The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-30

COMMISSIONERS ALEAT AUCTIo-

Building.
COMMISSIONERS LEAT AUCTION
CHESAPEAKE AND OHIO RAILROAD.
Pursuant TO a decree OF the Circuit Court of the
city Of Richmond Va On the zS.n Gay b on
sn The suit Of and Calhoun
trustees, o. The Chesapeake and Ohio Raiiroaa
Company and others. ana 10 decree OF the Gseu NJ
Court OF the county, of Kanawha. In the state OF
west virginia. entered on the 18th day Of Deem"
Der, 1871, in the suit of Duncan and Calhoun, trs-
e Tf ependns
signed, special commissioner appointed by saia
decrecs win sell ct public auction 70 me nlsrest
No. 11O4 Main street, In The city Of Rtchmond az
the hour of ~ NJ; on the 2p DAY 0E APRH u,
C tfh S. Pc AND. OHIO RAILROAD Conf
PANY, extending and now In operation from m
point the James river below Ric9REnq rr IN ,9 nc
the State Of West Virginia. together with all Its
FRANCHISES, RIGHTS and PRIyILESG 1IS S, In
BRANCHES, BRIDGES, aud all other rights and
privileges wasoeyer to the said s9mgany be6lSng
p N t sTock MATERiHis and other PRoPER
TY, real and personal, more particular descrlptlon
whereof Is contained in the inventory ana reports
which will be open for inspection by pers ons pro-
posing to bid, at the office Of the Receiver IN me
city Of asfSat VA for s ama n
g Enia' the PREMISES embraced in the mort
gage to the Board Of Public Works e OF vir
Company, bearing date on the !st day of April,
1850, including the rights, privileges. and iran
t the premises, rights privileges and franchises in
cInded and conveyed i, and bv,he trqst-deed to IL
| W. Fry, William Fl. mcfarland, and James Lyons,
| rod hy
pany bearing date on the I'd day of june 1854 oil
and singular the premises rights, privileges, and
trust-deed to John B. Young and Robert Z. Howl,
son, executed by said Virginia Contra. railroad
ssg al O snd sng" e the he premises H rights and
privileges, and franchises nclnded and conveyed In
and by the trus,-dee1 to Phio c. CALHOUN, William
Maury by the Chesapeake and Ohio Railroad Com
pany, bearing date OH the LIST day Of October, 1868
francbises included and Conveyed in and BY the
trnst-deed executed by said Chesapeake ana ONO
Railroad Company TO Philo G. Calhoun tna and I'd, Will Viii
ises rights privileges, and franchises included and
conveyed IN and By the trust deed executed by said
Chesapeake and Ohio Railroad Company TO the said
Philo G. Calhoun and William T. Kitchen bearing
All which win be sold as an entirety free and dis
charged of and from The liens and membranes OF
The said several mortgages and ueeGs o. trust ana Oh
and from each and every one Of said deeds Of trst
or mortgages, :- Zee and discharged Of and from
all and Singular the liens of every kind and dcscrp-
ton in said DEGREES found and reclted except Inc
liens for thcrca referred to- IL any such liens
shall be established, and the lien for the certificates
Of indebtedness of the receiver for the payment Of
the arrears of taxes due to the State of Virginia. IL
any of the said certificates shall remain unpaid at
the time OF sale.
THE TERMS OF SALE WILL DE AS FOLLOWS:
The purchaser shall pay on the day of sale. or
ninety days as the undersigned may designate the
day OF sale, the sum Of two hundred thousand dol
S n The Meantime T Have pped ont
any earnings of the road after the day OF sale to the
due and on e m IS OF S
other purposes as the came may have been properly
applied under the orders Of the Court and any sums
which at the expiration Of the said ninety days he
may have in hand after paying The expenses OF OPP
GRAZING the road, shall be deducted from the amount
so required to be paid III cash.
