The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-10-01

In compliance with the DEGREES of the
courts the Shenandoah Valley railroad
was sold yesterday in this city, at the
courthouse door, at public acution. for
81, 100000, Louis Fitzgerald, the chair
man of the purchasing committee of tho
first and general bond-holders, being
the bidder.
About fifteen minutes before twelve
o'clock the crowd began to gather ut the
courthouse, and at IL when Judge
Robertson announced that the time had
arrived for tho sale the space between
the courthouse and the front fence of
the yard was filed with interested
parties and lookers-on
The following prominent gentlemen
were present to look after the sale. MIR.
+. II. Clark, OF Baltimore: Hon. l.. T.
McComas. member of Congress from the
Fifth Maryland district; c. w. Mckee
han, of Philadelphia; Mr.. j. Il. KimbaI.
of Philadelphia. president Of the Nor
folk and Western: Judge w. Is. Staples.
of Richmond, counsel for the Norfoll,
s'hN' ~ NpNSAb' IA II. IIuEIlS. Oh Inll0unl-
phia. treasurer of the Shenandoah Val
ley: Judge William j. Robertson. of
Ch2rlottcyille: Captain Camm Patteson.
of Nelson county. Va: A. w. McDo9ald.
of Berry,ille, Samuel Dickson. and AR
Thomas |. Doran. of Philadelphia. attor
neys for the Fidelity Insurance. rrust
and Safe Deposit Company: a Moore. .Jr..
OF Bcrryville, commissioners; President
Caldwell, of the Fidelity Insurance..
Trust and Safe Deposit Company: and
Receiver Sidney +. Tyler, of the Shen-
andoah Valley railroad
Judge Robertson announced that tho
sale Of the road, with all its pronertv
and rights. was to be made as advertised
in obedience to an order by the circuit
court OF Raonokc city, of Jefferson
county. Maryland and Washington coun
W west Virginia. 10 satisfy claims held
by the Fidelity Insurance. Trust and
Safe Deposit company, Of Philadelphia.
and that the sale would be made bV MIR
A. Moore, commissioner appointed Inv
the courts for that purpose
Mr.. Moore thcn read the advertise
ment of the sale, parts of the DEGREES of
the different courts, and also the terms
Of the sale, (which were $4,000 snot
cash, onc-thir Il the remainder in thrnc
months, ond-tliird in six months and i6e
balance in nine months. He stated that
he was then ready to receive bids. and
after moments silence, Mr.. Louis
Fitzgerald said 81 bid ST. 100, 600
DO hear Il better bid for this valua-
BILE propcrty?' asked Mr.. Moore. ..lf
there is no higher bid within five min
utes the sale will close.
The crowd was silently listenin~ and
/ 1llSt before fhp ti1nn
heard to say II raise the bid $50 0OO.,
1t was n. j. Tubbs. a mechanical
engineer and manager of the Roanoke
Engine Company No one was cypcct-
ing Mr.. Tubbs' bid. and il caused no
little connection amdng the Norfolk
and Western people and Tie crowd
There was Il moment of silence and mo
Norfolk and Western people had n hlw-
ricd consultation. which dcvclopcd 4
I plan OF campaign and which was sum
married in three words, Force his
/ hand
is there II higher bid for this prom
erty? again came the calm voice of Mr.
Moore. IF none is heard within five
minutes the sale Will he closed NJ thc
present bid Of 81. $50 Geo.
But after moments pause Mr.. Tubbs
was invited inside the building and
asked if he was prepared tocompiv With
the terms OF the sale by the production
of $4,000 in cash. Mr. Tubbs' nerve
! had been admirable up to this limo
From his face one might have thought
| he was backed BY the Richmond Term
inal, the Baltimore and Ohio and jaw
/ Could. But when the terms were mndn
known he WINGED little. and said ho
had not understood il that way. After
some parlcy he was offered till o'clock
to produce the cash. He claimed that
! any time to-day would be compliancn
but the attorneys and commissioner do
cided that the terms of sale had not baop
complied with.
The sale was then reopencd and Mr..
! Fitzgerald made the same bid as at first
There being no other bid the proncrtv
was knocked down to him. and he
turned ovcf to Commissioner Moore =
certified check for 81, 1000, which was
Immediately deposited at the First
National Hark.
Mr.. Fitzgerald, representing tho
bondholders virtually represented tho
Norfolk and Western Railroad CO mpanv
and the road will pass under the man
agcmcnt OF the Norfolk and Western as
soon as the sale is ratified
a special term of the circuit court
will probably be held about tie 18th or
10Th of October, at which a report of
the sale will be made and acted upon.
If it is confirmed, the transfer will be
made immediately The selling price
of the road. S7,100,0O0, will cover the
claim of the first mortgage bondholdcrs.
which is over s., 600. Geo: the receivers
certificates. amounting 10 $SG0.00O, in
CURED in the operation of the road; and