The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-06-27

Iotai ST, 52S, TAT 20
me Court decides that the one hun
useu year mortgage is valid lien on
me 1oiiowing railroads and branches.
property:
a. The main line of the N. & w. r. r..
extending from Norfolk to Bristol and
It's branches 4i1.26 miles.)
Is. The New River Division. from Rod-
FORD ITO the coal mine, and its branches
aggregating 1921 miles.
e. The Norfolk Terminal division. in
ciudinS the Lambert's Point properly
and coal piers.
d, The Clinch River Division. from
Graham, Va, to Norton, Va, (connact.
ing with the l.. & n. r. R) and lis
branches. 1lG.1S miles.
Il. me Ohio extension of the N. G. w
from Kyle. w. Va, to PETERSBURG a
being road, leases. etc, and f,anchjses
OF the west Virginia and Ironton rail
i loau, bought by the N. e W. with its
branches. aggregIting 207.O7 miles.
f. The North Carolina extension Of
the N. IL W.. from Ivanhoe Va, to Cos
san "a tuneompieteD with its branches
1903 miles. >
q. All short lines or extensions to any
or The lines mentioned
FL. All railroads, RAILWAYS WAYS r,,,,,.s
OF way, road bed and grade, stations. de-
pots, shop grounds, yards. etc etc
All rolling stock. engines passen.ar
cars, freight cars. rolling stock covered
ny aeed OF trust, lease or mortgage. etc.
IN tact, all property of whatsofvnr
KIND the road possesses, among whicb
are named:
]. Tugs N. e w. Nos. and . GOAL
parses Nos. l. 2, 3, 4, and G; harbor
oarses Nos. u, % and %. and ali mn
eillheiy, engines, Rigging and sails, etc.
* All bonds and shares of stock held
by the Mercantile Trust Company as
trustee OF the one hundred year mort
gage.
me lien, however. is subject to mort
sases, deeds OF trusts and liens on the
various branches of the road to the total
amount of $22 900, and In addition
iarge sums, overdue of payment and
defauNtng there:n, and indebtedness DIN
CURED by the receiver, all OF which
shonid be paid. especially the latter
amounts.
The road is given ten days 10 nav
the principal and interest Of bonds
which done the road will be eased OF this
decree. lf This Is not done then the
court appoints Messrs. George e. Bow
aeh ana CHARLES Sharp to sell THE road
at public auction at the Norfolk and
western station in Norfolk, after the
usual publication of such sale shall have
peen made In the daily papers OF Nor
I0ik, Roanoke, Philadelphia. New York,
Bluefield and Portsmouth, o.
as a whole, not in parcels, for the pro
lection of the bondholders and the
creditors
The sum of 500, 900 must be deposited
before any party win be allowed to bid
uhe same to be held as a forfeit in case
tne bid Is not made good and applied TO
the indebtedness of the road. and on the
acceptance of any bid the bidder must
deposit s250,000 in cash. In either case
bonds secured by the one hundred year
mortgage will be accepted at par value
on the basis of Sc in bonds for 81 in cash
The mirtlmum limit of bid to bs &c.
cepted Is $3,00o,000. and in case this is not
onered the sale Is to be adjourned and
the courts action awaited.
rms Is the gist OF the document which
means so much to Norfolk. The rest
deals with the application of the money
realized by the sale. etc The princirssI
fact is that the Norfolk and Westarn
railroad is insolvent and is to be sold
VINO the buyers will be remains TO he
seen. ~ w
The bondholders of the Norfolk and
WESTERN have, 1t is said ,sdecided 10 pool
their interests in the road, and the one
hundred year bondholders have been let
IN on q good basis, so that all Interest
IRE merged III q commsn success. and