The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-01
ONE BID WILL BE MADE
WHEN THE UNION PACIFIC IS PUT UP
AT AUCTION TODAY.
Sale VIII Take Place in Omaha at II
mittee VIII BE the Purchaser.

OMAHA Neb., Oct. 31.-At II o'clock to-
morrow morning down in a dingy freight
house on the Omaha flats there will be a
financial transaction that in two respects
will be a record breaker. In the first in
stance it will be the largest auction sale of
which history makes mention and in the
second instance Uncle Sam will emerge from
a money deal with his nephews without
leaving behind him nearly all he advanced
for the scheme in addition to large patches
of his hide as an evidence of good faith.
Even if by some chance which cannot be
foreseen Uncle Sam fails tomorrow to re-
ceive his just and lawful due he has to-
night the satisfaction that came to Moses
when the Hebrew law giver looked over into
the promised land. He can say he saw 1t
full and fair. even though he missed con-
nection with it at the finish. More than
that, the chances of Uncle Sam for enter
ing the promised land are tonight unto
those held by Moses as 1000 unto l.
About $5SOOO, 600 will be paid by the reor-
ganization committee for the line of the
Union Pacific from Council Bluffs to Og
den. There have been rumors of other bid
ders, and all sorts of stories have been cur
rent regarding the intention 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 tense of the Yerkes
telescope to locate them. The members OF
the reorganization committee do not say
that they are to be the only bidders. They
simply say they know nothing about it.
There may be bidders and bidders for all
they know-at least that is what they say.
For all that, however, if a still small voice
murmuIs, "Fifty-eght millions and one
cent" after Attorney Winslow S. Pierce
has said, "Fifty-eight Millions" tidal
wave of heart disease will sweep through
that freighthouse, leaving behind dead and
dying men who one second before were
members of a reorganization committee.
There VIII be but one Did, and that will be
the offer of the reorganization committee
Master in Chancery w. d. Cornish has but
one check guaranteeing a bid, and that is
the deposit of the committee. All, or near
ly all, of the members of the committee
who are to attend the sale arrived this
morning., and to-day money is walking Oy
millions and punches of millions through
the Office and hallway of the Willard Hotel.
Those who came in this morning are Alex
ander Millar, of Boston. secretary of the
Union Pacific, and Receivers Doane, E.
ENlery Anderson and Oliver w. Mink. Gen.
Louis Fitzgerald and Winslow S. Pierce, the
attorney for the committee, also arrived
John Sheridan, of Maryland, one of the
government directors of the road came to-
day, 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 John
M. Thurston, Gen. John G. Cover of Oma-
ha, the government attorney in this case
Judge Sanborn, of St. Paul. and all the
prominent officials of the Union Pacific In
Omaha
The actual selling of the road, which will
take plaoe in the local freight depot of
the Union Pacific, will be made in this
manner. Master in Chancery Cornish will
announce that the road is to be sold under
the foreclosure of lien OF the government
of the United States. He will then read a
description OF the road, giving the mileage
number of cars, locomotives, buildings and
other property in possession of the receivers
This description is long and will require
some time to read, but once it is finished
the rest of the operation will be over in
very short order. Mr.. Cornish will announce
that the minimum bid to be accepted is the
maximum Of the governments claim. At
tOIHey WlnSioW .. Hlerce Will Ou6r the
amount for the reorganization committee and
Mr. Cornish will wait to see if any body
cares to make it sixty million. and as no.
body Is going to care, he will declare the
sale made to the reorganization committee
and turn over the check of the committee
deposited with him to guarantee its bid to
the representatives of the government and
the matter will be closed. The payment of
the full amount over and above the guar
antee check will be made at some future
date to be arranged between the reorganiza-
ton committee and the government. 1t will
however, be within short time after the
sale.
under the foreclosure of the mortgage Sc
curing the holders Of the construction bonds.
The reorganization committee will of neces-
sity be the purchasers. None of the mem
bers of the committee are disposed to talk
of the sale or the probable line of action
that will be pursued afterwards. 1t is like
ly that the road will for a 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 as
sres to be president of the road. he was
before the receivership he can have the |
position. If he will accept it is not likely
that any other name will be considered.
Alexander Millar. of Boston. secretary
and assistant controller of the Union Pa
cific road, said this morning that he had no
knowledge Of any competing bids that would
be offered against that of the reorganiza-
ton committee. Regarding the future Of
the road after it has passed into the hands
of the reorganization company Mr.. Millar
said: THE actual turning over of the prop
erty to the purchaser will be at some time
In the future, depending very largely upon
who is the purchaser. 1t will of course be
out of the question for the purchaser who
buys the road at II O'Clock to assume CON