Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1884-02-07
The Last Step in the Sale of the Cleve,
land, ,Tuscarawas Valley &Wheeing.

United States Marshal Goodspeed and
two of his deputies took bonds OF the face
value of S4, 10000 from the vaults of
the Merchants National and the Com
mercial banks yesterday afternoon, and
conveyed them in hack to the office of
A. J. Kicks, clerk of the United States
District Court, in the government build
ing in the Public Square. They were the
bonds of the Cleveland, Tuscarawas Val
ley & Wheeling Railroad Company. More
than year ago the railroad company
mOrtgaged each of the three divisions of
its road to the Union Trust Company of
New York, who acted as trustee of the
bondhOlders. Last year these mortgages
were foreclosed in a suit brought for that
purpose by the Union Trust Company
against the railroad, in the United States
Circuit Court.
THE FORECLOSURE OF THE MORTGAGES
necessitated the sale of the railroad, and
it was disposed of by Special Master Com
missioner Goodspeed to E. B. Perkins.
who represented all the stockholders, for
S3,252, ,5O1. Mr.. Perkins paid this sum in
the bond of the company, all of which
were turned over to the commissioner.
This occurred last year, but the case hung
on in the courts until this week, when
the entire transaction was finally settled.
The bonds were taken to the office of
Clerk Kicks for him to cancel. The 50,
252, sol for which the road was Bought by
Mr.. Perkins, was paid out of the entire
stock of the company held by members
whom he represented. This sum is less
than the face value of the bonds, and
consequently they had to be cancelled to
that amount instead of being destroyed.
Owing to the fact that there are three di-
visions of the railroad and a different
mortgage on each division, the cancella-
tiOn was irregular. When Clerk Kicks
has accomplished this wo'k, the bonds
will be returned to Mr.. Perkins.
The report of Special Master Commits
sioner Goodspeed, presented to Clerk of
the Circuit Court Kicks, on turning over
the bonds for cancellation gives the trans
action in detail, and is substantially as
follows. In pursuance of the orders and
DEGREES entered in the case of the Union
Trust Company of New York, against
the Cleveland, Tuscarawas Valley Il
Wheeling Railroad Company, the diStri-
button of the proceeds of
THE SALE OF THE PROPERTY
is as follows: Total proceeds of the sale,
So, 252, sol. Divided pro rata among the
several divisions of said railroad, as fol-
lows: Elyria & Black River Railroad,
SOL, $50 66; Lake Shore Il TuscarawaS
Valley Railroad, 81 $50, ,2S5 IS: Cleveland,
Tuscarawas Valley 81 Wheeling Railroad,
S727,S65 16. The proceeds of the sale of
the Elyria & Black River Railroad are
S671, $50 66, which has been applied as
follows: $4,000 of the bonds of said
railroad. $162, 900; past due coupons. $780,
$50; interest on the same from dates of
maturity to February Il, 1888, 81, 1876 65;
pro rata share of note to Robert l.. Cham
berlain, S46,567 81; total, S266. .443 96.
This leaves balance to apply ON the
bonds of the Cleveland. Tuscarawas Val
lev & Wheeling Railroad of S404, ,906 20;
to which add the proceeds of the last
named railroad, making the sum S721,
S65 16 This leaves the amount of ST.
1872, III So to be applied to the payment
of; past due coupons, S504, ,507 so; interest
on the same from the dates of maturity
to February II. 1888, SO, ,696 ~: pro rata
shares of the note to Robert l.. Chamber
lain, $50,4S5 80. Balance applied on
5, 49,, 900 of said bonds. or S365 % on
each $1,000, S50l.0S1 81, leaving the
amount of 81, ,s71 Sc to be applied,
Proceeds of the sale of the Lake Shore
Il Tuscarawas Valley Railroad, S1,S53.-
2S5 Is, which has been applied to the
payment of past due coupons, $5SO,31O;
interest on the same from date of maturi-
ty to February II, 1888, SS0,196 Sc; pro
rata share of note to II. l.. Chamberlain,
Sl2S.549 %; balance applied on S1,9IO,OOO
of said bonds, or S540 10 on each $1,000.
81 ,064, IA 30.
The following was applied on bonds,
coupons, or from proceeds of the different
branches of the road; Z yia Il Black
River Railroad, $266, 443 SO; Cleveland,
TuScarawas Valley x Wheeling Railroad,
81, 1872 III Sc; and Lake Shore & Tusca
rawas Valley Railroad, Sl,S5S.2S5 1S.-
Cleveland Leader.