Arizona republican., 1897-11-02
THE U. P. FORECLOSED
Sold to the Reorganization Con-
 mittee Yesterday
THERE WAS NO OTHER BIDDER
Considering It's Magnitude it
 was a Tame Affair
The Purchasers Have Ninety Days to Pay the Government the Amount of the Millions Bid for the Road.

Amount of the Millions Bid for
 the Road.
 Omaha, Neb., Nov. 1.-The Union Pacific road proper, including the buildings and all that goes to operate the system, was this morning sold to the reorganization committee fer the sum of $53,52S, ,53276. This amount does not include the sinking fund in the hands of the government, and taking this to be $4,O36, 400, the amount ering the sale of the road, the total price paid for the property is $57,664,- s32.76. There were no other bjd6erS1 and the road went to the reQa1nlza- tion committee without expedition.
 The sale of the road was in itself one of the most tame and uninterest ing performances possible to imagine. It was advertised to take place in front of the Union Pacific freight house at the junction of Ninth and just one minute after when Master in Chancery Cornish, the auctioneer, took his place on the low stone step in front of the Ninth street entrance. For over an hour the crowd had been waiting to witness the sale and with great difficulty could Cornish get sui ficient room to enable him to work.
 Cornish carried under his arm a large portfolio bound with the regula- tion red tape and soon the crowd gave him room to extend his arms. He united the strings and drew forth a number of papers. Selecting one he replaced the others, and holding it out, said, "Gentlemen, I am here to sell certain railroad properties in pur- suance to decree of the United States circuit court. I will now read description of the property to be sold and when I have finished the read ing I will be prepared to receive bids" He then unfolded the notice of sale, which was very long, being about four columns of agate type, and read it.
 After reading protess from Re ceiver Turnbull, Cornish placsd it in the portfolio, and said, T am now ready to receive bids for the railroad property, the description of which 1 have just read" There was a mo- ment's silence and then GSneral Fitz- gerald said, q bid $39, 1888 .2S1.S1 int the name of Louis Fitzgarald and A w. Krech, purchasing trustees"
 There was another pause, and Cor nish said, Are there any more bids?' There were none and the maste2 con tinued, q will now receive bids for the sale of bonds, the description of which I have received" General Fitz- gerald replied, q bid on behalf of Louis Fitzgerald and A. w. Krsch. purchasing trustees, Sl3, ,645 ,250.S9. In both instances General Fitzge raid read his bid from a memorandum which he held in his hands. In re- sponse to the query, Are there any more bids?" there was not a sound. and the master continued, "As thSre are no more bids, I declare the prop erty of which I have just read a de- scription, sold to Louis Fitzgerald and  Alvin w. Krech, purchasing trustees, they having made the highest and only bid.'
 That was all to the entire sale and the members of the reorganization committee and attorneys lost no time in getting back to the of1ces of the Union Pacific road. Under the terms of the sale the purchasers have ninety days in which to pay over the full amount of the purchase money and that part of the transaction will be carried out in New York in the future.
 The government has now the sink ing fund of the road and the amount of the guarantee check put up by the reorganization comm1ttee. This is just about ten per cent of the full pur- chase price of the road.
 None of the reorganization commit tee cared to make any statement re- garding the Kansas Pacific sale, which has been postponed until December 15 None of them would say a word as to whether the committee intended to bid or not.