Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1897-11-03
UNION PACIFIC SOLD.
TranScontinental System is Turned
Over to Reorganization
Committee.

| ton committee for the sum of 500, 02S,-
| 52S.16. This amount does not include
| the sinking fund in the hands of the gov
| eminent, and taking this to be 81 ,O36,-
400, the amount stated in the govern
ment decree covering the sale Of the
road, the total paid for the property was
| $57, 564, 932, 765.
There were no other bidders and the
| road went to the reorganization commit
| tee without any opposition.
The sale of the road was in itself one
| Of the most tame and unintereSting per-
formances possible to imagine.
Master in Chancery the Auctioneer.
1t was advertised to take place in trent
| Of the Union Pacific freight house at the
| junction of Ninth and Jones street, at IL
| o'clock, and it was just one minute liter
| that time when Master in Chancery Cor
| nlSh. who was to act as auctlOneer, TOOK
| his place on the low stone step in front
| of the Ninth street entrance to begin the
sale. For over half an hour a crowd
had been gathering to witness tie sale
and it was only with great difficulty that
| Mr. Cornish was able to get sufficient
room to enable him to work. He finally
| damned himself back into the corner of
| the doorway. with one shoulder against
| the door and the other against the brick
wall and prepared for business.
The crowd. which was not over 800, all
| told was packed so closely around the
doorway and up in front of the center of
the building that the members of the re-
| organization committee, the men who
| came out to buy the road. were unable to
see anything or hear a word Of what was
| going on. They were compelled to stand
back III the hallway, from which one of
them would occasionally poke out his
face, just to see that all was well.
Packed into the hall, leaning against the
bannSterS- Squattlng upon the stairs Or
standing YEARLY in the center of the
floor were the members of the COM
mittee. Receiver Mink hied himself
to an upper window, out of
which he leaned to watch the
proceedings below. Those of the COM
mittee and connected with it who were
present We're: Receivers John W. Doane
and Ellery T.. Anderson. Gen. Louis Fitz
gerald Of the reorganization committee
and WinSlOW $. Pierce, the attorney of
the reorganization committee and the
wizard who solved the scheme of reor
ganizatiOn, Alexander Miller of Boston,
secretary and assistant comptroller of the
company: John Sheridan of Maryland, Il
government director of the road: Gen
eral Solicitor Kelly and Gen. Gown. the
government representatives; Jacob f.
Schiff Of Boston. Marvin Hughitt of Chi
cago, Y. Jefferson Coolidge. Jr.. of Bos-
ton and Lawrence Greer. his assistant
The Formal Announcements.
Mr. Cornish carried under his arm
large portfolio bound with the regulation
red tape and as soon as the crowd gave
him room to extend his arms. he united
the strings and drew forth Il number of
papers Selecting one of these he re-
placed the others and holding it on; he
said:
Gentlemen am here to sell certain
railroad properties in pursuance of L de-
cree of the United States circuit court |
will now read the description of the prep
erty to be sold. and when | have finished
the reading l will be prepared to receive
bids.
He then unfolded the notice of sale.
which was very long. being about four
columns of agate type
This notice is SO long. gentlemen"
said Mr.. Cornish, that | viii not at
tempt to read it SO all of you can hear it.
| will endeayOr to get through it as rap
idly as possible.
He then began the reading of the no
tice, and as he had said, did not read it
so that the many people could hear it.
His voice grew weaker as he read. and
finally it became nothing but an unintel-
ligible humble that was not distinguish
able three feet away.
Close to his left hand stood Lawrence
Greer, with Il copy OF the notice i'll his
hand. and he followed the reading of
the matter in chancery very closely. He
was the only member of the re0rganiZa
ton committee or those connected with
it who saw the proceedings from first to
last From time to time Attorney Pierce.
who was i'll the hall just behind that por-
ton of the door III front of which the
auctlOneer was standing. looked out. and
receiving a glance from Mr.. Greer. with
drew into the hall once more The read
ing of the notice took Just an even forty
minutes, and when it was evident that
Mr.. Cornish was well through the last
column of the notice. Gen. Louis Fitz-
gerald, who was to make the bids pushed
his way through the door and stood close
~ TO the side of the reader
Protest is head.
AS he had finished his reading Mr..
Cornish folded it up and placed it DELHI
erately i'll his portfolio. He then drew
forth 4 small typewriter document,
and without announcing it's nature be-
gan to read. 1t was Il protest from
Managing Receiver Trumbull of the
Union Pacific. Denver & Gulf road.
against the sale with the other Union
Pacific properties of the Cheyenne &
Northern road, and the line that is
claimed by both the Denver & Gulf and
the Union Pacific. After reading this
notice Mr.. Cornish placed it in the port
folio and said It am HOW ready TO re-
ceive bids for the property of the de-
scription | have just read
There was a moments silence and then
o.
281.S7 in the name of Louis Fitzgerald
and A. W. Krech, purchasing trustees"
There was another pause and Mr. Cor
nish said: Are there any more bids?''
There was none and the master con-
tinued: Il Will now receive bids for the
sale of the bonds of the description which
[ have read.
Gen Fitzgerald replied: L bid in be-
half of Louis Fitzgerald and A. w
Krech. purchasing trustees, the sum of
$13, 645. 240S9
In both instances Gen. Fitzgerald read
his bid from q memorandum which he
held In his hands. Mr.. Cornish opened
his mouth to say: Are there any more
bids2'' when q voice from the crowd
called loudly: wait moment Mr.. Cor
nish. What are the accounts Of those
bids? / cannot hear them, and Gen.
John e. Gown, the government attorney,
pushed his way through the crowd with
great difficulty. He had been standing
about ten feet from Mr.. Cornish and he
had been unable to hear the announce
ment of the bids, 50 low had been the
voice of Gen. Fitzgerald as he made them
and the voice of Mr.. Cornish as he re-
peated them.
The sale stopped for a moment as Gen.