The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-03
SALE OF UNION PACIFIC
BIG TRANSACTION COMPLETED AT
OMAHA YESTERDAY.
First Mortgage Sold to the ReOrgani-
zation Committee for $5O,637,475
Master COrnish's Fee.

OMAHA. Nov. 1.-THE reorganization
committee of the Union Pacific, which yes
terday bought the government lien of the
second mortgage on the property of the
Union Pacific to-day purchased the first
mortgage by which the construction bonds
were secured. The price paid was the
amount named as the minimum bid to be ac-
cepted, $50 1851 ,475. The property was bought
as was the second mortgage yesterday, in
the name of Louis Fitzgerald and Alvin W.
kroch, as purchasing trustees. The sale
was, if possible, more uninteresting than
that of yesterday, not over forty people be-
ing present at any time. 1t was II o'clock
when Master in Chancery Cornish mounted
the stone step in front Of the Ninth-street
entrance to the Union Pacific freight depot
and began reading the notice of the sale
and the description of the property. This oc-
cupied thirty-sx minutes and he then read
the same notice of protest from the Union
Pacific, Denver & Gulf road against the
sale of two miles of the Cheyenne &
Northern road, which is claimed by both
the Union Pacific, Denver & Gulf and the
Union Pacific. Mr.. Cornish announced that
the purchaser must take the property sub
ject to the protest He then asked for bids.
Gen. Louis Fitzgerald repeated the per-
Torrance of yesterday by coming out of the
hallway and saying: Il bid for the property
$50, 631 1885,"
Master in Chancery Cornish repeated the
amount, adding: Are there any other bid
ders? Does anybody else desire to bid?"
Apparently nobody cared to avail himself
of the privilege and then Mr. Cornish con-
tinued: "InaSmuch al the bid of Louis FitZ-
gerald and Alvin w. kroch, purchasing
trustees, is the highest ard only bid, de-
clare the property sold to them for the sum
as there is no other property to be sold the
thing is finished.
The report of the sale made yesterday was
filed this morning in the office of the clerk
of the United States Court. 1t cites the or
der of sale issued by Judge Sanborn and, IN
accordance with the provisions of that or
der, mentions that representatives OF the
purchasers deposited with the master. With
In the proper time certified check FOR W.
OOO,0OO as a guarantee on the DID Ter the
81 1854, 525 to cover the sale of the sinking
fund bonds. The master says that when the
property was offered for sale Louis tltESer-
aid and Alvin w. Kroch, representing the
purchasers, bid $39, 1853. 2Sl.S7 for the railroad
and its franchises, and $13 ESQ for the
the only ones offered and were accepted;
that the agents for the purchasers deposlteu
with the master a certified check for "a ,lO0,-
00J to guarantee the fulfillment or the plos.
The certified checks We're drawn upon the
United States Trust Company OF New
York.
The fee which the master who made the
sales Yesterday and to-day Will receive IOr
his work is generally estimated AT SlUO,VVV
1t may be over that amount ana may De
Something under it, but it is generally con-
ceded that it will be close to that ngure IN
either direction.