The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1897-11-05
SOLD UPON THE BLOCK.
Reorganization Committee Gets the
Union Pacific.

Reorganization Committee Gets the
Union Pacific.
Omaha, Nov. 3.-The Union Pacific
road proper, including buildings and
this morning sold to the organization
committee for $53, 528, 532. 76. The
amount does not include the sinking
fund in the hands of the government,
and taking it to be 81, 036, 400, the
amount stated in the government dec
rec covering the sale of the road, the
total paid for the property is $57, ,564,
932. rs. There were no other bidders
and the road went to the reorganiza-
tion committee without any opposition.
The sale of the road was in itself one
of the most tame and uninteresting per-
formances possible to imagine. 1t was
advertised to take place in front of the
Union Pacific freighthouse, at IL
O'Clock, and it was just one minute
after that time when Master in Chan
Gerry Cornish, who was to act as auc-
tioneer, took his place in front of the
Ninth street entrance.
For over. an hour a crowd had been
gathering to witness the sale, and it
was only with great difficulty that Cor
nish was able to get sufficient room to
enable him to work. He finally jammed
himself back into the corner of the
doorway and prepared for business.
The crowd was packed SO closely around
the doorway and up in front of the
building that members of the reorgan-
ization committee, men who came out
to buy the road, were unable to see any
thing or hear word of what was going
on. They were compelled to stand back
in the hallway, from which one of the
members occasionally poked out his
face just to see that all was we'll.
Cornish carried under his arm a
large portfolio. He united the strings
and drew forth number of papers.
Selecting one Of these he replaced the
others, and, holding it out, said:
Gentlemen, 1 am here to sell GER
tain railroad properties in pursuance of
a decree of the United States circuit
court. 1 will now read description
of the property to be sold, and when I
have finished reading will be prepared
to receive bids.'
Here followed the notice of the sale,
which was very long. He began the
reading of the notice, and, as he said,
did not read it so that many people
could hear. Close to his left stood
Lawyer Greer with a copy of the notice
in his hand, and he followed the read
ing of the master in chancery very
closely. The reading of the notice
took an even 40 minutes.
Cornish then drew forth small doc
ument, and without announcing its
nature, began to read. 1t was a pro-
test from Receiver Trumbull, of the
Union Pacific, Denver & Gulf road,
against the sale without the other Un-
ion Pacific properties of the Cheyenne
& Northern road, and the line that is
claimed by both the Denver & Gulf and
the Union Pacific. After reading this
notice Cornish said:
7 am now ready to receive bids for
the railroad property, the description
of which I have just read"
There was a moments silence, and
then General Fitzgerald said:
81 bid $50, 1888, ,2S1.87 in the name of
Louis Fitzgerald and A. w. Kreich,
purchasing trustees
There was another pause and Cornish
said:
"Are there any more bids?"'
There was none and the master con-
tinued:
81 will receive bids for the sale of
the bonds the description of which I
have read:
General Fitzgerald replied:
81 bid in behalf of Louis Fitzgerald
and Az Kreich, purchasing trustees,
the sum of $13, ,645, $50. 80. $50.
Cornish opened his mouth to say
''Are there any more bids?' when a
voice from the crowd called loudly:
"Wait moment, Mr.. Cornish.
What are the amounts of those bids?
I cannot hear them," and General
Cowan, the government attorney,
pushed his way through the crowd
with great difficulty. The sale stopped
for moment AS General Cowan strug-
gled to the side of Cornish. He was
shown the amount of the bids and
made a note of them. Cornish again
said:
"Are there any more bids?"
There was not sound, and the mas.
ter continued:
GAS there are no more bids declare
the property of which I have just read
a description sold to Louis Fitzgerald
and Alvin w. Kreich, purchasing
trustees, they having made the highest
and the only bid.''
This is all there was to the entire
sale. The members of the committee
had nothing to say after the transaction
was over.