New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-04-25
SCENES In ME sALESROOM.


SCENES AT THE SALESROOM.
GREAT INTEREST SHOWN IN TIE aATTER-CoNDi-
TONS OF TIRE sALE-MoRTGAGEs AND SEIZED
ULFs-AN UNAvALING PRoTfsT-WHAT THE
LAWYERS SAY.
The sale of the Erie Railway yesterday, NJ
the Merchants Exchange salcsroom was largely at
tended. Among those present were EDWIN d. MoIeah'
George Ticlnor Curtis, f. b. Wallace +. W. Loew VIII
liam Patterson of Newark, Herbert B. Turner, attorney
for the Farmers Loan and Trust Company,
Cortlandt Parker, OF New-Jersey, David A. WelS'
C. l. Frost, J. L. Wech William \. Beach,
ex-Judge Emott, ex-Judge COmstOcb, w. W. MacFar-
land william A. Fullerton, j. d. Ayres, Secretary OF the
Reconstruction Committee; r. g. Rolston, President
of the Farmers Loan and Trust Company; Samuel
Sloan, President Of the Delaware, Lackawanna and
Western Railroad A. r. Marlborough. Secretary OF
the Erie Railroad; Francis Platt representing
Mr. McIIenry, and others. at precisely II
o'clock Bernard smyth, auctionecr, began read
ing the order of foreclosure. The terms OF
sale were announced; the property to be sold
consisting OF the railway of the Erie Railway Com
pany from and including Piermont. on the Hudson
River, and including the final terminus OF the railway
on Lake Erie and the railway known as the Newbnrg
branch, from Newburg to the main line, and also the
Buffalo branch OF the Erie Railway, extending from
HorneIlsvle to Attca and all other railways belonging
10 the Erie Railway Company in the States OF
New York, Pennsylvania and New-Jersey, or any
OF them, together with all tho lands tracks hnes
rails bridges, ways, buildings, piers, wharyes struc
lures ercctions fences walls fixtures franchises priv
eges and rights Of the said company and also all the
locomotives engines tenders cars carriages, tools,
machinery manufactured or manufactured materials
COAL wood and supplies Of every kind belonging 10 the
company, and all the tolls income. issues and profits
arising Of the property and all rights to receive OF
recover the same; also all the estate, right,
title and interest, terms and remainder of
fan isas urivi
whatsoever name or nature in law equity conveyed
or assigned unto the NewYOrk and Erie Railroad Com
pany or unto the Erie Railway Company by the Union
Railroad Company, by the Buffalo, New-York and Erie
Railroad Company by the Buffalo. Bradford ana Pts-
burg Railroad Company, by the Rochester and Genesee
Valley Railroad Company, and by the Long DOCK Com
pany embracing and including all the chooses in action
stocks bonds book accounts bills receivable and other
evidences Indebtedness leasehod estates, contracts
and other property mentioned and described in the lists
and schedules and contained III the receivers
the real and personal property Of the Erie Railway Com
pany not consumed disposed of by the receiver in the
discharge his duty prior TO the ale and including all
property of every kind aud description acquired by the
receiver during his reeevershp with the proceeds OF
the rents profits and issues of the mogaged premises
since the making of said inventory and not embraced
therein excepting certain portions thereof described in
the inventory"
1t was further announced that the sale would be made
subject to five mortgages, executed by the Newfork
and Erie Railroad Company and subject to the mortgage
executed by the Erie Railway Company to the Farmers
Loan and Trust Company. on September 1, 1870 and
known as the first consolidated mortgage and 6 per
cent sterling bonds. The five mortgages referred to and
10 be assumed by the purchasers, are as follows:
mortgage to secure bonds 10 Of 24s90O0 Of
principal with interest thereon from the let day OF Novem
mortgage secure bonds to tho amount OF 50 600 Of
{s7RssDa with interest thereon from Inc i'' u1 1'"
mortgage 10 secure bonds to the amount $4,000
Y B7s with interest nS'son l'm s -' Y %
principal with interest thereon from the LIST Gay OF oc'Ooe
mortgage to bonds the amount Of $7o900 OF
St tT igs7. Win interest," ''''OH l'O- '"' ' '
To this must be added the Indebtedness of the re-
cever all executory contracts made by the receiver
under the authority OF the court 1t was further an
nounced that purchasers would take their title pursuant
10 such Judgment and decree, and under the auxiliary
judgments DEGREES of the Court Of Chancery OF the
State of New-Jersey, and the Court OF Common Pleas
for the County of Pike in the State OF Pennsylvania
and subject 10 the Judgments OF the Elmira Iron and
tine Cbemung County Railroad Company for S42S16 3D.
Notice was also read from George Lear, Attorney
General Pennsylvania, requiring purchasers 10 uIe
Statements, as required by the laws OF that state
FRANCIS PLATT's DEMAND AND PROTEST.
Francis Patt demanded an inventory of the property
TO be sold be informed where 1t could be obtained
George TcknOr Curtis, tie referee said that by the
terms OF the order Court ordering the SALE he was
directed to prepare for inspection inventory of the
property OF the Erie Railway Company, which was
ready in eighteen volumes, and could be inspected by all
There is a schedule of executOry contracts Of the
Erie Railway Company included IN tbs sale Two OILY
the Atlantic aud Great Western Railway aud john
swn61rne ana Gt1e Gd Great Weste RAILWAY and the
Erie Railway Company; There ds also scheuuie %, oi
Erie Railway Company, and now in possession OF the re-
ceiver There Is also schedule of leasehold estate;
NewYork of which is TO be excepted what purpOrts
to be lease dated May g. 1874 made by me Atantc
and Great Western Railroad Company to the Ere Hall
way Company There is no admission made IN TINS deed
Of Its VALIDITY hner Of re asO btW We me ETC RAILWAY
Company and l.. c. Woodland OF the Genesee valley
contains schedule bonds and coupons belonging TO
the estate OF the Erie Railway Company and
IS schedule OF executory contracts OF the receiver to
which purchasers VIII acquire title and they must as
item of Indebtedness on the property 10 DC sou subject
t;fcates issued in the discharge of his duties This
amount may be subjected TO some GeGaCHon nor Ia
inc inc uey When will inure to the benefit OF
purchaseTs-whO must assume the burden oil TINS IN
debtedness and give the receiver full discharge there
Mr. Patt said that stakeholder OF the Erie Rail
way Company he felt compelled to enter protest
against the proposed sale. lie claimed that 1t was
impossible for any bidder to make , sanf nrc
sented and be fully informed of The vast property Of
of the Reconstruction Committee had been permitted TO
examine the schedules, and Outsiders were thus pre-
vented S ron Sso tn ST e and
offered $5 600 600 for the entire properly MI Platt
promptly made bid OF So, 100000 Mr. Morgan offered
IL 00O 600 and no other hid being made, the
sUstioncer. after five minutes delay, Knocked down
the nroperty for SG,OOOO00 The purchasers were
onnonnced as E ID. Morgan. J..LOwber Welsh. and
David A Wells trustees Of the bOndholders, and sup
porters of the reconstruction scheme, $4,000.
Mr. Morgan gave his individual check for 100000 on
the National Bank of Commerce. being IL per cent OF
The accepted bid The residue OF the purchase money
is required to paid to the referee at The once OF the
Farmers Loan and Trust Company, on June 1, when
The deeds will be ready for delivery but the purchasers
will have tile right demand and receive the deed or
deeds at an earlier date complying with the terms
Of sale. 49,. -
The auctoneer received for his services $500 and COM
missions making total OF 81 900.