Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1879-02-26

port, for the nominal sum of $500
When the parties holding the notes
sold the stock collaterals, trifing sum
was realized, by reason OF the lease,
and when the purchasers OF the stocks
attempted to take possession Of the
road, the lessee refused TO surrender
claiming that the company had leased
the railway to him. The validity Of
the lease will be tested in Court by the
parties who were compelled to pur-
chase the stock.
A few months prior to Herdic's fail
ure, il is alleged be sold large amount
Of property to various parties taking
from them a mortgage and recording
it. The deed was not delivered OF
Placed on record. When the property
was sold at Sheritf's or Marshal's sale
the parties purchasing got it for q
nominal figure. After the execution
Of the deed by the Sheriff or Marshal,
these mortgages were satisfied by Her
die, in substance as follows:
Whereas, the deed Of the within de.
scribed property was never delivered
by me to the purchaser, and, whereas,
no consideration ever having been paid,
and, whereas, the same has been sold
at Marshal's sale, l hereby satisfy the
within mortgage.
1t is said there is scarcely a build
ing erected in Williamsport by Peter
Herdic, which was not mortgaged for
double its cost, and the paper negoti-
ated few months prior TO the pro-
ceedings in bankruptcy, with the avow
ed purpose, as is alleged, of disposing
of his property, in order to prevent a
fair and equal adjustment Of his estate
among his creditors. His paper is
scattered all over the East from Maine
to Baltimore, the gentleman from
whom this information is derived be.
ing creditor TO the extent of SIC, 900,
while his father, once a prominent
owner Of boom stock, lost his interest
in the concern through the "shrewd-
ness and sagacity" OF Hordic. His
worthless stocks are said TO be scat
tered wherever he sent bis notes.
Atthetime OF bis departure there were
suits pending against him in Lancaster
and Centre counties, and there were ru.
mors ahoat that indictments bad been
returned by the Grand Jury, at Elmira,
N. Y. He was arrested on u bench
warrantissned by the Lancaster county
Court, tor false pretenses, and indict-
ment having been found against him
on the oath OF Col. Shoat, banker, who
accused him of obtaining money by
fraudulent representations. He gave
bail for his appearance, and the trial
was TO commence this month Next
he was arrested on similar charges
preferred by VIM. f. Reynolds, banker,
Of Bellefonte, Centre cour ty, and he
possible entered bail at WiIiamsport
for his appearance in Centre county.
1t is charged that the indictments ut
Elmira were founded on the oath OF
John Arnot, of the Chemnng Canal
Bank, and there was a rumor in Will.
iamsport that application for a requisi
ton for HE removal to New York
State at the time OF his disappearance
was pending. 1t is believed therefore
that the fear of being taken outside Of
the State, without means Of obtaining
bail, led Herdic to surreptitiousIy leave
his native hearth fortnight since.
Perhaps the additional fact that o
horde Of creditors waiting the result
of the suits pending TO bounce on him
further influenced him to decamp. 1t
is believed that he has considerable
money with him, for the reason that
few days prior " the 3Oth of August,
the day on which bis petition was
filed, he obtained in Philadelphia tho
sum Of $4,000. His family in Will
Transport appear to have been comfort.
able provided for. The rate of inter.
est has been decreased in Williams
port since the failure Of Herdic, and
the people confidently expect speedy
return to prosperity, now that the
trade will be allowed 10 60 on legiti-
mntely.