New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-02

Cornish. and he had been unable 70 hear the
announcement Of the bids. so low had been the
voice OF General Fitzgerald as he made them
ana the voice OF Mr. Cornish as he repeated
them.
The sale stopped for moment as Mr. Gown
struggled through the crowd 10 the side Of Mr..
Cornish. He shown the amount Of the
bids on he memorandum held by General Fitz-
gerald, and made a note Of them He then
turned away. and M Cornish asked: Are there
any more b!ds?"
REORGANIZATION COMMITTEE GETS 1T.
There was not sound. and the master con-
tinued: "As there are no more bids / declare the
property Of which l have Just read the de-
scription sold to Louis Fitzgerald and Alvin w.
kreck, purchasing trustees. they having made
the highest lid. and the only bid"
That was all there was TO the end of the sale,
and the members OF the Reorganization Commit
tee and their attorneys los, no time in getting
back to the Offices Of the Union Pacific road for
the wind blew nard and 1t cold
Under the terms OF the sale the purchasers
have ninety days in which 70 pay over the full
amount Of the purchase money, and that part OF
the transaction Will be carried out in New-YoTk
IN the future. The Government has now the
sinking fund of the road and the amount or the
guarantee check put up by the Reorganization
Committee. about 10 per cent Of the full pur-
chase price of the road.
Regarding the future management Of the road
Mr.. WinsCw h&d nothing TO say. but II is prac-
left in the hands OF the present receivers. who
will run II as they have been running 1t. with
the difference that they Will be responsive
TO the Reorganization Committee Instead or 10
the Government. When the committee has per-
fected all Of its arrangements II VIII relieve
them TIE future head Of the road will be ;.
vii! permit him 10 take the place. re had
been expected at the sale to day. but was con-
fined to his home in St Louis by Illness.
The sale to-day was under the mortgage held
on the property By the United states Govern
nlent Tomorrow. al the same time and at the
same place ne che sale today was held, another
sale viii be held under the foreclosure or the
trust deed securing the construction when con-
stitutes the first lion On the ROAD. 80
Tn, amount due 10 the Government is as fol-
PRINCIPAL Of debt S27.2236,5l2 interest paid
by tn, Government up to September 80 1897,
$50 $50 $50 81; interest accrued by september
20 and still unpaid $3.50 IA Is: interest accrued
in october. S45 $50 sc; total due the Govern
rnent S5s44S.9 2S IL.
Against this are the following credits: Cash
and bonds in sinking fund sioloIioo on . r
timated credits for the quarter ending Septen-
Der 80 and for the month OF october, ineiuolhS
Government earnings and the interest on bonds
in the sinking FUND. am cur no. ''s'''O
Total debt Of the railroad to the Government
SIS AIS 92S 81; total credit of railroad with Gov
eminent S1S.5G5.6i6 a.
The fac. that there was only one bidder-'he ne
organization Committee-at the Union Pac'hc SAFE
was no surprise the financial community Az
po time had II been believed generally that an op-
position syndicate would be organized to make
bid.
The Union Pacific Committee Is SAID 10 nave
formed an additional syndicate TO provide the
extra SSO10OCO required under the new arrange
rnent for the payment OF the debt TO the Govern
mont This makes with the amount originally
subscribed for financing the Union Pacific re-
organization. total Of 100000. The gross debt
ain l1es
than 600 but the sinking fund comtaIns ,4'V
coo in cash Which eXeriS 10 tne in h poson OF
the holders of the consolidated bonds OF the
Kansas Pacific line Under IN. oTlsna plan mes
bonds were to receive 50 per cent IN hr ortsdee
per cent bonds and 80 per cent In preferred STOCK
When the Union Pacific plan was mod,ned 50 ar 10
Kansas Pacific consolidated bonds was changed so
as 10 allow for he bonds 20 per cent In new : per
cent bonds and 10 per cent in preferred STOCK -,
Government on accoun, of the Union Pac.hc debt
calls for a number Of National bank depostorie es
these for the reason that II has large holding. OF
Government bonds The deposits will be divided
deposits Of bonds. In this way the Union Pacihc
transaction will result IN nttle disturbance Vi 'ne
money market. 49,, MIA
coasts by system OF railways is said 10 have first
had PUBLIC expression in rhe ysh rbe srfice
advocating the railway appeared on FEBRUARY 10;
1892 and ii was eagerly taken up ana d,sc Wsf
by various a. sn9 S6o had fT Taveed
In Europe China and Japan considerably was the
most prominent In urging ne pro},sscst Inc am
way from Lake Michigan. or the Mississippi Rive.
10 the Pacific Coast, He hrst brought the project
sented by him to the Senate and TO the lower house
on January e lsi5. Whitney spent much tim" and
all of his money in fnr'herins his scheme era
wound up by selling milk in the city Of Washing
ton for living