The daily gazette., 1877-04-26
FIRST EDITION!
Sale of a Railroad.

me W, & W; r. r., Under the Hammer
adhe Road trcliosed by the First n,ort
gage obondhotders for s5oOO. ~
| .Atthree O'Clock yesterday afternoon
q large number of Interested 'nerssn q
assembled ia the Clayton House sales.
room, TO witness the sale, Of tho vii
miugton d Western Railroad by the
Trustees, Washington Jones, Thomas
Wood and George w, Bush. 4, W. ','''',7 ~
Edward G. Bradford, Jr., Solicitor
for the Trustees, open ed the sale bv
reading the, advertisement and the
Benz. Nlelds, Esq, attorney for The
Lobdell Car Wheel Company, ahnounc
ed that his clients had claims aeainst
the Railroad announcing TO 90, 900, and
| that BY the terms Of the mortgage of
the road these claims would be reserv-
ed frorh'tte PROCEEDS Or the sale. Heal-
lsfmade the same announcement in re-
spect to the following claims: Geo. G..
Lobdell, ~, ,0oO; Matthew Bard, S2,5O0
Ge". Springer 80. 900; VIM. H. Swift.
| Anthony Higgius, ESQ, attorney
for Andrew Crumlish, made a similar
announcement on behalf OF his client,
whose claim, he said amouated &26.
507 30, for work done dur1ng the con
struction of the road, N''Hi'' pi-l' +
Edward g., Bradford, Jr., ESQ, on
behalf OF the Trustees and the bond
holders, repudiated these cisims an d
Ixnnounced tuat after d long trial said
Claims had been rejected by tbs Court.
rherefore the purchaser of the road
would have absolute title, without in
lcumbrance. - 't'i" sfi - .Niq 'ilt'9f'
"Now gentlemen" said auctioneer
Stidham you have heard a dsscrip- =
tion of the road and the terms of sale,
what have I bids Have | S3cJ,0O0i
Have l $200, ,000i Have l $i00,0O0Y'1 :
He then gradually descended until
he came to $4,000, and still there were
30 bids Mr.. VIM. Candy then = opened
the bidding Mt $1,000 and excessively
offered $1,000, $500, $1,000 $500 and
$500. VIM. G. SErusnce, Esq., offered
$500: :as and u NJ. noo Candy promptly an,
/ Then followed apause during which
Mr.. Bradford stated that the sale
would be positive. a..
| Again the auctioneer cried for bids.
He glanced inquiringly at Mr.. Spru-
ance but that gentleman positively
shook his head. He took q final look
around the room and seeing no respon
sive glance he knocked down the Will
mingtoA & Western Railroad to VIM.
Candy, for the first mortgage bond
holders for the sum of $4,000.
SHORT SKETCH OF THE ROAD.
The Wilmington s. Western Rail-
road runs from this city to Landen-
burg Pa, distance of about nineteen
miles. 1t was built principally by sub
scriptions received in Wilmington and
the adjoining Hundreds of Christiana
and Mill Creek, through which it runs
IL was opened fol iravelSon Oct. 18th,
1S72,and it was at first exp .cted to be a
paying concern. But the panic and the
hard times were too much, and after
. struggling existence of four years
fQreclosureand sale were the result. .
The purchasers represent first mort
gage bonds to the amount of about
$500, ,0C 0. The stock holders. represent
ing $3.50, coo, apdrfioating debts to the
amount OF nearly 500, 900, are "cut
outr by this sale.a Maay persons sus-
tanned serious losses by investing in
road, one ofthem bsing the originator
and former President, ]. It. Head,
whose loss will probably closely ap-
proxinate 500, 200. -e