The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-08


Great Northern, Is Made Vice
President OF the Santa Fe-FIat
Denial of RumOred Combination
Between New York Central and
Pennsylvania.
The Wisconsin Central was sold under
the hammer yesterday forenoon on the
depot platform at Eau Claire, Wis, by
Special Overwhelmingly Frank NJ.
Hoyt to George Coppen, chairman of the
reorganization committee of the Wiscon-
sin Central lines, for 81, 800, 900.
a special train arrived in Eau Claire
late Thursday night, bearing a party of
railroad magnates, among whom were
George C0ppeu, William L. Bull, John
Crosby Brown, Of New York, members of
the reorganization committee; c. c. Bea-
= man, New York, counsel for the reorgan-
1zauon committee; L. B. Brandeis, fBos-
ton, assistant counsel Howard Morris
and Henry f. Whitcomb Milwaukee, re-
ceiVers of the system; S. ]. Collins, gen.
eral superintendent; R. B. Tweedy and
Special Master Hoyt. The sale was COM
pleted yesterday forenoon, Mr.. Coppell
being the only bidder, and representing
Messrs. Brown and Bull. The sale was
made in fourteen parcels as follows:
l. Railway formerly owned by Wiscon-
sin d Minnesota Railroad company ex-
tending from Abbotsford, Wis. westward
70 ChlppeWa rails, distance Of about
b5.64 miles, $50, 000
,. Railways which were formerly owned
by the Chippewa Falls s. Western Rail-
way company, $10,000
3. The railways and property formerly
owned by the Minnesota, st. Croix &
Wisconsin
/. The lands in Chippewa county, $50, O00
.. Lands in St. Paul, $40, 0O0
.. The railways and property formerly
owned by the Penokee Railroad company,
$500 600.
Z, All spurs and branches of Penokee
railroad, $500, 900.
s. All franchises, lands, depot grounds,
terminal rights, trackage and other con-
tracts, leases, privileges and all other
nection with or appurtenant to said above
described railways or any Of them, also
rlght OF way, ore yards and ore docks at
9. The interest of Penokee Railroad
company in Gogebic and Montreal River
road $40 600.
10 Bonds and stock Of Wisconsin Cen
trail Railroad company, 100000
Cd IL dTmP pr y, notes OF Wisconsin
i. BONDS and stocks of various railroad
companies, 50 000,00O
nd l5 Securities. etc; $4,000. and stock
$4,000
Special Master Hoyt then offered the
property in entirety and Mr. CoppeIl bid
$7,3O0,OOO The sale lasted about fifty min
utes.
a. Securities and stock held by H F.
Nhitcomb and Howard Morris, receivers
Of Central company, $4,000.
After the conclusion of the sale, con-
ference was held between the members
Of the reorganization committee and Spe-
ciaI Master Hoyt, at which 1t was agreed
that the deeds Of the property be turned
over in New York, on Wednesday, July
10
The party, with the exception of Mr..
Tweedy, left early in the afternoon for
St Paul on special train. and spent sew
eral hours here, leaving for Chicago at
o'clock. The trip was in the nature Of
short tour Of inspection over the line
and the trackage into st. Paul and ter
minal facilities here were Investigated
thoroughly. James J. Hill president Of
the Great Northern, met the party at
- the depot, and held a short conference
with General Manager Whitcomb and the
members of the reorganization committee.
Mr.. COppell, to whom the road was sold
was seen and questioned regarding the
plans Of the committee and the work
Of reorganization. He said in the course
of a general conversation regarding the
road:
The system will be reorganized as the
Wisconsin Central Railway company. The
system was bought at public sale, and
we paid Sz,300,000 for 1t, that sum being
the offer made by the special master
TO us for the purchase of the road in
its entirety. The sum is subject to mort
cages and other outstanding liabilities.
The system will be turned over to US,
and new company formed, as I have
indicated, at once. New bonds and Sc
curites will be issued, and the new COM
pany will probably make many valuable
and expensive improvements. I cannot
yet outline the plans of the company with
any degree of accuracy, as they have
not been matured. The road Will be
placed on a better basis than ever be-
fore, however, and will be made one Of
the strong lines Of the West in time. We
will meet Mr.. HOyt next Wednesday, and
receive the deeds Of the property, after
which the new company will assume con-
troll"
When asked whether there was any
truth in the report that the Corbin in
terests were behind the purchase of the
road. Mr.. Coppell said:
The sale was made to Messrs. Brown
and Bull and myself We bought the
property, acting as representatives of the
reorganization committee, Of which we
are members We are behind the sale: as
for the report that the COrbin interests
controlled it, you might say that I know
nothing of any such deal"
Howard Morris and Henry F. Whit
comb. general manager, the receivers of
the road were interviewed, but had moth
ing definite to say concerning the future
plans regarding the road. Mr.. Morris
said that the trip to ST. Paul was made
for the purpose Of showing the members
of the reorganization committee the eX-
cellent terminal facilities in st. Paul, and
giving them an idea of the needs of the
system. General Superintendent Collins
and General Manager Whitcomb, together
with the other members of the party left
on a special train at o'clock for Chi
cago.