Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-06-16
SOLD WITH ONE BID.
The DanYille System Knocked Out to
the Reorganization Committee.
DETAILS OF The TRANSACTION.


cult Court the Richmond and Danville
railroad was yesterday morning sold at
public auction at the depot Of the COM
pany. oil Virginia street. Messrs. c. II.
Coster and A. J. Thomas representing
the Drexel. Morgan & Co. Reorganization
Committee, became the purchasers In the
sum of s2.03o.0oo.
At half-past 2 o'clock in the afternoon
the special masters reported the sale to
the court, and at o'clock Judge Gon
confirmed 1t.
Monday the REORGANIZATION Committee
will meet I'm the drectory-room Of the
company in the Times building, and the
corporation Will be reorganized as the
Southern Railway Company, under the
charter granted by the last Legislature.
The purchasers are reticent as to the
proposed officers OF the new corpora
tion, bat outside rumor seems to have
fixed upon Mr.. Samuel Spencer as the
president.
DETAILS OF THE SALE
The sale commenced at IL o'clock. and
II was we'll for those who were In atten-
dance that Richmond was for ffe time
being In the curl OF the tail Of cool
wave, for when the thermometer does be-
gin to cut capers here the vicinity of the
Danville depot Is the hottest place on
this green earth.
Among those at the sale we're Messrs.
+. w. Huidekoper, receiver; G. II. Coster.
OF Drexel, Morgan e. Co.. chairman OF
the Reorganization Committee; Henry
Crawford, counsel for the compiainants
In the suit: II. l.. Bond, Jr, counsel for
ctafa
for Drexel. Morgan & Co.: A. J. Thomas,
Of the Purchasing Committee; A. II. Jo-
line, counsel for the Central 1'rust Com
pany; A. IL. Andrews and j. T. Morehead,
OF North Carolina; Charles Price, OF North
Carolina, special master: NJ. +. Peasants
and r. s. Atkins. of Richmond, special
masters, and a number OF Richmond mer-
chants, bankers, brokers, and lawyers.
Most Of the lawyers represented claims
against the road. Mr. Thomas carried un-
der his arm seated package containing
$4,000 in Richmond and Danville bonds
a part of the earnest to be deposited with
the masters as guarantee of good
faith--and the checks TO make up the full
guarantee of s220.0 900 were in reach
Messrs Boswell & Harman were the
auctioneers, and Mr. J. i. Boswell, of that
firm. the crier
Mr.. Boswell mounted chair, and after
reading the decree with becoming gravity
offered as Parcel No. l the property of
the company in Washington. Mr.. Coster
bid for this $4,000. There was no other
bid. and IL was knocked out to him at
that price.
Mr.. Boswell then offered Parcel No. 2.
which was the Richmond and Danville
railroad property. it's leaseholds. etc. Mr..
Coster bid s., 100000, and was declared the
purchaser.
Parcels 1 and were then offered
as unit. and upon Mr.. Coster making
a bid Of 100000, they were Knocked out
at that figure to C. II. Coster and A. j.
Thomas. Purchasing Committee OF the ke-
organization Committee.
The proceeding was not at all SPIRITED
In fact, II was very wearisome, but just
before Mr.. Boswell descended from MS
perch he evoked from the crowd nearly
laugh by thanking 1.-The bidders" for their
attendance, and inviting them to be on
hand when he made another railroad
sale.
MANY PAPERS
AS soon as the sale was concluded the
purchasers lawyers masters, and others
interested repaired TO the custom-house
and were engaged for about two hours
in preparing the necessary papers to
present to Judge Goff, 10 whom the case
had been turned over By Judge Bond. All
the proceedings before Judge Con were
i'm chambers, and after the report OF the
masters had been made. the sale had been
confirmed and the deed signed, numerous
orders had to be entered and certificates
filed out, which kept the Court ana
lawyers busy until about O'Clock.
WHAT THE SALE MEANS.
The foreclosure and sale Was under
what Is known as the third or general
mortgage and subject to the gold, the ue-
benture. and the equipment mortgages.
The purchasers hold all the third mort
gage bonds except fourteen. and prac-
tically all the floating debt of the COM
many. amounting TO over S.o0,Oco AS
soon as the sale was confirmed and the
property decided by the receivers ana
masters to the Reorganization Committee
the latter became a corporation under 'he
charter above referred TO.
Several of the tributary lines To the
Richmond and Danville system VIII DE
sold under foreclosure, and such OF pieSe
as nav be desired will be purchased by
the new corporation.
Several of the gentlemen VINO caIIe
here to attend the sale went down 10 olu
po,n, last night and will remain there
until Monday morning.
SOUTHWESTERN. OF GEORGIA.
MACON. GA, June ia meeting OF
the stockholders of the Southwestern rail-
road was held here to-day. and COM
,nunications from Samuel Thomas and
p II. Wilson were read. after which a
resolution was adopted authorizing the
directors to take the whole matter In
charge and make the best terms they
can with the Reorganization Committee,
tbe idea being that II the committee is
in position to buy, trade can be
quickly made.