The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-01-30
FORTY MILLIONS UNDER THE HAMMER
SALE OF THE NEW YORK AND ERIE RAIL
ROAD AITETI0N

SALE OF THE NEW YORK AND ERIE RAIL
ROAD AT AUCTION.
Pursuant to an order of tho Supreme Court Phi
10 T. Ruggles referee, the real and personal pro-
perty of the New York and Erie Railroad was sold
at auction by Mr.. Blocker, in the Exchange at II
O'Clock TODAY.
mortgage and also the balance of interest in arrear
on the prior mortgages, when the the bid is made
whatever it may be. The sale was made subject
to the lien of all the mortgages. The purchaser
has the right, with the consent of the Court, to
have the net earnings, until the payment of the bid,
applied to the payment of the interest on the mort
cages, and is to make full payment on the 3lst of
december next, (if not before) of the bid, and of
all the mortgage interest then in arrear to which
the bid is not applicable
by this sale the payment of the mortgage inter
est in arrear and the organization of new compa-
ny are insured. The unsecured creditors and stock
holders OF the company, who have not assented
have now six months in which to assent to the plan
of reorganization, after which their rights will be
cut off by this sale. The amount of mortgage in
terest in arrear at this time on the fourth and
fifth mortgages, the payment of which is now ne
cessa.y to secure the road, is about S796,400 but
this amount will probably be considerably reduced
before December 3lst, By the operation of the road
the net earnings being applicable to the payment
OF 1t, after the payment of interest on prior mort
cages. 1t is also probable that the new company
will have to make some assessment under the con-
tract, or borrow money from some other source, in
order 10 pay whatever may remain due on the bid
The sale attracted quite a crowd Mr.. Blocker
read the terms of sale. "Take seats, gentle
men, said he, ''it is long story" And it was q
long story. The reading occupied full half hour.
sired to hear the acts of the Legislature of New
York, Pennsylvania and New Jersey, be woald
read them.
A Voice-Oh, no! we have had enough.
Mr. Bleecker-lt only makes twenty or thirty
pages of fine print, and if you want to hear it will
read it. Laughter
The audience did not seem anxious to listen to
the interesting document, and the sale proceeded.
"NOw, gentlemen" said the auctioneer, "what
shall have for this great property, this railroad
with all things thereunto pertaining?" There was
response for time, when Messrs. D. S.
Gregory and j. C. Bancroft Davis, trustees, of
fered S220 600, and as there was no other bid, it
was struck down at that. This covers the amount
of interest on the fifth mortgage now due.-N. y.
Post of Monday.
ARMY AND NAVY INrE1L1GENCE.-The dones of
four General Courts Martial, one at Fort Ridgeey,
one al Fort Leavenworth, and two at other posts,
have been submitted to the War Department.
1t has been decided not, under any circumstan-
ces, to diminish the present strength of Federal
troops in the National Capital. There are now
nearly 200 United States Marines in the neighbor-
hood, and large force of regular soldiers. All the
men that can be spared from Navy Yards, and
Northern military posts, will be sent to Washing
ton.
The Norfolk people are loudly complaining, that
only 400 men employed in their yard, while the
Germantown and Merrimack need refitting. A let
ter received yesterday, states that the Merrimaek
is to be equipped forthwith.
We have news from the United States steamer
Dacotah, now on her way to join the East India
squadron, to Oct. 20. She had reached Mauritius
from Cape Town was taking in coal and provisions
and would sail in few days for her destination.
The storeship Release had sailed for Boston with
invaids.
I Captain Watson. q. S. N, who was in command
of the marines at Pensacola when the Navy Yard at
that place was surrendered to the Floridians, ar
rived in this city yesterday, and visited Captain
Brevoort at the Navy Yard. His account of the
seizure of the Yard is substantially the same as
that already published. He says the marines and
officers OF the Pensacola Yard are on board the
storeship Supply, and that they may be expected
here in a few days.-N. Y. World, Jan. 30.
MURDER WILL OUr.-About two months since a
man was found murdered on of the streets OF
Philadelphia. party named Armstrong was ar
rested on suspicion, and his trial had nearly come
to an end on Thursday, with every prospect of his
being declared not guilty, because of the weakness:
OF the evidence against him. But at the eleventh
hour, when the case was about being closed, and
the murder was in a fair way of being unavenged
witness is produced who testified to seeing the
murder committed. The Gazette says the witness
is frank looking and hard working German, who
Tor some nights past has wrestled sleeplessy under
the murder was committed. That ne didn't appear
before, he says, was because, being poor man, he
feared the loss of time that must attend him if he