The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-07-26
UNDER THE HAMMER
Special Master Sherman Sells
the Kansas Mid land,
100000 CHANGES HANDS
Bid in for That Amount by
Eastern BondhOIderS.

The Kansas Midland railway property
was sold at a special chancery sale al
1875 o'clock yesterday morning by J. T
Sheaman, clerk of. the United States
court, who was appointed special master
in chancery. The sale was under a de-
cree Of foreclosure entered against the
company.
The property was bid in by the first
mortgage bond holders for 100000. but i;
viii eventually pass into the hands Of the
st. Louis & San Francisco people, who
have been operating the line by agree
ment since its passage into tn hands
Of a receiver. The property wiz be trans
ferred to the Frisco in a shor, time.
The hid was made by M Alfred r.
Pick and Mr.. Harry Bonner, of New
York, who represent the interests Of the
bondholders.
There were in attendance at the sale:
Samuel c. Herman of Labriskie, Burrill
o. Murray of New York. counsellor for
the bondholders; w. W. Green of Alexan-
ander & Green, counseNors for the mer-
chantile Trust company of.New York; S.
II. West of St Louis, attorney for Re-
ceiver A L. Wolff; c. Dobriener of st,
Louis representing Receiver Wolff; Harry
Bronner Of Pick & Bronner of New York
bankers representing the 0ondholders, and
David w. Mulvane ofNTopeka.
Receiver Wolff could not be here to at
tend the sale and sent a representative
Although the sale has cen advertised for
some time it failed to create any local
interest in point Of attendance and aside
from those financially interested, there
were but few present
baseball game, which was being
played by two knee pant clubs next TO
the Midland depot, where the auction was
held, was broken up, the players flock
ing 10 the depot to see what it was all
about. They didn't find it interesting.
hut they occupied front seats on the
platform and took in the whole proceed
irg, curiously watching 100000 change
hands in the twinking of an eye. Two
tramps, who no doubt have counted every
tie between here and Ellsworth, its north
ern terminus, We're seen in the distance,
no doubt wondering If there ever was at
any time so much money as 100000 in
the world.
It was 70 O'Clock when special master
in chancery mounted The platform and
read the decree OF the coutt and theterms
OF the qualifications Of the bidders. which
were to the effect that each bidder were
required to deposit SO 900 IN cash or the
same amount in bonds as a guarantee of
good faith.
Messrs Pick and Bonner, representing
the bondholders, were the only persons
who qualified and they deposited $4,000
in Kansas Midland bonds The sale was
then on.
''Do I hear any bidders?" cried the
special master.
The bondholders' representatives then
bid $500, 900 and it was all over The sale
proper and the preimfnaries only con-
sumed one half hours time, but in that
time a property valued at S1.C00C0O
changed ownership. The assets Of the
road We're sold to the same bidders for
s1OG0
The Kansas Midland railroad was con-
structed in 1887 and first mortgage bonds
to the amount Of $125a00) were issued.
Some time aso the bondhoiders instituted
PROCEEDINGS Of foreclosure in federal
court and were granted decree. The
court appointed IL. A T. Wolff Of St.
Louis as receiver and Mr. 7. T. Sheaman
Special master in chancery BY agree
mem the road was afterwards operated
by the Frisco company. and yesterdays
sale was simply the Formally Of trans
e-riES the property.
The line runs from Wichita to Els
worth, there being two trains each way
a day passenger and a freight The
line win prove valuable TO the Frisco
people and is considered 10y ali railroad
authority 20 DE worth at least $1,000 coo
1t viii 10y the efficient management that
the Frisco viii give it, eventually make
an excellent paying property as it oper-
ates in a field that no other road can