The herald., 1897-11-01
And Viewing the Railroad
Landscape Ger
SALE OF THE UNION PACIFIC
PROMISES REIMBURSEMENT OF
CASH ADVANCED
Only One Bid Expected at the Biggest
Auction Sale the World Ever
Saw

Associated Press Special Wire.
OMAHA, Neb., Oct. 31.-At II o'clock
tomorrow morning, down in dingy
freight house on the Omaha flats, there
will be financial transaction that In
two respects will be a record breaker.
In the first instance it will be the
largest auction sale Of which history
makes mention, and in the second in
stance Uncle Sam will emerge from .
money deal with his nephews without
leaving behind him all he advanced to
the scheme, in addition to the regular
patches of his hide, as an evidence Of
good faith.
dEyen if, by some mischance which
cannot now be foreseen, Uncle Sam fails
tomorrow to receive his just and lawful
due, he has tonight the satisfaction that
came to Moses when the Hebrew law
giver looked over into the promised land.
He can say he saw it full and fair, even
though he missed connection with it at
the finish. More than that the chances
Of Uncle Sam for entering the promised
land are tonight, unto those held by
Moses, as a thousand unto one.
About $5S,0OO,0O0 will be paid by the re-
organization committee for the line of
the Union Pacific from Council Bluffs
to Ogden. There have been rumors Of
other bidders, and all sorts of stories
have been current regarding the inten-
ton of the "Sage syndicate" and Of the
Coates syndicate" but there seems
to be nothing in them. If there are
any people in Omaha tonight who have
an idea of bidding over the price to be
paid by the reorganization committee,
it would require the lens of the Yerkes
telescope to locate them. The members
Of teh reorganization committee do not
say that they are to be the only bidders.
They simply say that they know moth
ing about it. There may be bidders ana
bidders, for all they know-at least that
is what they say. For all that, however
If small voice murmurs "Fifty-eiSht
millions and one cent" after Attorney
Winslow S. Pierce has said "Fifty-eight
Millions" a tidal wave of heart disease
will sweep through that freight house.
leaving behind dead and dying men who
one second before were members of q
reorganization committee.
There will be but one bid, and that will
be the offer of the reorganization COM
mittee. Master in Chancery W.D. Cor
nish has but one check guaranteeing q
bid, and that is the deposit of the COM
mittee.
BIRDS OF A FEATHER
ALL or nearly all, of the members of
the committee who are to attend the
sale arrived this morning, and today
money Is walking by millions and
punches of millions through the Office
and Railways of the Millard hotel. Those
who came in this morning are Alexander
Millar of Boston, secretary Of the Union
Pacific; Receivers John w. Doane, e.
Ellery Anderson and oliver w. Fink;
General Louis Fitzgerald and Winslow
s. Pierce, the attorney for the commit
tee. John Sheridan of Maryland, one
of the government directors of the road,
came today, and General Solicitor Kelly
Of the Union Pacific hurried home to
Omaha from st. Paul, to be present at
the sale. Among others who will be
there are Senator ]. M. Thurston, John
c. Cowdin of Omaha, government attor-
ney in this case; Judge Sanborn Of st.
Paul and all the prominent officials Of
the Union Pacific in Omaha.
THE ACTUAL SALE
The actual selling Of the road, which
will take place in the local freight depot
of the Union Pacific, will be made in this
manner: Master in Chanoery Cornish
will announce that the road is to be sold
under foreclosure Of the lien Of the gov
ernment of the United States. He will
then read a description Of the road,
giving the mileage, number of cars loco
motives, buildings and other property in
the possession of the receivers. This
description Is long, and will require some
time to read, but once it is finished, the
balance of the operation will be over in
very short order. Mr.. Cornish will an
nounce that the minimum bid to be ac-
cepted is the maximum of the govern
ment's claim. Attorney Winslow s.
Pierce will offer the amount for the re-
organization committee, and Mr.. Cor
nish will wait to see If anybody cares to
make it $50, 100000, and as nobody is go
ing to care, he will declare the sale made
to the reorganization committee, and
turn over the check of the committee de-
posted with him to guarantee its bid to
the representatives Of the government.
and the matter will be settled.
The payment of the full amount over
and above the guarantee check will be
made at some future date to be arranged
between the reorganization committee
and the government. 1t will, however.
be within short time after the sale.
THE SECOND SALE
On Tuesday will be held the second
sale, under the foreclosure of the mort
gage securing the holders Of the con-
struction bonds. The reorganization
committee will, of necessity, be the pur-
chaser. None Of the members Of the
committee are disposed to talk OF the
sale or the probable line of action that
will be pursued afterward. 1t Is likely
that the road will, for time, be left In
the hands Of the receivers, unless It has
been decided who shall be the managing
officers Of the new company. No serious
thought has been given to this matter az
vet. but it is certain that II MI. Clark de-