The herald., 1897-11-02

column of the notice, Louis Fitzgerald,
who was to make the bids, pushed
through the door and stood close by the
side of the reader.
After reading a protest from Receiver
Trumbull. Cornish placed 1t in the port
folio and said: Il am now ready to re-
ceive bids for the railroad property the
description of which have just read"
The protest was from Managing Re-
ceiver Frank Trumbull of the Union Pa
cific, Denver and Gulf, against the sale
with the other Union Pacific property
of the two miles of track on the Chey-
enne and Northern road, the two miles
being claimed both by the Union Pacific
and the Union Pacific, Denver and Gulf.
Mr.. Cornish, after reading the protest,
announced that any prospective pur-
chaser of the road must be willing to
encounter the consequences of the pro-
test and that no guarantee of their own
ership was included in the sale. This
was agreeable to the reorganization
committee, and the sale proceeded.
There was a moments S silence and then
General Fitzgerald said: Il bid thirty
nine million, eight hundred and eighty
three thousand, two hundred and eighty
one dollars and eighty-seven cents, in
the name of Louis Fitzgerald and A. w.
Krech. purchasing trustees"
There was another pause and Cornish
said: "Are there any more bids? ?" There
were none and the master continued: u
will now receive bids for the sale of the
bonds the description of which you have
received"
General Fitzgerald replied: 'I bid on
behalf of Louis Fitzgerald and A. W.
Krech. purchasing trustees. the sum of
thirteen million, six hundred and forty
five thousand, two hundred and fifty
dollars and eighty-nine cents"
In both instances General Fitzgerald
read his bid from a memorandum which
he held in his hands. In response to the
query: "Are there any more bids?" there
was not q sound and the master con-
tinued: "As there are no more bids, /
declare the property of which have just
read the description, sold to Louis Fitz-
gerald and Alvin w. Krech, purchasing
trustees, they having made the highest
and only bid.'
That was all there was to the entire
sale and the members of the Re-organ
zation Committee and attorneys lost
the Union Pacific railroad.
Under the terms of the sale the pur-
chasers have ninety days in which to
pay over the full amount of the purchase
money, and that part of the transaction
will be carried out in New York in the
future. The government has now the
sinking fund of the road and the amount
of the guaranteed check put up by the
Reorganization Committee. This is
Just about 10 per cent of the full pur-
chase price of the road. The members
of the committee had nothing to say
after the sale was over.
None of the reorganization committee
cared to make any statement regarding
the Kansas Pacific sale, which has been
postponed until December Is. None of
them would say word as to whether the
committee intended to bid or not.
A FREIGHT CORNER
CHICAGO, Nov. IA special to the
Record from New York says: There is
practically a corner in the ocean freight
room for cattle on the Transatlantic
steamship lines from this port, Phila-
delphia and Baltimore. The entire
space has been engaged of the White
Star line and the Atlantic Transporta-
tion line for one year beginning January
/ and of the National line for two years
from that time, by the representatives
of syndicate said to be composed of
English buyers of cattle. 1t is also re-
ported that p D. Armour of Chicago
is interested. All the space for 1898 on
the Wilson's and Furness-Leyland lines
has been contracted for by others and
so has the space of the Bristol line,
leaving no space on regular lines avail
able for local shippers of cattle.
The existence of the corner was con-
firmed today by William Lunham of the
freight brokerage firm of Lunham &
Moore Of the produce exchange.
TRACK INSPECTION
SAN FRANCISCO, Nov. IA large
party of Southern Pacific officials has
left for Colfax on the Sacramento divi-
sion of the railroad, to begin there what
is to be an extensive tour Of detailed in
spection of over 1000 miles of the COM
panys lines on this coast. The purpose
of the examination of the roadbeds, the
stations and the equipment of the dii-
ferent sections and divisions is to make
comparisons with conditions found last
year and also to attempt to raise the
general standard of the service.
THE VALLEY ROAD
SAN FRANCISCO, Nov. 1.-The San
Joaquin Valley railroad has let the con-
tract for grading forty miles of railroad
from the northern Kern county line into
Bakersfield, and the work will com
mence tomorrow. The track is now laid
of IA
line.
NOW AN INDEPENDENT ROAD
DENVER, Nov. 1.-At 12 o'clock last
night the Colorado Midland Railroad be-
came an independent road, relieved from
the receivership and control OF the Fed
eral government. The change was eff
fected without the slightest ripple in the
course of business.