The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-02
Union Pacific No Longer Under
Federal Control.
SOLD UNDER THE HAMMER
BOUGHT By EASTERN COMMIT
TEE OF REORGANIZATION.
Railroad Property Bid In For
$50, 1883, 2s1.s7; Bonds S13, e45,-
25o.s9; Total, $53, 528, $50. rs
Features of Sale History
of tbs Continental Railway.

Omaha, Neb, Nov. 1.-The interest of
the United States government in the
Union Pacific railroad terminated at
Has o'clock this morning, when, at
the foreclosure sale of the mortgage
held by the United States, the road
eastern capitalists formed for its
organization.
The full amount accruing to the
United States from the sale cannot be
given exactly, but is estimated to be
500, &c., 1870 1t was impOSSi BILE to
determine the full amount at the time
of sale for the reason that the monthly
statement made by the secretary of
the treasury to the management of
the Union Pacific on the first of ev-
cry month was not available today,
and it was found necessary to esti-
mate some items, although it is ad-
mitted by both sides that the esti-
mates are approximately correct. The
amount due the government is made
UP as follows:
Principal of debt, 1926, 512; inter-
est paid bv the government up to
Sept so, 1897, $50, $50, SS637; interest ac-
crued by Sept. 80 and still unpaid,
$2S6, 1885, interest accrued in Oct,
95,3S2.56; total due the government,
$5S, 448, 92S.61
Against this are the following
credits: Cash and bonds in sinking
fund, 1889 1888; estimated credits
for the quarter ending Sept. 80, and
for the month of October, including
government earnings and the interest
on bonds in the sinking fund. amount
not yet credited, 1884 SO.21. Total
credit, $1S,565, 646.74.
Total debt of the railroad to the
government, S58,44S,9 2S.61; total credit
of railroad with government $1S,565,
646.74. Balance and amount bid by
281.S7. The sinking fund bonds sold
for $1S,645, 25O.S9. Total bids by re-
organization committee, $50 52S, 53276.
The amount earned by the road dur
ing the quarter ended Sept. 80, and
during the month of October is esti-
mated, but is practically correct and
as the government will simply retain
the cash, crediting the amount on the
bids of the committee. the amount to
be turned over as a consequence of the
sales is $5S, 065, 74S4O
! After the sale was concluded C. r
! Gown, the representative of the gov
eminent, was assured by the COM
mittee that if the amounts not ac-
| curately figured should differ from the
| figures given above. whatever may be
lacking will be paid by the committee
and viii in no way be allowed to in
terfere with the confirmation of the
sale.
! There was no opposition to the com
mittee and no bids were offered
against theirs.
TAME AND UNINTERESTING.
The sale of the road was in itself
| one OF the most tame and uninterest-
ing performances possible to imagine
1t was advertised to take place in front
of the Union Pacific freight house al
! the junction of Ninth and Jones streets
at IL o'clock, and it was just one minuts
/ after that time when Master in Chan
/ Gerry Cornish, who was to act as auc-
tioneer, took his place on the low stone
! step in front of the Ninth street en-.
| trance. For over an hour a crowd haC
! been gathering to witness the sale, ant
| it was only with great difficulty tha
| MI Cornish was able to get sufficient
| room to enable him to work. He fin,
| ally damned himself back into the cor
ner of the doorway, with one shoulder
against the door and the other agains
the brick wall, and prepared for bust
ness.
The crowd, which was not over 500 al
| told. was packed so closely around the
| doorway and up in front of the center
| of the building that the members o.
! the reorganization committee, the meI
who came out to buy the road, were
unable to see anything or hear a wore
| of what was going on. They were com
! PEELED to stand back in the hallway
from which one Of the members occa-
sionally poked out a face, just to SEE
/ that all was well. Packed into the hall
| leaning against the bannisters, squat
| ting upon the stairs, or standing wear
| lily in the center of the door. were al
| the members of the committee. Re.
Ceiver Mink hied him to an upper win
dow, out of which he leaned to watcf
! the proceedings below
THOSE PRESENT.
Those of the committee and connected
with it who were present were: Re
ceivers John w. Doane, Ellery Ander
son, General Louis Fitzgerald of tht
reorganization committee, and Wins
low S. Pierce, attorney of the reorgani
zation, and the wizard who evolved thu
scheme of congratulations; Alexandel
! Miller ot Boston, secretary and assist
ant comptroller of the company: JOIN
Sheridan of Maryland, a government
director of the road. General Solicitor
Kelly and Mr.. Gown, the governmen
representative; Marvin Hughitt of Chi
cago; T. Jefferson Coolidge. jr.. of Bos
ton, and Lewrence Greer his assistant
Mr.. Cornish carried under his arm ;
large portfolio bound with the regula
ton red tape and as soon as the crowC
gave him room to extend his arms, h.
united the strings and drew forth ;
number OF papers. Selecting one o
these, he replaced the others. and hold
ing It out, said
THE AUCTIONEER.
Gentlemen, 1 am here to sell certain
railroad properties in pursuance of {
decree of the United States circui
court I will now read the description
Of the property to be sold, and when
have finished the reading L will b.
prepared TO receive bids"
Here followed the notice OF sale
which was very long, being about fou
columns OF agate type.
This notice is so long. gentlemen.
said Mr.. Cornish, that will not at
tempt to read it so that all of you cal
hear it. I viii endeavor to get through
it as rapidly as possible"
He began the reading Of the motto
and as he had said, did not read it s.
that many people could hear it. II
| grew weaker and finally it becam