The Hot Springs star. (Hot Spings [Hot Springs], Dakota [Dakota Territory, i.e. S.D.]) 1886-189?, 1889-05-24

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Of which the court had fixed an upset or,
minimum price equal to the amount OF the
first aud second mortgages. The sale
would be without appraisement or redemp.
tion. according to Inc decision OF the gu.
preme Court OF the United States. which
closure sales Of railroad property - the
franchise Of the railroad company wa also
sold. Major Wilson also announced that
the terminal properties would go with the.
sold would carry with 1t its proportion Of,
the rolling stock n equipments In the!
exact proportion that its mileage bore to-
the total mileage Of the whole 600 miles Of.
mileage Of the Wabash Railway east Of tho
Mississippi.
The first division put up for sale was the
Toledo and Illinois Railroad. known as the
Ohio Division. running from Toledo to tho
Indiana State line. . distance OF seventy
live miles. On this division the upset price
was $3.50. 1856 g.. There were no bidders,
aud the division was passed.
Tho Indiana Division. known as the Lake
Erie. Wabash and st. Louis Railroad. was
next called. This division runs through.
Indiana q distance Of 166 miles. and the up.
set price was ST. 4Sl. 919.S9. Here the John.
showed its hand and bid $3.50. 10000. The
division was declared sold to g. Fisher
johnson on behalf Of this committee.
The third division put up for sale was the
running . distance Of $50 miles from the,
Indiana State line to tho Illinois River at
Meredosiu md Naples. The upset price was
S. S1 .919. SO. and It was also Knocked down
to s. Fisher Johnson on behalf Of the John.
son and Pepper committee for $s.65O.0Oo.
The next division put up for sale was tho
Decatur and East st. Louis Railroad. rum
ming from Decatur to East st. Louis, u dis
lance Of 108 miles. The upset price was
ss.sl6.l2s .3l. Tho johnson and Pepper com.
mittec also got this line on its sole bid Of
The remaining divisions had no upset,
price fixed by the decree of sale. The first
put up for sale was the Quincy and Toledo
Railroad. extending from Clayton. ILL.,. to .
point opposite o M as on the, the Illinois! moi
MIR. James F. Joy. representing the pur-
chasing committee OF the Wabash bond!
holders. came to the front and bought tho
property for S5OO.0OO. The mortgage debt
was $6G4.0OO.
The Illinois and Southern Iowa Railroad,
extending from Clayton to Carthage. ILL.,. y
distance Of twcnty-nine miles. was sold to
james F. JOY for the Wabash Purchasing,
Committee tor S3OO.OO0 The mortgage debt
WIS $398 .O3O.
The Hannibal and Naples Railroad. OK.
tending from Hannibal to Naples. ILL.,. q,
distance OF fifty miles. was also knocked
down to Mr.. James +. Joy for his purchas-
ing committee for $500 900. The mortgage
O6DC WuS SOJJsUVJ.
The next property sold was the branch Of
six miles extending from Clayton to Camp
Point. Mr.. James +. JOY and his commit.
tee got 1t for s5O.OOO.
The branch road of six miles from Car.
thage. ILL.,. to Elvaston, ILL.,, was sold to Mr..
james L. Joy and his purchasing. commit
tee for $4,000.
All but the Ohio division had been sold.
and the failure to sell 1t would have neces.
STATED an ~adjournment to Judge Gresham's
courtroom TOR a mobilization OF a decree
as to the upset price fixed. Major Wilson.
however. said tnat he would expose this
division for sale again. This time Mr..
James +. Joy bid $3.50. sos. 6s. the upset
price. and the road was knocked down to
him m,, and his purchasing t., committee.
ions now amounted to s15. $40. 1876. Major
Wilson here announced that under the,
terms of the decree Of sale the masters
would now put up the whole nine divisions.
Including. under their direction. the Ham
nibal and Naples. Road. for SALE. In case
the bid now made exceeded the aggregate
Of the bids for the various divisions the
whole Wabash Road east Of the Mississippi
River would be knocked down to the high.
est bidder.
Mr.. James F. Joy. for the purchasing
$l5. 55O.00O which was $9.4O5 more than the
aggregate of the sale by divisions. and the
road was knocked down to the purchasing
committee. The amount of deposit required
was s9OO.OOo: or Sl0O.000 on each of tho nine
divisions. b deposit Is in bonds, but the
Court will call upon the purchasers to pay
In any cash required to pay Off the 1900. OO0
of dissenting bondholders and any neces-
sary. expenses. BY this sale every obstacle
to the consolidation Of the Wabash road
east and west OF the Mississippi River has
been removed. ByJuly1 1T is expected that
the divisions in the various States Of Michi.
gan. Ohio. Indiana. and Illinois will have
been organized. and the great trunk line
iron, from Detroit peIs and Toledo to Kansas City will
various divisions. Tie name Of the con.
solidation will be the Wabash Railroad
Company. n 1t Is expected that Mr.. q. d.
Ashley will! be its President.
First n second mortgage bonds cover.
ing tho whole line will be issued. The first
mortgage will provide for new bonds to the
first and second b%ondholders OF the old!
road and for the payment Of the $4,000, QUO
to the first mortgage b%ondholders who re-.
fused to come into the reorganization
cover the whole consolidated line. and win
provide for an issue of debenture bonds to
cover about $27 .OOO.O O0 Of bonds secured By
the mortgage. of June. 1880. on which
Sl0.0oO.Oo0 Of bonds wore issued. as we'll
as for the collateral trust mortgage Of
$lO.OO0.O0J. and also for some debenture
bonds which will be paid over to stockhold-
ers.
Five years ago. on May %. the whole Of
H. Wabash nn ps;y Y !. east and west Of the
Humphreys and Tut as receivers. Il owed
seven or eight million dollars Of floating in.
d~ebtedness. and could not pay the interest
on Its general mortgage Of 1880 or on its
collateral trust mortgage. The lines west
Of tho Mississippi have since been reorgap-
lied. and IRE now under the control Of the
purchasing committee. and since the re.
ceivership US to them terminated by the
sale of March. 1886. they are said to have
done remarkably well. andt to be now earn.
ing their liked charges and o surplus,
and west Of the Mississippi. the former
Of which were acquired by the pur.
seoresnized systsm viii III ind asi i ss.Si 1 re-.
!ieved OF It's n~on-paytng branches. the In.
terest on It's entire funded debt reduced
charge for interest on its old general mort.
gage and collateral trust bonds rendered
dependent only on the revenues Of the road.
II earned.
With this state Of facts existing. under
able management II e hoped that within q
sumod not only payment pitts fixed charees.
but also q fair rate OF interest upon It's nov
debenture bonds. The entire PROPERTY. hoth
east and west OF the Mississippi, Is now m
splendid physical condition. and as present
indications go. everything. according totho
opinions Of expert railroad men. points to
m era Of prosperity unparalleled In ~
oompany's previous history.
wild with Grief
ibid you attend Mr.. Browne funeral
yesterday, Mrs. Bruce?"
Eyes, and it vas the ssddest one I
ever saw. Mn. Brown ne. 1893.