The San Francisco call., 1897-11-01

S. Pierce will offer the amount for the re-
organization committee, and Mr.. Cornish
will wait to see if anybody cares to make
1t sou, 0,O00O 600, and. as nobody is going TO
caIe, be will declare the sale made to the
reorganization committee and then turn
over the check of the committee deposited
with him to guarantee its Did to the rep.
resentatives 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 reorgan-
lzation committee anu the Government
1t Will, however, be within a short time
after the sale.
On Tuesday will be held the second sale
under foreclosure OF the mortgage secur-
Ing the holders OF the construction bonds.
The reorganization committee will of ne
cesslty be the purchaser. 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 afterward. 1t
is likely that the road will for time be
left in the hands of the receivers, unless it
has been decided who shall be the man.
aging officers of the new company. No
matter as yet, bat it is certain that if Mr..
Clark desires to be president Of the road.
as 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 comptroller of the Union
Pacific road, said this morning that he
had 10 knowledge of any ompeting bids
that would be offered against that of the
reorganization com mittee.
There may be some other bids coming
in." said Mlllar, ''but if there are l know
nothing whatever about them. Mr.. Cor
nish, the master in chancery, who is to
auction off the road, is the only man who
knows just how many bids are to be m ade
and l know tnat he will not discuss the
matter. He is an officer of the court and
it would not be just the proper thing for
him 10 do"
While Mr.. Millar disclaimed all knowl-
edge regarding prospective rivals to the
reorganization committee for the posses
sion of the Union Pacific, it was evi ent
from his manner that he was quite sure
t1at the committee would have no COM
petitors.
Regarding the future of the road after it
has passed into the hands of the reorgan-
izaion committee Mr.. Millar said:
The actual turning over of the property
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-
troll at noon. 1t will be simply matter
OF convenience for the purcn aser. l have
known instances where roads have been
bought by reorganization committees and
these committees have not been entirely
prepared to assume control of the road
Just at the instant. The receivers have
been allowed TO run the road for two or
ton Of the owners. Then, when the pur-
chasers had made all things ready, tney
took hold and managed the property
themselves Now, ii the reorganization
committee gets this road" and Mr.. Millar
smiled coptented smile, that is what II
VIII do. The receivers will handle the
road until the com mittee, il the com mittee
be the purchaser"-and again Mr.. Milar
smiled happily-'is ready to assume for
NAL control of the road
All OF the receivers who are here, and
the other mem bers of the reorganization
com mittee, repeated substantially the
interview of Mr. Millar.