New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-25
BOUGHT BY BONDHOLDERS
THE W ST SHORE SOLD FOR 500 DOC. 900.
ONLY ONE BID FOR THE RoAD-THE BALTIMORE
AND OHIO NOr RnPREsMNIED

of the Ncg-York West Shore aud Buffalo Railroad
which was brought about by the foreciosnr" OF t"e
900 mortgage held against the property u! Vo
Tn c SIales Trust Company, took lace at noon o u
An the Court House In this city The building was mica
by LAWYERS and others interested in the sale ahn by spec
,e,r win ,vanted To witness the biggest auction sale Of
properly that has ever taken place in Crane county
Among those VINO either 70 or waRed MP the steep
hills through the and slush were D. fierpohI NUT
gan, Clauncey NJ. ID, pew, judge Ashpel Dieeh' re-
celyer OF the North River Construction company u L.
Sterling representing the Corporation Counsel OF New
York City; H. II. Anderson. in the iuere OF tho van
derput system of roads, Judge Horace Russell, Nesi
Shores receiver; F. b. McLeunOn chief Counsel OF the
West shore; William a. W. Stewart, counsel TOT 'He
psintin III the action the Uui.ed STA rs Trust Company
john Is. Kerr. b. f. Dunulne IN the laterest o'
New-York Ontario and Western Railroad; Howard
Mansfield. simon Slerue representing tue hoierS vi '
receivers certificates; j. r. orr president OF the SSra
elise Ontario and New York Railroad and host OF law
yers rrrseuIIng every klnd of claim AGAINST tae We
Shore Company. TIE one cement missing "'' ''o "
tIuofe an OHIO, which,tt was rum"reu yes'ci ''o ~
ne ON the scene TO contend with the Newiork tehira
for the purchase of the bankrupt road In consequence
OF the interest that ali along naS un 'ouo'S
intended to capture the line han nnobstrnc'e Sadns
AT noon ex-May Cassidy mounted the Judges "eheu
I'D lzted eye glasses castings glnceat
Morgau Judge Green, Lawyer Anderson anu freSiue"'
Depew who sa. together. began reId tHe long and
SELL or course it Included tue road aud all It's "ia'cne'
aud ,s of way tenemcns. rights OF tracKa-e cOh-
tracts for trackase easements turnont bridges iehco
vaducs alton houses machine shops aud all olncr
fixtures every kind aud nature whatsoever also JANUS
under water rights letters patent grants OF lau'
licenses permits, privileges, aud tue rolling stock 80
aides these 1t included all rghts the defendant nau
under its agreements the various connecting hheS
and tue 2360l shares Of the capital STOCK oi the "es'
Shore and Ontario Terminal Company, and all tho right
title aud interest the $4,000 tue superintendent oi
Pnbic Works NexYork State has under his control rs
security for faith performance ny the West ohorc
Company OF the terms and conditions OF certain permits
granted by the State for the construction o the r"au
across and along the Canals III tue upper part Vi tue
State Then Referee Cassidy reiterated inc orucr vi
judge Brown bid for the property Tor less tnhh
SD 900 900 would be enter aimed ami that II such d
Was not made the property would he withurawn ron
sale and adjournment taken He SAID that @|oo'ooo
of the purchase money To be paid at tue
sale ami idue must be forthcoming oh or Oci"rc
December Is at IL o'clock a. ut Tue oGce OF tao
Union Trust Company in New-iOrk providing Oh couse
the sale shall then have confirmed by tue court lie
stipulated that the mortgaged property woud DC SOFA
subject TO all existing liens for purchase money anu "a ali
unpad taxes thereon said the referee would insert
I'm the re clause requiring such taxes 10 be nquludeu
by the purchasers
The thirteenth of the terms, which is looked upon
rs all in portant nditiou reads follows: The mort
Gagged property will be sold subject To the claim OF
U,cs Russell aud Theodore Houston, receivers, that
they are entitled ~ greaer-they claim S75OOOU com
pensatun the Of $4,000 " eacu oil thei neo
tofore allowed and subject " the hna ordor oi
the court subject anu tue amount 10 WHEN lhey
or either Of them shall nuay adueed 10 be allowed
IL any, in excess of the OF $4,000 to each oi them
heretofore allowed is and snail be hen IN favor OF the
said Horace Russell and Theodore Houston" Aside
from some notices" that were served upon the
referee prior the sale by nd idual claimants there
were obtructOIs laid in the pathway OF MI CASSIDY
One of the notices came from Edward r. "insiOw.
