The record-union., 1897-11-02

ISM, that l viii not attempt to read
1t so that all of you can hear it.
will endeavor to get through it as rap
idly as possible
He then began to read from the no.
tice, and as he had said did not read
it so that many people could hear it.
His voice grew weaker as he read, and
finally it became nothing but an un-
ineligible humble that was not dis
tinguishable three feet distant.
Close to his left hand stood Lawrence
Greer with copy of the notice in his
hand, and he followed the reading of
the Master in Chancery very closely.
He was the only member of the Reor-
ganization Committee or those con-
nected with it who saw the proceed
ings from first to last. From time to
time Attorney Pierce, who was in the
hall just behind that portion of the
door in front of which the auctioneer
was standing, looked out, and receiv-
ing a glance from Mr.. Greer, withdrew
into the hall once more.
The reading of the notice took just
an even forty minutes, and when it
was evident that Mr.. Cornish was well
through the last column Of the notice
"
the bids, pushed through the door and
stood else by the side of the reader.
AS he finished his reading MIR. Cornish
folded up the paper and placed it de-
liberately in his portfolio He then
drew forth a small typewriter docu-
ment, and without announcing its ma
ture began to read.
1t was protest from Managing Re-
ceiver Frank Trumbull of the Union
Pacific, Denver ard Gulf against the
sale with the other Union Pacific prop
erty of two miles of track on the Chey-
enne and Northern road, the two miles
being claimed both by the Union racine
and the Union Pacific, Denver ana Gun.
Mr.. Cornish, after reading the protest,
announced that any prospective pur-
chaser of the road must be Wiling u
encounter the consequences OF the pro-
test, and that no guarantee OF thelr
ownership by the Union Pacific was IN
Guided in the sale This was agreeapie
to the Reorganization Committee, ana
the sale proceeded.
There was a moments silence. and
then General Fitzgerald said: Il bid
thirty-nine million eight hundred and
eightv-three thousand two hundred and
eighty-one dollars and eighty-seven
cents. in the name of Louis Fitzgerald
and A. w. Krech, purchasing trustees.
There was another pause, and Mr..
Cornish said:
Are there any more btds?'
There We're none, and the Master con-
tinued: Il will now receive bids for the
sale Of the bonds of the description
which I have read"
General Fitzgerald replied: 7 lfl, in
behalf Of Louis Fitzgerald and A.
Krech. purchasing trustees msue. ~
thirteen million six hundred and forty
five thousand two hundred and fifty
dollars and eighty-nine cents"
In both instances General Fitzgerald
read his bid from a memorandum which
he held in his hand.
Mr.. Cornish opened his mouth - saT:
Are there any more bids?" when
voice from the crowd called loudly
Wait a moment, Mr.. Cornish. What
are the amounts n Those bids? I
cannot hear theT1 I'D General Ioh
c. t,o-vfn. the I. 49, lsllkent Attornss.
pushed his way through the crowd with
great difficulty He had been standing
about ten feet from Mr.. Cornish, and he
had been unable to hear the announce
ment of the bids. so low had been the
voices of General Fitzgerald, as he made
them, and the voice of Mr. Cornish as
he repeated them.
The sale stopped for a moment, as
General Gown struggled through the
crowd to the side of Mr., Cornish. He
was shown the amounts bid on the
memorandum held by General Fitzger-
oil do n of Te hor1
turned away, and Mr. Cornish again
opened his mouth to say: Are there
any more bids?" and this time he sue
ceeded. There was not a sound, and
the Master continued:
"As there are no more bids, I declare
the property Of which I have just read
the description sold to Louis Fitzgerald
and Alvin w. Krech, purchasing trus-
tees. they having made the highest bid
and the only bid"
That was all there was to the entire
sale, and the members of the Reorgan-
zation Committee and their attorneys
lost no time in getting back to the
offices of the Union Pacific road, for
the wind blew hard. and il was cold
out there where the auction. had taken
place.
Under the terms of the sale the pur-
chasers have ninety days in which to
pay over the full apeJunt of the pur-
chase money. and mat part of the tran
saction viii 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 Re-
organization Committee. This is just
dboU: 10 per cent OF the full purchase
price Of the road.
The members of the committee had
nothing to say after the sale was over.
Attorney Winslow said that ii was
possible that the committee might have
a statement to make to the public later
On, but just now he was not certain
whether II would be issued or not. Re-
garding the future mana cement of the
road. iIc had nothing to say, but it is
practically certain that it will, for the
time being, be left in the hands of the
present receivers. who will run il as
they have been running 1t, with the
confidence that they will be responsible
10 the Reorganization Committee, in
stead of to the Government. When the
committee has perfected all of it's ar
rangements. it viii relieve them.
The future head of the road viii be
s. II. II. Clark. the former President,
if his health viii permit him to take
the position. He had been expected at
the sale to-day. but was confined to his
home in st. Louis by Illness.
The sale to-day was under the mort
gage on the property held by the United
States Government. Tomorrow at the
same time and at the same place as