The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-02
nouncing its nature, began to read. 1t
A PROTEST

A PROTEST
from Managing Receiver Frank
Trumbull of the Union Pacific. Denver
q Gulf, against the sale with the other
Union Pacific property of two miles OF
track on the Cheyenne & Northern
road, the two miles being claimed both
by the Union Pacific and the Union
Pacific, Denver &c Gulf. Mr. Cornish,
after reading the protest. announced
that any prospective purchaser of the
road must be willing to encounter the
consequences of the protest and that
no guarantee of their ownership by
the Union Pacific was included in the
sale. This was agreeable to the re-
organization committee and the sale
proceeded.
After reading this notice, Mr.. Cor
nish placed it in the portfolio and said:
Il am now ready to receive bids for the
railroad property of the description
which 1 have just read
There was a moments silence and
then General Fitzgerald said:
THE BIDDING.
st bid s39, S83, 281.S7 in the name of
purchasing trustees
There was another pause and Mr..
Cornish said:
Are there any more bids?''
There were none and the master con-
tinued Il will receive bids for the
sale of the bonds, a description of
which L have read.
General Fitzgerald replied: II bid in
behalf of Louis Fitzgerald and A w.
Kreich, purchasing trustees, the sum of
$13, 645, 250.S9." In both instances Cen
eral Fitzgerald read his bid from a
memorandum which he held in his
hand.
ANY MORE BIDS?
Mr.. Cornish opened his mouth to
say ARE there any more bids?" when
a voice from the crowd called loudly,
wait a moment. Mr.. Cornish. What
are the amounts of those bids? !
cannot hear them" and General John
c. Gown, the government attorney,
with great difficulty. He had been
standing about ten feet from Mr..
Cornish and he had been unable to
hear the announcement of the bids,
so low had been the voices of Gen
eral Fitzgerald as he made them and
the voice of MI. Cornish as he re-
peated them.
The sale stopped for moment as
General Gown struggled through the
crowd to the side OF Mr.. Cornish. He
was shown the amount of the bids on
the memorandum held by General
Fitzgerald and made q note of them.
He then turned away and Mr.. Cornish
! again opened his mouth to say ARE
there any more bids" and this time ne
succeeded. There was not a sound and
| the master continued:
PROPERTY KNOCKED DOWN.
"As there are no more bids, I de-
clare the property of which I have
! just read the description, sold to
Louis Fitzgerald and Alvin W. Keich,
purchasing trustees, they having made
the highest bid and the only bid"
That was all there was to the entire
! sale and the members OF the reorgani-
cation committee and their attorneys
/ lost no time in getting back to the
Offices of the Union Pacific road, for
the wind blew hard and it was cold
! out there where the auction had taken
place.
| Under the terms of the sale the pur-
/ chasers have 80 days in which to pay
over the full amount of the purchase
money and that part of the transac-
! ton viii be carried out in New York in
! the future. The government has now
| the sinking fund Of the road and the
amount of the guarantee check put up
! by the reorganization committee. This
/ is Just about 10 per cent of the full
purchase price of the road. The mem
bers of the committee had nothing to
say after the sale was over.
/ Attorney Wirslow said that it was
| possible that tonight he might have a
statement to issue, but just now he
was not certain whether it would be
issued or not.
FUTURE MANAGEMENT.
Regarding the future management,
! he had nothing to say, but it is practi-
/ cally, that it will for the time being,
ceivers, who will run it as they have
been running it with the sole differ
ence that they will be responsible to
! the reorganization committee instead
I of the government. When the COM
mittee has perfected all of it's arrange
mentS it will relieve them.
The future head of the road viii be
S. H. Clark, the former president, if
his health will permit him to take the
position. He had been expected at
The sale today, but was confined to
his home in St. Louis by illness.
The sale today was under the mort
gage on property held by the United
States government Tomorrow at the
same time and at the same place as
the sale was held today, will be held
another sale for the foreclosure of the
trust deeds, securing the construction
bonds, which constitute the first lien
on the road.
None of the reorganization commit
tee cared to make any statement re-
garding the Kansas Pacific sale which
has been postponed until Dec. 10. None
of them would say a word as to
whether the committee intended tc
L; Of