The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-04
EXTENSIVE RAILROAD TRANSFER.
Judgment Against the Boston, Hartford and Erie
Ferry Extension Railroad Company-Fore-
closure of Mortgage-sale Of Its Property
to Homer Ramsdell for $4,000.
NEwBURG, May 3, 1872.

NEWBURG May 8, 1877.
In 1867 the Boston, Hartford and Erie Ferry En-
tension Railroad Company purchased from Mr.. and
Mrs. Homer Ramsdell, of TINS city, the Newburg
and Fishki ferry, with boat franchise and real
estate in this city, for $4,000. The property
the Newburg side OF the river comprises
what is known as the .Long Dock" the principal
steamboat landing of the place; the ferry house and
slip, two large buildings, the whole having front
age on the Hudson River OF 100 feet and extending
eastward from the Front street line and into the
river 300 feet. The purchase also included dock
property near the foot OF First street. The com
pany's fortunes rose and fell with those
OF the unfortunate Boston, Hartford and
Erie, whose history is familiar to rail
road men, and at this time 1t was supposed to be in
a nourshing condition, with splendid prospects
ahead Of it. 1t also purchased on the east
side of the river, nearly opposite New
burg, what is known as the Denning's Point
property; also the Wtsie, Rumscy, Coleman
and other properties, at very heavy cost The in
tention of the company to form railroad and
ferry connection between the Boston, Hart
the river and the Erie Railway at its
Newburg terminus on the west SIDE The Boston,
Hartford and Erie Ferry Extension Railroad Com
pany on the 18th of August 1867, executed to James
w. Taylor and George w. Townsend, Of Newburg,
WSs had mSnsnss OF the
also upon the property lying on the east side
Of the river purchased OF the Dennngs,
their railroad to secure 1000 bonds Of $1,000,
amounting to $1,0OO,0O0 to secure the payment Of
and also for the purpose constructing the proposed
railroad anI ferry. The $685. 600 purchase money
due the Nmsdells was represented by 1876 bonds
under that mortgage and they were made prior
lien upon all the property covered by the mort
gage Subsequent to the execution Of this mort
gage the Boston, Hartford ana Erie Ferry
Extension Railroad Company leased the mortgaged
premises to the Boston, Hartford and Erie Railroad
twenty years from date with interest ut seven
per cent. payable semi-annnay. Owing to
the misfortnnes OF the Boston, Hartford
upon the bonds secured by the aforementioned
was not paid, and foreclosure OF the mortgage be-
by the trustees. Taylor and Townsend, in April,
1871. Previous to the commencement OF
a9s ET Rawav the had n Hartford 9ps
hands OF receivers. and about the time Of the COM
mencement OF the suit the company had been de-
cared bankrupt, and assgnees in bankruptcy were
appointed The Boston, Hartford and Erie Rail
road is encountered by mortgage for $40, 600 600,
known as the Berdel mortgage and after the com
mencement OF this foreclosure suit William T. Hart
George Talbot Oyphant and Charles b. CLARK were
appointed trustees of the said Berdell mortgage in
the place Of former trustees, who had resigned In
consequence Of the lease by the ferry company to
the Boston, Hartford and Erie the assignees In
bankruptcy, the receivers and the trustees OF the
Berde bonds were necessary parties TO
this foreclosure. and such assignees, receivers
and trustees interpOsed defences to the suit Trial
was commenced before Judge Joseph +. Barnard
without a jury, at Newburg on the 18th of January
1872, and was finally concluded on the
21st OF February, 1872, when Judgment Of
foreclosure and sale was granted, directing that
the 1886 preferred bonds held by Mr. and Mrs. Homer
Ramsdel be first paid out Of the proceeds of the
sale and that the balance OF the proceeds be
paid to the holders of the non preferred
bonds Of which Mark Healsy, Of Boston;
Boston, 100. The amount found due to the Rams
dels was s407 90 20; to Mark Healey s3S9639, and
to Joseph w. Clark $4,000 81. The sale of the
Hotel, in this city, the Sd day of May,
1872 under the direction OF Eugene A. Brewster
referee. portion of the bonds to be secured by
this mortgage were never issued by the company,
but the amount due at the date OF the decree upon
those that had been issued is about one million dol
lars. The decree is ninety-two folos in length.
At noon to-day the sale took place, at the Orange
Hotel. The attendance M citizens was quite large.
George H. Brown, President of the Duchess and
Columbia Railroad Company, the terminus Of whose
road is near Denning's Point. After the reading
property, &c, by the referee, Mr.. Fowler an
nounced that two suits were pending, in which 1t
was claimed on behalf of his client that a part OF
the patents for land under water were void These
Mr.. Robert g. Rankin announced that Sidney
Dillon claimed to own the pier built at
Dennings Point. The sale was then proceeded
by Homer Ramsdell in person. The assgnees in
bankruptcy appeared to be not represented at the
sale. The following bids were offered 500, 900,
$4,000, $4,000, 100000, $4,000. At the last
Homer Ramsdell, to whom also the two parcels
OF land under water reserved from the
sale in the first instance were s0ld for $1,000 II
is stated that the litigation in the matter is not
ended, but that an attempt will be made by the
signees in bankruptcy in the courts to dispute
Ramsdell's title to the Denning's Point property