The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-01-06
THE ARGUS WRECK.
Sale of the Remains of the
Concern Ordered by the
Chancellor on Next
Monday.

| Chancellor McGill this morning di-
rected that the Argus should be sold by
she receivers on Monday afternoon at
two O'Clock at the building now occupied
by the concern. AS reported
in THE JERSEY CITY NEWS yesterday
the chancellor absolutely refused to per
NIT another number II the paper to be
issued unless the pal - interested made
some sort Of arrangement to provide for
the expenses of conducting IL as 1t has no
income.
A conference was then held between
the holders Of the liens and the first mort
gaQees In the Office of Bedle, Muirheid,
McGee & Bedle, Jr. Finally the parties
quaint the Chancellor with the result.
| There were present at the time, ex-
| Governor Bedle, X. o. Babbett, ID. w.
McCrea, Flavel McGee. Robert Lawrence,
| William Hogencamp, Charles G. Black
| and William A. Brown. the receivers, and
| Z. s. Clarke, Jr. Governor Bedle, ad-
dressing the Chancellor. said that
the holders OF the liens and the executors
| of the Furman estate. the holders
OF the first mortgage. wished to make an
| arrangement by which the property
could be sold in lots, one parcel being
the equity in the property covered by the
| liens ard the other the property covered
| by the first and second mortgages only.
He also stated that the first mortgages
would move to take charge of the prop
erty under their mortgage and sell 1t.
| The question then came up as co how
| the paper should be run until these mat
| tiers were settled by litigation. Governor
| Bedle wanted receivers certificates is
sued, and Mr.. Babbett offered to put MP
| 500 If the others interested would con-
| tribute a like sum.
Governor Bedle replied that he had no
money but was willing to consent to the
issuance of certificates to the amount OF
$500.
SAVED FROM SMASH.
| Receiver Black said that on the cay be-
| fore New Years the receivers had put
| their hands in their pockets in order to
save the paper from going to smash and
wanted the money repaid. The Cnan-
cellor informed them that they
| had been unwise and that they
would have to look to other assets TO re-
cover their money. He authorized the
| issuance of certificate for $500 10 cover
| the expenses of today's paper on con-
dition that an application be made by the
first mortgages to take possession and
| sell under their mortgage.
Governor Bedle then attacked Mr.. Black
! by saying in effect that the question OF
| the receiver would probably come up
| later and that the one TO be re-
moved would not be his good friend
Mr.. Brown, at the same time tapping
| Mr.. Brown ON the shoulder. The matter
| then went over until this morning in or
| der that the holders of the second mort
| gage might be noJified.
| All parties with the addition of Assem-
blyman Potts, who represents the Farri-
| ers, were in court this morning. Gov
| ernor Bedle began the proceedings Dy
| apologizing to Mr.. Black for his remarks
| last evening, which he said were
caused by statements which had come &c
| him Ia an enthusiastic manner and which,
| upon being coldiy analysed, MD not war
| rant the remarks of yesterday.
MORE LIENS THAN VALUE.
| The situation, the Chancellor said, was
| plain. There were three liens on the
! property, amounting to over $50. 600, while
the property was not worth that amount
| There was, therefore, he said. nothing in
the property for the general unsecured
creditors, and it would be unjust to waste
| the plant.
AT late hour the parties succeeded In
| agreeing upon an order setting forth the
the manner in which the sale should bt
made, and it was signed by the Chancel-
| Ior. The order provides that the receiv-
ers shall sell as an entirety all the prop
| erty Of the Argus Company mentioned In
| the first mortgage, held by the estate oi
| CIarke's father in law, to the
| highest bidder; that said sale shall bs
subject to the claim of title of David w
| MeCrea TO the property covered by ven
| doris liens that has not been redeemed
| since said mortgage was executed, ano
| free and clear of all other claims and free
| and clear of all liens and encumbrances
| whatever except said claim of McCrea.