The San Francisco call., 1897-11-03
Only One Bid and the Price
Paid for the Encum orance
Is S5O.637,435.
BIG. FEE MADE BY THE MAS
TER IN CHANCERY.
For a Few Hours Work Mr.. Cornish
> WEI Receive About One Hundred
Thousand Dollars.
special Dispatch to The CALL,

OMAHA, Nov. 2.-The reorganization
committee OF the Union Pacific, which
yesterday bought the Government lien,
the second mortgage on the property of
the Union Pacific, to-day purchased the
first. mortgage on the same property, by
winch the construction bonds were Sc
cured.
he price paid for the mortgage was
the amount named as the minimum bid
to be accepted-$50 637, 435 The property
was bought, as was the second mortgage
Yesterday, IN fhe name of Louis FitZger-
AID and Alvin. krech as purchasing trus-
ees, and the sale was, if possib bic, more
IN interesting than that of yesterday, not
over forty people being present at the
time.
Ii was IL o'clock to the minute when
Master iu Chancery Cornish mounted the
stone steps in front of the Ninth-s treet
entrance 10 the Union Pacific freight
DEPOT and began reading the notice of
81 e and the description of the property
to be sold,
This consumed just thirty-six minutes
and be then read the same notice OF pro-
test from the Union Pacific, Denver and
Gulf road against the sale of two miles Of
track of the Cheyenne and Northern road
vbIch is claimed by the Union Pacific
Denver and Gulf, that he read yesterday.
He announced that the purchaser rlu t
AXE the property subject to The protest,
ana asked for bids for the property, the
description of which he had just read.
General Louis Fitzgerald repeated his
performance OF yesterday by coming out
ot he hallway and saying:
Il bid for The property $50, ,637, ABS"
Master in Chancery CORNISH repeated
the amount, adding: Are there anv
o ner bidders? Does any body else desire
10 bid?'
Apparently nobody cared to avail him
self of the privilege, and then Mr.. Cornish
continued:
'Iuasmuch as the bid OF Louis Fitzger-
aid and Avn W. Krech, purchasing tru<-
tees, Is the highest BID and the only bid, l
declare the property sold to them for the
SAFE, and IS there IS no other property to
be sold the thing is finished"
The report of the sale made yesterday
was filed to-day in the Office Of the clerk
Of the United States Court
The report cited the order of sale issued
by Judge Sanborn, and. in accordance
with the prov sions of that order, men
=
chasers deposited with the master within
tli- proper time q certified check for 81
600 900 as a guarantee on the bid for the
pro uerty and another certified check for
81, 364 525 10 cover The sale of the sinking
fund bonds.
The master says that when the property
was offered for sale Louis Fitzgerald and
Alvin w. KFech, representing its iran
ch lses, bid SIS 683, Isl 81 for the railroad
and its franchises and $l3 645, $50 for the
sinking fund bonds; that these BIDS were
the only ones offered and were accepted,
the agents for the purchasers depositing
with the master a certified check for
81 100 600 20 guarantee the iuliilment OF
me Dids.. The certified checks were
drawn upon the United States Trust
Company. OF New York.
The lee which the master, who made
the sales of yesterday and to- day, will
receive for bis work is generally esti-
ma ted at 500, 000 1t NAV be over that
amount and IL may be something under
H.. but it is generally CouCsded hat it will
be close to that figure in either direction.