Buys First Mortgage

Omaha, Neb., Nov. 2.- The reorganization committee of the Union Pacific, which bought the government lien tvhich was the second mortgage on the property of the Union Pacific, ha3 also purchased the first mortgage on the same property by which the construction were secured. The price paid for the mortgage was the amount named as the minimum bid to be accepted - $50,637,475. The property was bought as was the second mortgage, in the name of Lewis Pitzgerald and Alvin W. Krech as purchasing trustees. The second sale was, if possible, more uninteres-ting than the first, not over forty people being present at any time. It was 11 o'clock to the minute when Master in Chancery Cornish mounted the stone step in front of the Ninth street entrance to the Union Pacific freight depot and began reading the notice of the sale and the description of the property to be sold. This consumed just thirty-six minutes and he then read the same notice of protest from the Union Pacific, Denver and Gulf road against the sale of two miles of track of the Cheyenne and Northern road, which is claimed by the Union Pacific, Denver and Gulf and the Union Pacific, that he read at the first sale. He then announced that the purchaser must take the property subject to the protest and asked for bids for the property, the description cf which he had just read. General Fitzgerald's Bid. General Lewis Fitzgerald repeated his performance of the first sale by coming out of the hallway and saying: "I bid for the property $50,637,435." Master in Chancery Cornish repeated the amount, adding: ""Are there any other bidders? Does anybody else desire to bid?" Apparently nobodycared to avail himself of the privilege, and then Mr. Cornish continued: "Inasmuch as the bid of Lewi9 Fitzgerald and Alvin W. Krech, purchasing trustees, is the highest bid and the only bid, I declare the property sold to them for the sum of $50,637,435This concludes the sale and as there is no other property to be sold, the thing is finished." Master in Chancery Cornish has been prompt in filing the report of his official action in connectiori with the sale of the Union Pacific. The report of the first sale was filed in the office of the clerk of the United States court. The report cites the order of sale issued by Judge Sanbdrn and in accordance with the provisions of that order mentions that representatives of the p'urchasers deposited with the master within the proper time a certified check for $2,000,000 as a guarantee on the bid for the property and another certified check for $1.364,525 to cover the sala of the staking fund bonds. The Only Biels Offered. The master says that when the property was offered for sale Lewis Fitzgerald and Alvin W. Krech, representing the purchasers, bid $39,8S3,2S1.S7 for the railroad and its frar.chises and $13,645.250 for the sinking fund bonds; that these bids were the only ones offered and were accepted, the agents for the purchasers depositing with the master a certified check for $4,100,000 to guarantee the fulfillment cf the bids. The certified checka were drawn upon the United States Trust company of New York. The fee which the master who made the sales will receive for his work is generally estimated at $100.000. It may be over that amount, and it may be something- under it, but it is generally conceded that it will be close to that figure in either direction.