Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1880-04-16
The Sale of a Railroad.

The Sale of a Railroad.
Pursuant to order OF the United
States Circuit Court, the Indianapolis,
Cincinnati & Lafayette Railroad was
Monday sold at the door Of the Court
House. Though Q large sale, there
was not large number of bidders,
and therefore not much competition.
The commissioners of sale, appointed
by the court, were Hon. Aaron F.
Perry, of this city, and w. p. Fishback,
Esq, of Indianapolis. After the lat
ter had read the advertisement of sale,
with due formality, and stated the
terms of sale, he announced the fact
that only one party had complied with
the conditions set forth in the adver-
tisement, and that party, therefore, was
the only eligible bidder. A committee
of the third and fourth mortgage bond
holders. consisting of Hon. George
Hoadley, of Cincinnati, Hervey Bates,
Esq, of Indianapolis, and George T.
Bliss. of New York, was that party.
They had deposited with the Commits
sioners 81 ,OO0, 900 worth of the bonds
Of 1860, and their bid was received, in
the sum of 50, 500. 900, aud the road
declared sold. The whole time occu-
pied in the transaction did not exceed
ten minutes. The sale requires the
confirmation of the United States
court of Indiana and Ohio, and the
amount must be paid within sixty days
from date.
1t must not be understood that 81.
500, 900 is tue total value of this
popular road. In addition to this
amount, the purchasers assume the
liability of 81 100000 in third and
fourth mortgage bonds. The Purchas.
ing Committee represent 81 500, 900 Of
these bonds, and therefore become
their own debtors.
After the confirmation of the sale,
the purchasers will organize new
company, under the title of the Gin
cinnsti, Indianapolis, st. Louis &
Chicago Railway Company. 1t will
issue 1000, 900 worth of new stock to
the old bondholders, and take charge
Of the road. The purchasing com
mittee will organize a new board of
directors, composed of the largest
bondholders, to serve until the time
for an annual election. The title, it
will be seen, covers lines through to
Chicago and st. Louis. This results
from the fact that the new company
own the controlling interest in the
Kankakee road, and has reliable con-
nectlon with the Vandalia route; it also
owns q controlling interest in the
Falkland. Franklin & M4rtinsville
Il Illroad, and in the Harrison branch
road. The new company will there
fore link in one combination the four
great railroad cities of the West. And
besides these, arrangements are about
concluded that will directly connect
the Cincinnati Southern with this
grand line of roads, bringing all Sec
tiOns Of the great West. Southwest aud
Northwest as tributaries to it. From
Chicago to Chattanooga, by this route,
will be the best 600 miles of track
west of the mountains, in the matter
of physical condition. The connec-
ton with the Southern road, alluded to
above, includes the use of the Marietta
& Cincinnati track from the junction
on Millcreek bottom up to the Plum
street depot.
| After the conclusion of the business
connected with the sale, M. E. Ingalls,,
Esq, late receiver of the road, invited
the old directors. commissioners, and
attorneys to the Queen City Club
House to dinner. The party there as
sembled consisted of the following
named gentlemen VIM. F. Reynolds.
Esq, of Lafayette, the largest bond
holder of the road. and one of the
most modest and estimable gentlemen,
while he is also one of the wealthiest,
in the Hoosier State; Hendricks &
Bates, of Indianapolis, Geo. I. Bliss,
of New York, WIN. p. Fishback, Of
Indiana. oils; E. A. Ferguson, Stanley
Matthews, Esq, Judge Hoadley, Larz
Anderson, s. j. Broadwell, Theodore
Cook, Gen. Bates and George Wiltshire,
all of this city.
| A couple Of hours were spent in dis
cussing the past. present, and future
of the I. 9. & l.. Railroad, in connec-
ton with the disposition of the palata
bic and vivifying good things set be-
fore them. Sundry short, pertinent
and witty speeches were made, but
as it was u private family affair the re-
porters were excluded, and all foated
off into thin air instead of being spread
out into black and white before our
readers.
One item of wit only was rescued as
a sample of the rest. Judge Hoadley,
on being congratulated upon owning a
railroad, said it reminded him of an
incident in the reign of slavery. Judge
Hooker, of Hartford, Ct, once received
letter from friend in the South in
closing him q deed OF sale for col
ored preacher, Rev. DR.. Gsrnett, an ed
ucated slave. for the purpose of having
him emancipated. Judge Hooker was
sc elated with the idea of owning q
Doctor of Divinity that he said he
must walk up and down street with it
several times. just to see how he would
feel, before making the confirmation Of
emancipation. So it was with Judge
Hoadley; it was SO novel and exhilarat-
ing thing to be even one-third
owner of railroad that he expected
to hardly know his friends until after
he was compelled TO turn the great
prize over to its legitimate owners
| Cincinnati Gazette,