The Morning herald., 1876-12-05
sa.s Of sAs w,,~s.sso. & Reading nosa

Sale Of tAs wt'@tseton & Heading hosd
Yesterday in Philadelphia at noon, at the
Philadelphia Exchange, NJ. Thomas 4
Son, auctioneers, the Wilmington & Read
ing Railroad was offered at public sale
The attendance upon the sale was one
extremely email and there was no spirit fol
bidding. There was only one bid, and that
was the one Of Mr.. Lewis VAIN Smith, and
1t was knocked down to him for the sum
of 100000. He is the attorney in this
transaction for Matthew Baird, Edward 8
Buckley, Lewis VAIN Smith, L. Dupont
and Charles Baker.
| The evening Telegraph gives the follow
ing concerning the sale:
Having been raised upon the block thrice,
and thrice saved from execution, the Will
mington and Reading Railroad was finally,
at noon to-day, knocked down to the high
est bidder fof 500, 900 in cash. The road
extends from point on the line of the Phil
adelphia and Reading Railroad at or near
Birdsboro, in Berks county, to the city OF
Wilmington, Delaware. The sale included
all rights, privileges, immunities, and fran
chises of the said road under any and all
grants from the State of Pennsylvania, but
excludes the franchises granted by he State
ments of the road, consisting cf all locomo-
tives, cars, and rolling stock; and also the
right of way and land occupied or used in
| connection with or for the construction,
| completion, and main enance of the road,
| together with all the bridges, culverts, side
| tracks, depots, depot grounds, stations,
machine shops, buildings, and other struc-
lures and improvements of every kind and
a. prin ton eyS nFaI Inr
| ed with said railroad, whether in this State
or in Delaware.
At noon. about fifty gentlemen, about
half OF whom were directly interested in the
| road, and some of whom in the Unenviable
position of second bondholders, now out in
| he cold, assembled at the Philadelphia Ex-
change to witness the sale. 1t was an
| nounced that this sale was under decree
Of the court, foreclosiDg the first mortgage
bond calling for 81, 100000. Since the de-
cree of foreclosure, the first mortgage bond
holders made pool for the purchase of the
road, and for this purpose appointed
committee Of FIVE, consisting OF Messrs
Lamotte DUPONT, of Wilmington; Charles
Barber, of Pottsyille; and Matthew Baird.
Edward S. Buckley, and L. W. Smith, of
this city.
hr Ellis, OF Thomas q Sons, with gravel
il hand :-"Gentiemen, you have heard the
DEGREES of the Court read, ard schedule Of
The property. No bid less than 800 900 in
cash will be received. What am offered
1000 ,0C0.
There was no response, and in the chro-
matte order o. hundreds of thousands Mr..
Ellis came down from 81, 600 900 to $780,.
900.
At this point Mr.. Smith offered the last
sum named, and after dwelling upon this
Did, and hopelessly persuading others to
raise it, it was knocked down to that gen
tleman, who represented the committee of
the first mortgage bondholders.
There is more than 100000 worth oil
iron in the road" was the quiet remark of
James S. Blddle, Esq, who represented the
trustees.
The cash necessary to make the bid efTec.
tive was produced in large tin box. and
the buyers complied with the terms Sin
signing the book"
The second mortgage was for s75O,0O0
and the holders are therefore with the
"outs."