The San Francisco call., 1897-11-02
|ONLY ONE
Bidder IN
| THE FIELD
So the Reorganization
Committee Gets the
Union Pacific.
CROWDS THE
AUCTION.
There Are But Two Principal
Actors and Proceedings
Are Tame.
NEARLY S5s,ooo,ooo THE
PRICE PAID.
All the Government Claims to Be
Promptly Satisfied by the Buyers
OF the Property.
There Are But Two Principal
Actors and Proceedings
Are Tame.
NEARLY $5S,OOO,OoO THE
PRICE PAID.
All the Government Claims to Be
Promptly Satisfied by the Buyers
OF the Property.
Special Dispatch to THE CALL

Special Dispatch to THE CALL
OMAHA, NEBR., Nov. 1.-The interest
OF the United States Government in the
Union Pacific Railroad terminated at
1l:45 O'Clock this morning. when, at the
foreclosure sale o! the mortgage held by
I he United States, the road was purchased
by the com mit,ee of Eastern capitalists
formed tor its. organization.
The full amount accruing to the United
States from the sale cannot be given ex-
actly, but is estimated TO be $58, 065 74S 40.
1t was impossible to determine the full
amount at the time of sale for the reason
that the monthly statement made by the
Secret tary of he Treasury to the manage
ment of the Union Pacific on the 1st of
very month was not available to-day,
and it was found necessary to estimate
some items, although it is admitted by
both sides that the estimates are approxi-
mately correct.
The amount due the Government is
made up as follows: Principal of debt,
$27, ,2s6, 512; interest paid by the Govern
ment up to Septem Der so 1897, $50 s3Q,-
$50 81; interest accrued by Septem Der 80
and still un paid, 1886. 147 SO; interest ac-.
crued in October, $95 $50 54; total due the
Government, $5S, 44S, ,928 81.
Against this are the following credits:
Cash and bonds in sinking fund, SIS, 1872
466 So; estima ted credits for the quarter
enIing Septem Der 80 and for the month
of October, including Government earn
ings on the interest on bonds in the sink.
ing fund. amount not vet credited, $751;
1S0 q; total credits, SIS, 565, $40 "a; total
Il ~ g tl, ~
$58, ,44S, ,92S 81; total credit Of railroad with
Govern ment, $18 565,646 IA; balance and
amount bid by reorganization committee.
$50 $50, 2S1 81.
The sinking fund bonds sold for $13, CAS-
$50 80; total bids by reorganization COM
mi,tee, $53 52S: :532 76.
The amount earned by the road during
the quarter ending Septem ber 80 and DUR
ing the month OF October is estimated, but
is practically correct, and as the Govern
ment will simply retain the cash, Credit
ing the amount on the bids of the COM
mittee. the amount to be turned over as
consequence OF the sales is $5S, ,065 74S 40
After the sale was concluded General
Gown, the representative of the Govern
meat, was assured by the committee that
if the amounts not accurately figured
should differ from the figures given above,
whatever may be lacking will be paid by
the committee, and will in no way be al
lowed to interfere with the confirmation
of the sale
There was no opposition to the COM
mittee and no bids were offered against
theirs.
The sale of the road was in itself one
of the m ost tame and uninteresting per-
formances possible to imagine. 1t was
advertised TO take place in front of the
Union Pacific tre:ghthouse, at the juno
ton of Ninth and Jones streets, at II
O. clock, and it was just one minute after
that time when Master in Chancery Cor
nish, who was to act as auctioneer, took
his place on the low stone ste p in front of
the NiDth-street entrance. For ovsr an
hour a crowo had been gathering to wit
ness the sale, and it was only with gIeat
itficuity that Mr.. Cornish was able to get
sufficient room to: enable him TO Work.
He finally jammed himself back in the
corner at the doorway, with one shoulder
agains st the door and the other against the
brick wall, and prepared for business.
The crowd, which numbered not over
500 all told, was packed so closely around
the doorway and up in front OF The center
of the building that the members of the
reorganizatio committee, the men who
came out to buy the road, were unable to
see anything or hear word of what was
going on. They were compelled to stand
back in the hallway. from which one Of
the mem bers occasionally poked out a
face just 10 see that all was well. Packed
into the hall. leaning against the banis.
ters, squatting upon the stairs or stand
ing weariy in the center of the floor, were
all the members OF the com mittee. Re-
ceiver Mink hied him to an upper window,
out of which he leaned to watch the pro-
ceedings below.
Those of the committee and connected
with it who were present were: Receivers
John w. Doane, E. Ellery Anderson, Gem
eral Louis Fitzgerald, Winslow S. Pierce
attorney of the reorganization committee
and the wizard who evolved the scheme
of reorganization; Alexander Miller OF
Boston. secretary and assistant comp
troller ofthe company; Hon. John Sheri-
dan Of Mary land, a Govern ment director
of the road General Solicitor Kelley and
General Gown, the Governments repre-
sentative; Jacob f. Schiff of Boston. Mar
vim Hughitt of Chicago, T. Jefferson
Coolidge Jr. OF Boston, and Lawrence
Greer, his assistant.
Mr. Cornish carried under his arm
large portfolio bound with the regulation