The Grenada sentinel., 1897-11-06
4 FEE WORTH TAKING.
Master-in- Chancery Cornish VIII
Rake in a Snug Fortune.
the U. ? FIRST MoRIsAsE BONDS SOLD.
TIE Reorganization Committee VIII Now
Have the Re- I'D in Their Own Hands
as Soon the Conditions Have
Been Complied With.

lE0LlOQ COmI0lttce Oh Inc Union I1CIA
which bought the government lien
which was the second mortgage on th'
property of the Union Pacific, ha
| purchased the first mortgage on thu
sane property by which the construc
ton nonds were secured. The prict
paid for the mortgage was the amount
named IS the minimum bid to he &C
copied. SO, ..S5. The property wa
bought, az was the second mort9ag.
Morday, in the name of Louis Fitz
gerald and Alvin W. Krech Us purchas
inG trustees.
The sal was, if possible, more unin
teresting than that Of Monday, not
over 40 people being present at any
time. It was II o'clock to the minute
when Master-in-Chancery Cornish
mounted the stone step in front Of the
Ninth street entrance to the Union
Pacific freight depot and began read
ing the notice of the sale, and the de.
scription of the property to be sold.
This consumed just 36 minutes, and
he then read the same notice OF
protest from the Union Pacific
Denver & Gulf road against
the sale of two miles of track of the
Cheyenne & Northern road, which is
claimed by the Union Pacific, Denver &
Gulf and the Union Pacific. that he
read Monday. He announced that the
purchaser must take the property sub
ject to the protest, and asked for bids
for tie property, the description of
which he had just read.
Gen. Louis Fitzgerald repeated his
performance of Monday, by coming
out of the hallway and saying, Il bid
for the property fifty millions six hun
dred thirty-seven thousand four hun
dred thirty five dollars:
Master-n-Chancery Cornish repeated
the amount, adding: Are there any
other bidders? Does anybody else de-
sire to bid?"
Apparently nobody cared to avail
himself OF the privilege, and then Mr..
Cornish continued: "Inasmuch as the
bid of Louis Fitzgerald and Alvin W.
krech, purchasing trustees, is the high
est bid, and the only bid. | declare the
property sold to them for the sum of
S5O, 637, 435. This concludes the sale,
and as there is no other property to be
sold, the thing is finished"
Masterin-Chancery Cornish has been
prompt in filing the report of his Of
fetal action in connection with the
sale of the Union Pacific. The report
of the sale made Monday has been al
ready filed in the office of the clerk Of
the United States court.
The report cites the order of sale is
sued by Judge Sanborn, and in ac-
cordance with the provisions of that
order, mentions that representatives
of the purchasers deposited with the
master within the proper time
certified check for 50, 600, 600 as guar
antee on the bld for the property, and
another certified check for 81. 364, 525 to
cover the sale of the sinking fund
bonds.
The master says that when the prop
erty was offered for sale Louis Fitz-
kt1 III anu Aif III ". hltCu, IcpItotHl-
ing the purchasers, bid $39, sS3, 2sl.S7
for the railroad and its franchises, and
ST.. 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 s., 100. 900 to guar
antee the fultillment of the bids. The
certified checks were drawn up on the
United States Trust Co., of New York.
The fee for which the master who
made the sales will receive for his work
is generally estimated at 100000. 1t
may be over that amount, and it may
be something under it, but it is gener-
all Y toc"eded that it will be close to
-; I