Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-11-01
A RECORD BREAKER
In Auctions to Take Place at
Omaha, Neb., Today.
The Union Pacific to Be SoId--WiII
Be But One Ed Made.
Reorganization Committee will Say S58, OOO,-
600 and Auctioneer Will Yell '.Sold."

Omaha, Neb., Oct. 31-At IL O'Clock.
tomorrow morning, down in dingys
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 larg-
est auction sale of which history makes
mention, and in the second instance
Uncle Sam will emerge from a money
deal with his nephew 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.
About $5S,O00,0O0 will be paid by the
reorganization committee for the line
of the Union Pacific from Council
Bluffs to Ogden. There have been ru-
mors of other bidders and all sorts Of
stories have been current regarding the
intention of the Sage syndicate and
of the Coates syndicate" but there
seems to be nothing in them. The
members of the reorganization COM
mittee do not say that they are to be
the only bidders. They simply say
that they know nothing about it. There
may be bidders and bidders for all they
know-at least that is what they say.
There Will be but one bin and that will
pe tic oileT VI the reorganization commit
tee. Master in Chancery w. d. Cornish
has but one check guaranteeing a bid.
and that is the deposit of the committee.
All or nearly all the members of the COM
mittee who are to attend the sale arrived.
this morning. and, today, money'is walk
ing by millions through the offices of the
Willard hotel
Those who came in the morning are
Alexander Miller of Boston. secretary of
the Union Pacific Railroad, Receivers ].
NJ a Ii AID C,l..
w: Mink. General Louis Fitzgerald and
Winslow S. Pierce. the attorney for the
committee. also arrived. John Sheridan
OF Maryland. one of the government di-
rectors of the road. came. today. and
General Solicitor Kelly of the Union Pa
cific. hurried home to Omaha from ST.
Paul to be present at the sale. Among
others who will be there are Senator John
NJ. Thurston, Gen. John c. GOWN of
Omaha, the government. attorney in this
case. j. e. Sanborn of ST. Paul, and all
the prominent officials of the Union Pa
citic in Omaha.
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 Chancery Cornish will
announce that the road is to be sold under
the foreclosure of the lien of the govern
ment of the United States. He will then
read description of the road, giving the
mileage. number of cars, locomotives,
buildings and other property in the pos
session of the receivers. This description
VIII require some time to read. but once
1t is finished. the balance 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. Attorney Winsow
5. Pierce will offer the amount of the re-
organization committee. and Mr.. Cornish
will wait to see if anybody cares to make
1t $6OOO,OOO. and as nobody is going to
care, he will declare the sale made to the
reorganization committee and turn over
the check of the committee deposited with
nm to guarantee its bid, to the represent
atlves of the government, and the matter
will be closed. The payment of the full
amount over and above the guarantee
check will be made at some future date
to ne arranged between the reorganiza-
ton committee and the government. 1t
will. however, be within a short time
after the sale.
On Tuesday will be neld the second sale
lnder the foreclosure of the mortgage Sc
curing the holders of the construction
ponds. The reorganization committee will
If necessity be the purchasers