president OF the NewYOrk Ontario and Western Rail
road which company has claim for over half million
anst the West Shore under modified agreement that
had beeu entered into by both parties Ano her " no
tice came Frank l.. Bean, an Ice dealer near
Albany, who asserted that lie brought suit anu mad Ot
a Judgment .or SIT 900 against tue jersey city ana
Albany Railroad, which consolidated with tho west
Shore aud which had failed TO transport his leo a.
agreed Referee Cassidy omnded his hearers that these
Interesting documents were no part VI Ills terms o SAFE
and t1at he ONLY read them post tue proposed pur
chasers OF the road upon what they were ABOUT no
When the referee had told the lawyers anu mlonarrS
this that they might not buy pig III bag up Jumped
Receiver W. b. Williams, OF the New OK ana ontario
taces back the top OF his mead read his notice IN
matter of fact way Tue Youngest lawyer III Lne oot
room L. T. W. McCroskery, then brushed Ills slueOOarus
hack aud addressing TIE referee read notice rom
his client the Long Valley Coal COMPANY, Wion nd9
wanted the purchasers To know eAlsted ahu snou oo
held against them until it Was settled TX Assembly
cIty then ave notice that when West suore Com
bound themselves In $4,000 with good surctics
grade and the streets TO their former sbe ana
Iruckable condition. but THAI despite equeh, at9n Ps
to get do 1t the citJ has at last been cOpeu W
suetes and force them to luin thcir contao,
As soon told the prospective buyers oil tue rOd
what they might expect up 0umed a li'tr "u "a
full voice and light hair and said that the West shore
through 800 feet OF land in the 70" OF
Ulster County, that 1t did not own AT All inat wilma ~
proeeeqs We're Mere H1s o What they we're
ala with he r4llTD
few more notices OF II similar character read
and laid upon the Judges bench referee then in
froduced the man who anXiOusy looked Tor, Joan
CorwIn The auctiOneer faced tie money hlhg5 before
him Without a qulyer He stroked his chm whskers
rubbed his hand his bald head turned slightly Grim
son and then said: Well gentlemen, We re here i'r
business. lin glad TO gee so many nhOnaircs hriore
me- Remember gentlemen, that 1t taxes @ZOOOoVo ~
least To occupy this property. Alderman VI ms
burg aud the cOrOnerelect but u holding no Inquest
here to-day, you must understand 49,.
j. PierpOnt Morgan was the hIst man ana the Only one
auctioneer In an alnost inaudible voice lie od
The auctioneer continued to cry for more bids;
"Twenty million" he SAID, is only 40 cents head
those Who live In Yew-York state. Remember this
takes the whole business Now gehtlenen' have lots
fons one bid they say, don't make sale. Can't get
five cents more than S22,O0OOO0i admit tsa
big sum, but ought 70 have another hid
But mono came although me auct0heer hppeaieu
earnesy Al length seeing tn n @ %eI ~ the '
road down to Mr. Morgan. the only bidder Mr. Morgan
Chauncey VI. Depew. Judge AshDel Green and himself
The court rang with laughter when the auc oneer
gave II out and added that 1t was IA good hrn' Mr.
Delew broke out into hearty laugh the cOurt room
emptied itself the purchasers NAMES were made
known every said that That means New York
Central spite of the injunction OF the Syracuse stock
holders" Mr. Morgan PULLED out OF his pocket AN Orh
nary certificate Of deposit Of the Union Trust Company,
New-York for S750.OOO This WAS tue amount stipu-
lated IN the terms OF II drawn In favor OF Nr.
Morgan who made II payable TO himself, Mr. Dcpew and
Judge Green the purchasers OF the road and they all
Endorsed II made 1t payable 10 Abram 5. Cassidy.
referee no at once gave his receipt for It,
As Mr. Depew arose 10 attach his signature To the
S75OOOO certificate of deposit he remarked that the
scene put him In mind OF old times. He SAID Instead Of
leaning over the bench iudOrSug draft for SI0OOOO lie
stood thero twenty years ago delivering political
speech. .. a.. -,
West shore Road was purchased by the three gentlemen
named IN the interest of the New. York Central.