Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1880-05-29

ouuslHuclS VI tne Tcctht Sale, cr supposed sale,
Of tho MiLla1d read ard tlr,ws light uron
matters which bavo Excited interest 10 this com.
muni!y ina throughout the whola State:
Graham
w. G. Y. NJ. & G. S. r. Il. Go.
Report Of Commissioner Jchn S. BarJow.
The Hon. James Keith, Judge Of The CIR
cult Court Of Alexandria CITY: by decree req.
| dered in this cause On tho Is II of February.
1880. your commissioner was directed TO sell at
public auction the rights. properly and frah-
chises Of the W. G. Y. NJ. 4 u. s. II. Il. Co.,
| 10 the manner and on The terms So, fcay set
| forth therein.
10 obedience to tho said decrcee such sale
was advertised 10 tukc place on the IS h DAY Of
May. 1850. ct - OF ock H., 10 lhg city tt Al.
| cxaDdlls.
at leo = q. ok 90 that day, writ Of super.
| scdCas from the Court OF Appeals. GU the pcii
| ton Ct i. Il. Gilbert. was served 90 your CON
| miSsiO0er, suO(rjcGng so much Of said decree
| as ordered said sale.
At tie lrs'auco Ct tho counsel CT tho tus-
tees tthe associated boadhcldcrs and creditors,
| the stlo was postponed by proclamation from
t@civ2 o'clock Il to icu1 o OK n. ~, Of The
| samo dry. said cours,l coupling bis re.
,ron that io vas a:saret i'' By 10 !cs arx
that Eottri Garrett, ESQ then in New Ycrk,
one OF tho trustees OF the associated bondhoIdcrs
ADD creditors, had purchased frnm the appel.
apt, who was ciiiz q of New York, all oil the
bonds Of the said railroad company aud its tiv
sioIs tcld by hrl and which were the bssiq of
bis appeal md petioo in this cause, AID that
evidence CT that lsci would DO produced before
the hour to which The sale wal postponed TO-
gCtEcr with a. C,dcr fer dismissal of said 40.
peal.
| AZ tirco o'clock telegram from H,ba,t
| Garrett, en- was received, dated at s O'Clock
that marnies ia tho City o! New York, ad-
GIc2so! TO your commissioner in his ctfic,al
| capacity, 10 when no aUn9ui c i hat lie bad
purchased al! CT TIC bands ui tho anpsiart,
| expressed tho h0pc that Eo:hiuS would prevent
the silo hGt day AID asserted that the sale was
postponed Il wCa!d provo immensely iisadvaa.
;G2C0us 10 GliLtc:cslS Concerned. y tow ruiautCs
ait1r the reception OF this telegram your c)n, .
missioner received from VIM. L. Ffick, clq.,
counsel Tor Robert Garrett, written and formal
notification that Mr.. Garrett, Lis client, YVES
| then The Gwrrr IF tho bones there ,inrc held
by the appellant, that tho appeal would b, dis
missed. and iha. Mr.. Garrett desired sud ssc
should rr, c2cd acaolauH 70 Tic d(c:oo q your
! honour court.
At tho same time your Commissioner WIS ia.
formed by Robert Il, BiMsiu, esq. the chni.-
man OF tho trustees Ct tho associated bou6holl-
Crs aud creditors, that no wss Cd the srcund
ready to make lid for tic railroad, it, pror or.
ties aud tIau chisls aud that no and his as
| sociatcs then represented anG hold under their
| control mud management in tho Safe Deposit
20. Of Baltimore" 1854 33j. Is OF tho p,inci.
pal Of tho bonds CT tho said company aud divl
Slons, cut OF total principal OF funded indebt
ed1css OF IS, i5I POS go. and further that ho aud
his associates hold tho written consent, to the
terms Ct association, Of tho holders ci O large
additional amount of said bonds, who irom
lnedvcrthnoo or other csuso had not then plGcsd
them with said safe Deposit Co." sutjtc. IL
the control OF said trustees. Uudar these cir
c1msencos it appeared to your Commissioner
that inc ownership Of the boGds # the srpel
LIANT, which were the basis OF the petition undcr
which ho became party to Ibis cult, ard of bis
appeal therein, had charged by sale ma o by
tho said appellant TO said Robert Garrett; th 1t
tho said purchaser would dismiss tho appeal
and withdraw the supersedeaS, and desired that
tho sale should therefore PIT coed.
1t iurtncc appeared that the withdrawal OF
the otilc:lon 10 tho sale 90 Tho part Of tho nev
holder oil the lolds CT the appellant, left s. !ar
"a kroHD 10 party ii,hcr 10 the r. ,rd or in
| interest Who was opposing such saln, tut on the
contrary vast Interests were askiog that the sails
be nsde on !ho ground Of the disastrous losses
that would c1sua from delay.
Your commissioner farther perceived that
any delay Id suoh talc might tcud 20 the pcs.i
bic disruption OF the association OF boDdhodcrs
and creditors, which had been formed with q
view OF purchasing said read ard reoIgapiziup
said company according 10 Irl0ciples deemed
Just and equitable, and under which tho inter
| csts OF cVLry creditor, however remote his lien
or small his debt, wlra Cu!y respected, uud
by which even tho stock holders were not loft
without Interest 10 Tie future dOvcIopmsut Of
the roid. This lc',cmo ives based upon the
suppCsiii1n that tho sale and reorganization
would be completed bdjrc tho lst Of January,
1881. It's tx s ctce thcrtl fore Was greatly in
pellled by postponement Tho deterioration
OF this organization would not orly havo re-
moved the most active bidder for the road, but
would haVo been ki2hly iLiuti3us to tho great
Interests Of the large pua!bcr Q! creditors whose
welfare W. s oHuud up 10 It's maintenance.
1t may MT be iuproIcr in tits connco.ioo TO
advert to The tic: 50 wi; kscwo 10 financial
circles that the tri:i5al formation CT this atso
citation Q! Crcdito7s had The effect within fcg
| CGIlCClUE
market va':a Of The different classes Of the
bond5 Of Tho said Railroad cpupaoy and its
divisions 10 Ell amount vaiicusy estimated from
ttfco to five mi!licJs .! dollars, spd that it Is
po'9 asserted by tto'c largely Interested as
creditors that tho peril in which said orgapi.
zs;lon /, placed hy the delay iocd mt to said
appeal has already csusei decline 10 the value
CT said securities 10 The cz.ent OF nearly hall a
| rnili5n OF dollars
In view OF tho dclicacy and magnitude of the
Interests lavClvtd, your commissioner did not
deem 1t his duty TO wait for more formal proof
OF tho change oil oHnershio OF said bonds and
the dismissal OF the appeal. and beiug advised
by his counsel, Elofsls. Coghil. Greer, Back
ford add kcnt 4 NeaIc, that his Offering The
property fer sac uodar srci Circumstances
could II 30 respect be deemed disobeti,rc,
OF tho mandate CT tho wit Of supoIscdcas, or
contempt OF the high authority where, it pro-
cccdcd, he did ct tho hour to Which seid sale was
| adjourned offer tho saii property of pnblir