For so much of tie purchase money as shall be
equal to the balance Of Che interest due and accrued
on the obligations of the Virginia Central Railroad
Company ut the date Of the trust-deed hereinafter
mentioned as directed to be made for the security
thereof, and as may be than unpaid and unproyided
as possible and made known 1t day of sale), credit
Is to be allowed of three years from day OF sale In
equal annual instruments, with interest hcreon ut
the rate OF SIX per centun per annum, payable
semi-annuay.
seven thousand five hundred and sevinty-eight dol
lars and ninety cents (S4S7,57S.90) Representing
the principal sum due under the trust, to Young
and HowiSon, and also the principal of the several
graph OF said decrees), and also for any additional
Claims in said eighth paragraph mentioned tihG
: amounts whereof will be ascer.uncd rs, near:
; saalci. a credit is to be allowed of five years
from date of sale, with interest at the rate of eight
nt the sum Of s46o,5oo, The part thereof which
reprcsen the principal of the eight per cent bonds
9 enc ng nnoG i rssidc OF sa,d nrrcjpa
nj tho rate Of six per ccntuI per nnnuin, pay
For tho further sum of one million eighteen thou.
sand dollars Isl O12,00O). representing the prncl-
pal outstanding under the trust-dccd or mortgage
mortgage to the Board of Public Works of Virginia
Il credit is to be allowed from the date OF sale unit
the 1st Gay Of July, 1887, with Interest at the rate
OF SIN per centum per ahnum, payable seml,an-
nually. Payment of the said several sums for which
credit above stated IS to be allowed and the inter
est thereon. and of the bonds which may be issued
as hereinafter mentioned is to be secured by trust
deed, executed to the salts fact ion Of the Court, on
all and singular the premises sold constituting a
first lien thereon. to be executed and delivered to
trustee or trustees to be appointed by the Court 81
simultaneously with the delivery Of the conveyance
of the premises to the purchaser
The said trust decd shall by Its terms maintain and
preserve all existing prorilies Of lien rs between
The different classes Of bonds Of the said Virginia
Central Railroad Company. Appropriate and con-
venicnt obligations representing The several sums In
shall be created issued, and delivered TO the several
creditors entitled to receive the same; and In case
of any disagrcemeuts as 10 the form and tenor there
Of the same shall be settled and prescribed by the
courts, application. To enable the purchaser or
purchasers his or their representatives or aSS2nS
If lie or they shall desire to do So to anticipate the
payment of the said several sums IN respect of which
credit is to be allowed. Aforesaid and TO provide
for the reimbursement OF sums paid in respect OF the
indeb encss Of the Virginia Central Railroad COM
pany, The several specific liens and the expenses OF
the cause, he or they may create and issue, from
time 10 time under the said deed OF trust and TO be
secured by the lien thereof, when and 10 the extent
that the same shall be endorsed with the certificate
of the trustee in said deed 10 that effect bonds to
such an amount not exceeding In tile aggregate the
aggregate amount OF The existing incebte dness OF
tile Virginia Central Railroad Company, and the
amount of such specific liens and expenses with in
teres accrued and to thereon and the amount
which has been aScertained to be due to and decrecd
In favor of the State of Virginia for OF taxes
and of such denominations and tenor rs said pur-
chaser his representatives or assigns may deter
The said bonds are TO be endorsed by tie trustee
when requested, to tho effect thai they secured
by the lien thereof TO the extent and amount that
Virginia Central Railroad Company, or of the said
specific liens and expenses or arrears of taxes shall
have been previously paiG off, Or upon the receipt
by him Of the par value thereof with accrued inter-
est or upon the surrender to him of an equivalent
amount in the obligations required TO be given by the
purchaser 10 the several creditors OF the Virginia
Central Railroad Company for that part OF the pur-
chase-money for which credit is to he allowed.
The net revenues ana earnings OF the property
accrung between the date Of sale and the convey
ance OF possession to the purchaser purchasers,
his their representatives or assigns, that may
not he otherwise disposed of in pursuance OF
the orders Of the Court. will be appropriated and
applied under direction of the Court by the
Receiver for the benefit Of the purchaser or pur-
chaserS, bis or their representatives or assigns, and
in the first place towards the payment and discharge
of that part of the purchaSe-money applicable TO
the payment and salts facton OF the past-lue iu-
tercSt the bonds OF the Virginia Central Railroad
Company. or towards the payment of any install
ments of interest that may become due anu payable
between the date Of sale and the transfer and con-