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Show WABASH RAILROAD SOLD iOER GAVEL Joint Reorganization Committee Com-mittee of Road's Creditors Take Over Company. ST. LOUIS, July 21. The' property, franchises and all other rights of the Wabash railroad, a 5220,000.000 corpora-j corpora-j tion, were sold under the hammer for $18,-000,000 $18,-000,000 to the joint reores niza tton committee com-mittee of the road's creditors under foreclosure fore-closure here today to satisfy a f 4 1 .OOu.Oofj mortgage of which the Equitable Trust company of New York is trustee. The road was knocked down to Robprt Goelet, who bid for the purchasing committee com-mittee of the joint reorganization. As soon as the district court, whb-h authorized author-ized ttie foreclosure, confirms the sale of the road, ft will be turned over to the purchaser. Plans for reorganization hav- Ing In view a termination of the recelver-I recelver-I ship then will be worked out. I Among the New York financiers who attended at-tended the sale were Robert Goelet, mem-J mem-J her of the reorganization committee; R. ! H. NetlHon, representing Kuhn, Loeb & Co., and Lawrence Greer and G. W Murray Mur-ray of the Equitable Trust company. Bidders were required to put up 51,700,- 000 or Wabash bonds to the amount of ((),()()). The bid of the purchasing: committee, composed of Mr. Goelet arid Henry Rog- i I era Winthrop. also rf New York, was the ; only one offered. In accepting the bid, , Special Master Krum added, "And may the Lord have mercy on you." After I I ttie sale it was announced that the reor- ! ; panization committee had elected Mr. ; Kearney president of the new company. i The buyers assumed all the Indebted-! ness of ttie road. I F. F. Kearney was president and one I of the receivers of the Wabash. E. F. ! Pryor is coreceiver with Mr. Kearney. The plan of the reorganization committee, commit-tee, it l.as been said, contemplates an assessment as-sessment of $:i0 a share on the stock of 1 lie company, and by payment of tills the stockholders become nembers of the new Wa basli company. |