C. & A. Sale

Between Chicago and Kansas City run the tracks of Chicago & Alton. Midway on the system is Wilmington, Ill., a town of 1,500. To Wilmington last week came a special train. A few minutes after its arrival, Herbert Alvin Lundahl, 48, short, pleasant, silver-haired member of the Chicago Club, mounted a special platform in the old red-brick station. As special I master-in-chancery, he droned through a long description of all the Chicago & Alton's property, from stations to lanterns. "What am I bid?" he asked after a description of each of the five lots into which the property was divided.

In each case, there were two bidders, Douglas M. Moffat and Colin C. Ives, representing Baltimore & Ohio. The five bids came to $22,949,000.

"What am I bid for the entire property?" asked Special Master Lundahl. "Twenty-three million dollars," said Bidder Moffat.

"Sold!" said Mr. Lundahl, and the little crowd which had huddled around the old wood-burning stove prepared to leave.

Valuable to the aggressive B. & O. will be the C. & A. system which has served Illinois since 1861, which once had Abraham Lincoln for lawyer, later carried his funeral coach. B. & O. holds bonds giving Lt control now, and these will be applied against the purchase price, leaving approximately $1,000,000 more to pay. But B. & O. purchases the property subject to some $50,000,000 in other obligations. The 'Interstate Commerce Commission places a value of $80,000,000 on C. & A. and last week stockholders, headed by Senator James Reed of Missouri, attempted in vain to prevent the sale which they claim wipes out their equity. Edward A. Pierce, stockholder, heads a protective committee, plans to continue his fight against the deal.

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