The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-09-16
SALE OF THE N.& w .R.R.
Bid In BY the Reorganization Committee
For the Sum of $3,OOO,OOO.
MINIMUM BID ALLOWED BY THE DECREE
But the Purchnscrs Assume the pny.
mcnt of the $4,000. 900 Mort.
g"cc-Thc Party Is Now In Bonn.
oke where the Remainder of the
Rond Will Re sold.

The bulk OF the Norfolk ana West
ern railroad was sold yesterday morn
ing between the hours of 10 and Ii
o'clock. for 81. .0O0. 900, subject 10 a mort
gage of $2".OOO.00O. for which. OF course.
the purchasers become liable.
The block from which the sale was
made was General Manager Sands pri-
Vate car. which had been run upon n
siding. and there were present the fol-
lowing gentlemen of the Norfolk and
western Company: Mr. Charles c.
DcminG. of New York: Mr.. William w.
Green. of New York: Mr.. Samuel Dick
son. of Philadelphia; Mr.. Joseph |. Do
ran. of Philadelphia; Mr.. Victor Mora
weitz of New York; Mr. George Cop
pell. of New York, and Major joseph II.
Sands. of Roanoke
The auctioneers were Mcssrs. George
Il. Bowden ana Charles Sharp. spccial
masters acting under an order of the
United States Court. it being n rorcclo-
sure sale of the road 10 satisfy it's 100
year mortgage bondhodcrs. the prom
ertN disposed of including the entire
Noriolk and Western system, save the
MARYLAND and Washington and the
LvnchburG ana Durham. The main lines
extend from Norfolk To Bristol Tenn.
from Roanoke. Va, to IIagers own.
Ma. ana from Radford, Va, to Column
bus. q.
Considerable curiosity was expressed
among the 80 Interested spectators.
who gathered around the car. some OF
them not at all certain that BRYAN or
MCKINLEY would not step out at any min
ute and make n political speech. This ilu-
sion was dispelled when Mr.. II. NJ
Nos. If,,..
read the order of sale, which had been
granted upon the application of the
Mercantile Trust Company. of New
York, after the road had twice failed To
meet the interest on the 100 mortgage
bonds. Of which the Trust Company
was holder. The order provided that no
bid be considered less than $4,000, 900:
that no one could bid unless he first
dcposited n certified check for 500. 600
or vouchers for 5000. 900 of the l0O-yc T.
bonds ana the successful bidder must
iurthcr DEPOSIT on the acceptance of his
bid sl50000 or $3.50, O0O of the bonds.
MIR. Hughes began reading the order
al 1880 O'Clock and concluded lust
TWENTY-FIVE minutes later. Mr. Bowdcn
followed him and asked if there were
any present ready to qualify to bid The
only man who responded was MIR. Victor
MorawciiG. who rendered voucher for
S"OO.00O in loO-year mortgage bonds
MI MoraweltZ represented himself
and associates. Messrs. George Coppel
j. Kennedy Todd and w. T.. Glynn. n
committee representing the reorganiZa-
tion committee of the bondholders or he
:oau. When bids were asked for he bid
the minimum allowed by the decree
5000. .OO0. which was accepted and IA
voucher for $3.50. 900 in bonds was tender
ed as first payment and accepted thus
closing the sale. The special car was
then pulled out. carrying the party to
Itn1nnlyn "a - ~ '.1. 4 4.
MARYLAND ana Washington and Lynch
burg ana Durham divisions cmbraciur
$50 miles. viii be sold and bought In by
the same committee.
There were present at the sale IN adj
dition to those already mentioned many
prominent local rca! estate and railroad
men. hut the Southern railroad was not
rcprcsentod. though it had been rrmor-
I'd that the Southern was a probable
purchaser
The purchase price of this valuable
property is considered remarkably low.
less than one-tenth indeed OF the actual
value of the road.
The road was sold about sixteen
years ago for over double what 1t
brough, yesterday, and the property
was not so valuable then as now or so
extensive.
MIR. HOFFMAN TALKS.
In referring TO the rate war President
Holman. Of the Seaboard Air Line. has
the following To say in the PHILADELPHIA
;nduircr of the 18th:
som" stress has been laid upon the
southern rate war, but ii is really un-
IMPORTANT 1t can be stopped at any
moment the Southern railway is Will
inc 10 recede from the aggressive posi-
tion ii took up at the start. The South
crn is distinctly the aggressor in the
fight. 1t invaded territory which was
considered to belong to the Seaboard
Air Line and expected and knew that
its action would be followed by n war
in rates. II is a tremendous RESPONSE
bllitv TO assume to disturb the revenues
of the railway system OF the Southern
States. but the Southern Company
went into the fight without hesitation
and has been conducting it by the ques-
tionahle methods of getting Judges to
issue iniunctions against rate reduc-
iions and of inducing subservient New
York newspapers to publish attacks
uDon the Seaboard Lines finances.
The trouble can be adjusted very easily.
the loss in revenue will not be parti-
cularly great and the incident affords
no more instructive moral than that the
strong continue to nppress the weak. II
is absurd to dignity q quarrel of this
Kind as sufficiently important to af-
feet the stock market. 1t matters little.
so far as stocks are concerned, which
way the fight is settled There will be
plenty of tonnage for all the railroads
this year and rates upon the yvhoIe Gre