OF crriosit,
in the sale, hut re has been w consultat,o
with Gensral Attorney Ksllsy OF tn, rom
/, considerable OF late, 90 he will rrobabl
HHu|t III .uN auNlSoTy caF3Slly 10 inc re
D. organization committee.
II II is said that II the court allows tn
ii special master fee IA, proportion TO wha
% wa5 allowed In the sale OF the Santa f
Il rord Cornish will get somethng like 81
y ot0,coO for walking over from his room Il
4. the hotel, a block away and receiving
: couple OF bids and walking back,
General Manager Dickinson OF the Unlo
Pacific has Just returned from st. Louis
Were no had n conference with Presiden
5, y. II. Clark OF the same railroad re
gardlnr mstterr CONCERNING the future o
the Urion Pacific. Since his return Their
Is q forth belief among attaches OF tn,
l t'n'en Pacific ora othrr uilrcad msn tina
s, Il, II. Clark VIII BE- the presiden' Of tn,
reerrarfzed company and that Edwars
Ditkirrcn VIII be tho first vice prcsiden
srd general menager, The probability o
tfese selections Is not new but that the,
VII BE- made IA belief that Is grown,
rssr, general a. The reorganization come
The Way Open,
General Manager Van Vle.k vas "a