Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1889-03-22
THE WABASH CASES
Hearing of the Masters Report and Bzcep-
ton on Decree Of Sale at Chicago.

CHICAGO, March 21-The United States
court room was crowded today with a dis
tinguished gathering of railroad attorneys
representing various interests in the Wa
Lash railroad This case was before Judges
Gresham and Jackson, (the latter the
United States circuit judge for the Ohio
and Kentucky circuit for the hearing OF
the masters reports and exceptions thereto
IN the application for decree of sale up
pm the plan of reorganization adopted by
the purchasing committee appointed in
1885. The purchasing committee which
bought the Wabash, st. Louis & Pacific
railroad under the foreclosure of the
mortgage consisted of James +. JOY, of
Detroit; General o. II. Hubbard, 0. d.
Ashley and Edgar Z. Wells, of New York,
Ell of whom were present. General Hub
bard and Rush Taggart, of New York,
represented the committee as counsel.
''All but 81, 600, 600 of the SIS, 900, 900 out
standing has come in" said Mr. Ashby. of
the committee, land the committees plan
Of reorganization Is fast approaching con-
summation"
The morning session was consumed by
Che argument of Mr.. James Thompson of
Foster. and Thomson, of New York, rep
resenting the Central Trust company. the
holders of the consolidated rs of 1870,
through whom the bondholders, asserting
to To the plan of reorganization bring their
complaint.
Governor Chamberlin, of New York, for
the ,Iohnson-Popper committee of bond
holders, representing the first mortgage
and funding debt who dissent from the
reorganization plan, followed Mr. Thorn
son, but the court adjourned for the noon
recess shortly after the beginning of his
arguments. John w. Butler. of Indian
Rpolis, ex-senator Joseph McDonald's law
partner, is attending the hearing in the
Interests of the stockholders of
indianapolis division, running from In
dianapolis to Peru, who lately prosecuted
a successful suit against the receivers for
back rental and now asks n reservation
decree TO preserve their rights.
Harry Crawford will be heard in the in
terests of the trustees for the stockholders
of 1879; Mr.. TausSig, of st. Louis, repre-
senting mortgage trustees of the Decatur
* East St. Louis railroad; +. +. Sharb for
the holders of the Great Western first
mortgage; John j. Millsurn, of Buffalo,
and q. +. Doyle, of Toledo, for the equip
ment bond holders whose holdings are in
volved in the competent suit" and
Herbert Turner, of New York, for the
Farmers Losn & Trust company, trustees
of the second mortgage.
At a conference OF opposing delegates
this afternoon decree of sale satisfactory
20 all parties was virtually agreed upon.
Judge Gresham suggested that counsel
meet for conference aud following ont this
suggestion a meeting was held in Mr..
Thomson's room at the Grand Pacific
The result was that representatives of
various interests agreed on terms of de
cree settling some points of difference So
that sale can take place without inter
tering with their rights in property, which
can lie settled after the sale
Mr.. Thomson made the following state
ment As 10 the agreement: 1T looks now
rs though there would be no extended
contest as was anticipated and that the
decree will be entered. 1t has been under
discussion this afternoon and with some
notifications has been substantially
agreed upon, all exceptions being over
ruled. The property will probably be sold
In parcels or divisions subject TO resale rs
IN entirety and if it brings more as unit
the sale Will be confirmed"
There are nine divisions. The agree
ment will be presented in court tomorrow.