The record-union., 1897-11-01
Going, Going, at Fifty-Eight Mill
ion Dollars.
No Likelihood That Any More viii be
Bid.
The Reorganization Committee Is
on Hand in Omaha and Money
Is Walking by Millions in the
Railways of the Hotel-Master
in Chancery Cornish to Receive
the Bid and Announce the Sale.

OMAHA, Oct Plat IL o'clock to-
morrow morning, down in a dingy
| freight house on the Omaha Flats, there
will be a financial transaction that in
two respects will be a record breaker.
In the first instance it will be the lar
gest auction sale of which history
makes mention, and in the second in
stance, Uncle Sam will emerge from a
money deal with his nephews without
leaving behind him nearly all he ad-
vanced for the scheme, in addition to
the regular patches of his hide as an
evidence of good faith.
Even if by some mischance, which
cannot now be foreseen, Uncle Sam
fails tomorrow to receive his just and
lawful due, he has tonight the salts
faction that came to Moses when the
Hebrew lawgiver looked over into the
promised land. He can say he saw it
full and fair, even though he missed
connection with ii at the finish. More
than that, the chances OF Uncle Sam
for entering the promised land are to-
night unto those held by Moses as a
thousand unto one.
About $5S, 600, 600 will be paid by the
Reorganization Committee for the line
of the Union Pacific from Council Bluffs
to Ogden. There have been rumOrS of
other bidders and all sorts of stories
have been current regarding the inten-
tion of the Sage syndicate" and of the
Coates syndicate" but there seems to
be nothing in them. If there are any
people in Omaha tonight who have an
,f he to hc
by the Reorganization Committee, it
would require the lens of the Yerkes
telescope to locate them. TIE members
of the Reorganization Committee do not
say that they are to be the only bid
ders. They simply say that they know
nothing about it. There may be bid
ders and bidders, for all they know
at least that is what they say
For all that, however, if a small voice
murmurs 'fifty-eight millions and one
cent after Attorney Winslow s. Pierce
mas said 'Fifty-eight Millions a tidal
wave or heart disease will sweep
through that freight house, leaving be-
hlnd dead and dying men who one sec
ond before We're members of a Re-
organization Committee. There will be
put one bid and that will be the offer
or the Reorganization Committee. Mas
ter in Chancery W. D. Cornish has but
one check guaranteeing a bid and that
Is the deposit of the committee All or
nearly all of the members of the COM
inittee VINO are to attend the sale ar
rived TINS morning and to-day money is
walking by millions and punches of
millions through the office and Railways
OF the Millard Hotel. Those who came
In this morning are Alexander Millar
OF Boston, Secretary of the Union Pa
clf1c; Receivers J. w. Doane E. ElIery
Anderson and Oliver w Mink General
Louis Fitzgerald and Winslow S. Pierce
the attorney for the company. John
Sheridan of Maryland, one of the Gov
ernment directors of the road came
to-day, and General Solicitor Kelly Of
the Union Pacific hurried home to Oma-
ha from st. Paul to be present at the
sale. Among others who will be there
are Senator John NJ Thurston. Cen
eral John c. Gown of Omaha, the Gov
ernment attorney in this case. Judge
Sanborn of st. Paul and all the promi-
nent officials of the Union Pacific in
Omaha
The actual selling of the road which
viii take place in the local freight depot
of the Union Pacific, will be made in
this manner: Master in Chancery
Cornish will announce that the road is
to be sold under the foreclosure of the
lien of the Government Of the United
States. He will then read a lescrip-
tion Of the road, giving the mileage.
number Of cars locomotives, buildings
a n OIL ~
the receivers. This description is long
and will require some time to read. but
once II is finished, the balance of the
operation Will be over in very short
order. Mr.. Cornish will announce that
the minimum bid to be accepted is the
maximum of the Governments claim
Attorney Winsiow. S. Pierce will offer
the amount for the Reorganization
Committee and Mr.. Cornish will wait to
see if anybody cares to make it $50. :
000O0O. and as nobody is going to care
he will declare the sale made to the
Reorganization Committee and tl1rn
over the check of the committee de-
posted with him to guarantee its bid
to the representatives of the Govern
ment and the matter will be closed The
payment of the full amount over and
above the guarantee check will be made
at some future date to be arranged be-
tween the Reorganization Committee
and the Government. 1t will, however.
be within short time after the sale
On Tuesday will be held the second
sale, under the foreclosure of the mort
gage securing the holders of the con-
structdon bonds. The REORGANIZATION
Committee will of necessity be the pur-
chaser. None of the members of the
committee are disposed to talk of the
sale, or the probable line of action that
will be pursued afterward. 1t is likely
that the road WILL for a time. be left in
the hands of the receivers, unless it has
been decided who shall be the manag-
ing officers of the new company No
serious thought has been given to this
matter as yet. but it is certain that if
MIR. Clark desires to be President of the
road, as he was before the receivership.
he can have the position If he will
accept, it is not likely that any other
name will be considered.
Alexander Millar of Boston, Secretary
and Assistant COnnptroller of tho Iypiop