The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-08-15
THE TROUBLES OF A TRUST.
DIsTILLING AND CATTLE FEEDING
CO.'S PROPERTY SOLD UNDER
THE HAMMER.

Seventeen FIrst-Clnss DlstIIIerfes fn
the List Of Property soid--End OF
the Most RemarknBIe Legal Battle
fn the History OF ChicngO-The
Conditions and Decree of sale.
Property nid in by the Reorganfza-
tiOn Committee, who Made the
Only OTer.
Chicago. Aug. H.--The end Of the most
remarkable legal fght in the history OF
corporation hsitation came to-day. The
property OF the Distilling and Cattle Feed-
ing Company. commonly known as ths
whisky trust, was sold al auction on the
court house steps in this city at u:1
this morning. The sale providing mers
formality. as there was no other bidders
besides the reorganization committees.
whose bid OF ss.soO.oOO. incorporated in
the judicial decree OF sale, was accepted.
Gen. John McNulta, the receiver Of the
trust began the sale at 10 O'Clock. Mar
shal Arnold and four deputies accompan-
led the receiver and stood by his side
while he read the long decree. which took
an hour and half. At the conclusion %
the reading he said; Il am now author
lied 70 accept bids Cor this property. Any
body can buy, provided they pay me the
earnest money OF $4,000 in cash. as pro-
vided by the decree. which ] have juse
read. Do hear any biddersg'
Levy Mayer os counsel for the reorgani-
zation committee. stepped forward. ana
on behalf Of the reorganization committee
whom ne called b. name. renewed the bid
contained in the decree. Of ss.so0OOo
I renew this bid" said he ION condi-
ton that the receiver prosecute the suits
for over 100000, as provided IN the de-
cree just read, and also on condition that
all terms Of the decree are carried out to
the letter" lie then handed Gen. Nc
Nuita a certified check for $4,000
Ten minutes were allowed for other
bids, and az the expiration Of that tiue
the property was declared sold to the re-
organization committee for the sum Of
fered. The property sold does not in-
clude all that owned by the old trus.-
Seventeen distilleries, the cream Of the
lot We're selected by the reorganization
committee for purchase, besides the Of
fee building al Peoria. The distilleries
purchased to-day were the Shufeidt OF
Chicago, the Star and Crescent distilierles
Of razewell county. Illinois. the Central
OF Chicago. the Hamburg of TazewelI
conn1y Illinois, The Nnrthern OF Peoria,
the Manhattan OF Peoria. the Monarch Of
Peoria, the Great Western Woolner and
Peoria dlstlleries. an Of Peoria. This
Willow Spring distillery OF Omaha, this
Consolidated OF Cincinnati. the Maddox
Hobart Of Hamilton county Kentucky.
the Wabash OF Terre Haute and the La
tonia of Cincinnati.
The property is sold on condition that
II shall be subject to the trust lien TO Sc
cure the payment OF whatever sums shall
be adjudicated TO be due to the holders
Of q certain issue Of 81, 100000 Of bonds se-
cured by trust deed to the Central Trust
Company OF New York. dated June l.
1888, IN a suit instituted by Gen. McNulta
against Joseph B. Greenhut and others.
which suit seeks to set aside the issue OF
81 100000 Of bonds. The trust lien also
secures the payment Of such rebate
vouchers as the court shall finally order
70 be paid. The reorganization commits
tee must pay in cash only such proportion
OF the sum Of $9,S00.000 as the total num-
Der Of shares contained In the Distillinfe
and Cattle Feeding Company not owned
or controlled by the reorganization COM
mittee. bears to the total capital stock OF
the company. but 1t must pay balance OF
the purchase price. from time to time, as
required by any court having jurisdiction
to the extent that 1t shall be necessary
to enable the receiver TO pay, in addition
to the cost of administration, such of the
claims filed as shall. upon final hearing.
be ordered paid by the court
Receiver McNulta retains a lien on all
the property Of the trust as security that
the terms OF the sale shall be carried out.
and the court reserves to itself the au-
thority to summarily retake possessions
Of the property In the event that its as
sets are being wasted