The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-02

aging Receiver TrumDull, of the Union Pa
cific, Denver a. Gulf road, against the sale.
with the other Union Pacific properties, of
two miles of track on the Cheyenne &
Northern road the two miles being claimed
both by the Union Pacific and the Union
Pacific, Denver & Gulf. Mr.. Cornish, after
reading the protest announced that any
prospective purchaser of the road must be
willing to encounter the consequences of the
ownership by the Union Pacific was in
cludede in the sale This was agree
able to the reorganization committee,
and the sale proceeded. Mr.. Cor
nish said II am ready to receive
bids for the property of the description
l have just read"
General Fitzgerald said: 81 bid $50 1888, PSI. 81.
in the name of Louis Fitzgerald and A. w.
Kroch purchasing trustees.
There was another pause and Mr.. Cornish
said: Are there any more bids?" There was
none. and the master continued: II will
now receive. bids for the sale of the bonds
General Fitzgerald replied: II bid. in be-
purchasing 51d Sd a trustees. the sum Of M3S45.-
aid read his bid from a memorandum which
he had in his hands.
GENERAL GOWN COULD NOT HEAR.
Mr.. Cornish opened his mouth to say:
Are there any more bids" when voice
from the crowd called loudly: wait a mo-
ment, Mr.. Cornish, what are the amounts
Of these bids? / cannot hear Them" and
Gen. John C. GOWN the government attor-
ney, 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 announcement of
the bids. so low had been the voice of Gen.
Fitzgerald he made them, and the voice
of Mr.. Cornish as he repeated them
The sale stopped for moment as General
Gown struggled through the crowd to the
Ctd Ia Of A1r Nrss 1fCh 10 xnr0c Ch
amount of the bids on the memorandum
held by General Fitzgerald and made note
Of them He then turned away and MI. Mr.;
there any more bids?' and this time he sue
ceeded in getting it out There was not
sound and the master continued: AS there
are no bids l declare the property of which
] have just read the description sold to
Louis Fitzgerald and Alvin W. Kroch, pur-
chasing trustees, they having maze the
highest bid and the onv.'
That was all there was to the end or the
sale and the members of the reorganization
committee and their attorneys lost no time
in getting back to the offices of the Union
Pacific road, for the wind blew hard and 1t
was cold where the auction had taken
place.
Under the trims of the sale the purchasers
have ninety days in which to pay over the
full amount of the purchase money ana
that part of the transaction will be carried
out in New York. The government has now
the sinking fund of the road and the amount
of guarantee check put up by the reorganio
zatiOn committee and this is just about III
per cent. of the full purchase price of the
road.
The members of the committee had moth
ing to say after the sale was over Attor-
ney Winslow said that it was possible that
the committee might have statement lat
or but just now he was not certain whether
it would be issued. Regarding the future OF
the management of the road he had moth
ing to say, but it IS practically certain that
it will be left for a time, in the hands OF
the present receivers. who will run 1t as
they have been running it, with the only
difference that they will be responsible to
the reorganization committee instead or the
government and when the committee has
perfected all Of it's arrangements 1t Will re-
lieve them. The future head OF the road
will be S. H. II. Clark, the former president
of the company, If his health will permit
him to take the position. He had been ex-
pected at the sale to-day, but was confined
to his home in st. Louis by illness.
The sale to-day was under the mortgage
held on the property by the United states
government Tomorrow at the same time
and at the same placer another sale will be
held under the foreclosure of the trust deco
securing the construction bond. which con-
stitutes the first lien on the road.
None of the reorganization committee
cared to make any statement regarding the
Kansas Pacific sale, which has been post
poned until Dec. Is. None of them would
Say word as to whether the committee In
tended to bid or not.