Birmingham age-herald., 1895-08-15
WENT UNDER THE HAMMER Sale of the Property of the
 Whisky Trust, II WAS A MERE PORTABILITY And tF :. nIy Bidder Was the Reorganization
 = committee at the Decree Price. hS ofe2 CREAM OF THE PLANT PURCHASED 6 }S snteen Distillories Comprise the Lot A. End of the Most Remarkable Fight s in the History of Corpora
 ton Litigation
1T WAS A MERE PORTABILITY
, CREAM OF THE PLANT PURCHASED

Chicago, Aug. 14.-The end of one of the most remarka ble fights in the hls- tory of corporation litigation came today when the property of the Distiling and Cattle Feeding company, commonly known as the whisky trust, was sold at auction, on the court house steps in this city at 11:30 this morning The sale proved a mere formality as there were no other bidders besides the reorganiza- tion committee whose bid of 9.S00,0OO, incorporated in the judicial decree of sale was accepted. Gen. ohn McNulta, the receiver of the trust, began the sale at 10 o'clock. Marshal Arnold and four dep uties accompanied the receiver and stood by his side while he read the long decree, which took an hour and half. At the conclusion of the reading he said:
 II am now authorized to accept bids for this property Anybody can buy 1t, pro- vided they pay me the earnest money of S50,0 900 in cash, as provided by the decree which l have just read. Do l hear any bidders?'
 Levy Meyer, counsel for the reorganza- ton committee, stepped forward and on behalf of the reorga nization committee, whom he called by na me. renewed the bid contained in the decree of $9S0,000.
 "I renew this bid,' said he, 'on condi- ton that the receiver prosecute the suits for over $1 100000 as provided in the de- cree just read, and also on condition that all the other terms of the decree be car Tied out to the letter.
 He then handed General McNulta certified check for $50, 000
 Ten minutes were allowed for other bids and at the eXpirat tion of that time the property was declared sold to the res organiza tion committee for the sum.
 The property sold does not include all that owned by the old trust Seventeen distillerieS, the cream or the lot, were se- lected by the reorganization committee for purchase, besides the office building at Peoria. The distilleries purchased to- day were the Shufeldt of Chicago, the Star and Crescent distilleries of Taze- well county, Illinois; the Central of St. Louis, the St. Paul, the Riverdale of licagn--the-SIa amhuEg- of Tazewell coun- ty Illinois; the Northern If Peoria, une Manhattan of Peoria, the Monarch of Peoria, the Great Western, Woolner and Peoria dstileries, all of Peoria; the Will low Spring distillery of Omaha, the Con- soldated of Cincinnati, the Maddux- Hobart of Hamilton county, Kentucky, the Wabash of Terre Haute and La tonia of Cincinnati.
 The property Is sold on condition that it shall be subject on the trust lien to se- cure payment of whatever sums shall be adjudicated to be due to the holders of a certain issue of ST 100000 of bonds,
 
 trust company of New York, dated June 1, 1893, in a suit instituted by General McNulta against Joseph B. Greenhut and others, which suit seeks to set aside the issue of $1, 100000 of bonds. The trust lien also secured the payment of such re- bate vouchers as the court shall finally order to be paid. The reorganization committee must pay in cash only such proportion of the sum of $9S00000 the total number of shares of the Distilling and Cattle Feeding not owned or con troled by the reorganization committee bears to the total capital stock of the company, but it must pay the balance of the purchase price from time to time as required by any jurisdiction to the ex- tent that it shall enable the receiver to pay the cost of administration of such claims filed as shall upon a final hearing be ordered paid by he court receiver.
 McNulta retains a lien on all of the property of the trust as security that the terms of sale shall be carried out and the court reserves to itself the authority to summarily retake possession of the prop erty in the event that it's assets are being wasted.