A Valuable Auction Sale.
♦ : A novel auction sale was held at Omaha, Nebraska, on the Ist and 2nd November, when the Union Pacific Railway was put up to competition under an order of foreclosure. The company had got behind in their interest payments* the bondholders foreclosed, and a reorganisation committee was formed. The trustees of this committee were successful bidders, acquiring the property for 60,637,475d0l (over £10,000,000 sterling). Of Oils sum they have to find in cash about 46,000,000d01, or £9,000,000 to pay off all indebtedness. The operation will free the undertaking from some • complications. Tho trustees of the Reorganisation Committee handed the auctioneer a marked cheque for 4,100,000d0l (over £800,000) as a deposit.
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Manawatu Herald, 4 January 1898, Page 2
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114A Valuable Auction Sale. Manawatu Herald, 4 January 1898, Page 2
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