Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-05-16
Sale Of the Wabash.
A Transaction Involving the
Sum of $I6, 500, 900.
BOUGHT BY THE GOULD COMMITTEE

Who Will Proceed to Reorganixe the
Business-A Deposit of Nearly sI,OOO,-
900 Paid on the Spot-Incidents of the
Sale and Points of the New DeaI-The
Ohices to Go to st. Louis-Other Rail-
way News.
CHICAGO, May 16-Shortly after IL
o'clock yesterday morning by order of Judge
Gresham the Wabash railway east of the
Mississippi river was sold at auction at the
north front of the government building in
this city
The road was offered for sale by divisions,
beginning with the Ohio division, seventy
five miles long, extending from Toledo to the
east line of the state of Indiana. There were
no bids on this portion, and the master passed
on to the Indiana division, extending from
the east state line to the Illinois line. The
purchasing committee allowed this to be
knocked down to the Popper-JUhnson COM
mittee as a conditional" sale, and the same
programme was followed with that portion
OF the road extending from the east line of
Illinois to the Illinois river, the Pepper crowd
bidding above the upset price in each case
The Decatur and East St Louis branch was
offered, and contrary to expectation the Hi
nols Central did not appear as bidder for
this line. 1t was sold conditionaly to the
Topper johnson committee for 1900, 900
Goulds Committee Bids.
James F. joy, of the purchasing commit
tee, bid $4,000 for the branch thirty-four
miles long running from CLAYTON to Mere
dosia, Ills, and secured it. There was no
upset price fixed on this portion of the prop
erty. Mr.. Joy bid in the Hannibal and Ma
pies branch for $500, 900; also a line from
Clayton to Camp Point and another from
Carthage to Elvason at $50, 600 each The
Ohio division was then offered again, and
the purchasing committee succeeded in COB
bling it by a bid of g., $40, 595. IS.
And the Road Is Theirs.
According to the decree the masters were
required after selling the road by divisions
to again offer It for sale as a unit. By
divisions it had brought SIS, $40, 595. s. The
upset ppice was SIS 80, 600 Mr.. JOY saw
that he must go above the amount already
bid in order to secure the property for the
purchasing committee, and he called out the
round sum of SIS, $50. 600 The Pepper
johnson people had accomplished their pur-
pose, and there was no counter bidding
Jay Gould and his purchasing committee
were in possession of the Wabash road A
deposit of $500, 900 was required as a guar
antee of good faith, representing 500, 600 for
each of the nine divisions and this sum was
promptly put up.
Plan of Reorganization.
The plan of reorganization of the Wabash
system provides that the purchasing commit
| tee consisting of James F. JOY, of Detroit;
o. d. Ashley and Thomas H. Hubbard of
New York, and Edgar T. Wells, of Hart
ford shall foreclose all of the mortgages and
secure sale of the property under decree
| and purchase the same, then cause to be
formed new corporation to which they
| shall transfer the property.
Upon the legal acquisition of title of the
lines east of the Mississippi they are to be
| consolidated with the lines west of the Mis-
| sissippi river
Offices To BE Moved.
There was no excitement during the sale
| and very few people on the spot at the be
ginning. Before it end d however the steps
and ad jaceat sidewalk were crowded with
people attracted by curiosity, and Adams
street was blocked with street cars and We
| hicles. The general offices of the company
will undoubtedly he removed 10 St Louis