The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-24
READING is SOLD
LARGEST DEAL oF THE KIND on
RECORD Is CONSUMMATED.

Assets Of the Reading Railroad and Coal
and Iron Companies Bid on to C. H
Roster for j. p. Morgan q CO., for Four
and a Half Million DolIars-Hetty
Green's Attorney Files Protests
TreabIes Of Three Northern Roads to
be Settled Out of Court-Interstate
Commerce Commission Hearings.
Philadelphia, Pa, Sept. 23.-All of the
assets of the Philadelphia and Reading
Railroad company and the Phlladeiphla
and Reading Coal and Iron company
which are IN the hands of the receivers
of the Reading company, were sold To-
day at public auction to c. H. Roster
a member of the firm of ]. P. Morgan q
Co. of New York, who represents the re-
organiza ton committee for s4,5o0.0oO
Among those present were President
Joseph Harris of the Philadelphia and
Reading company; ]. Lowber Welsh, one
of the receivers; Colonel James Boyd,
one of the mana gers of the road; Judge
Campbell, general solicitor of the Read
ing company; F. w. Whiteridge and
r. L. Stetson of New York; George +.
Raer Of Reading; L. c. Cleeman, trust
officer of the Pennsylvania company for
granting annuities, and Samuel Dickson
and Thomas Hart, Jr., counsel Tor the
receivers. The sale took place in the
old Philadelphia and Reading depot at
Thirteenth and Callowhill streets.
IN THREE PARCELS.
The assets were divided into three par
GELS: First the shares and bonds psedg-
ed as collateral security under the terms
If an agreement dated January 2, 1892.
for the payment of an issue Of $4,000
600 collateral trust bonds. This parcel
amounted to SIS 500. G. H Roster
bid 50, O00,0 900 for the parcel. The right
10 knock the property down to the bid
der was reserved until bid for the
whole was made.
The second parcel, amounting TO s23.-
257, 253. included stocks and bonds own
ed by the Philadelphia and Reading rail-
road company and the Coat and Iron
company, al subject to pledges. Mr..
Roster bid $1,000, 900. There was no
other bidder
Parcel No. 8 included all the right,
Reading Railroad company of, in and
to two certain bonds of the Philadelphia
and Reading. Coal and Iron company,
one dated July 1, 1874. for the principal
sum of $50, 000,0 00 and the other dated
December 2s, 1876, for the principal sum
Of $4,000, 600 Again Mr.. Roster was
the bidder. He named 500, 0G0, 900 as the
price
BID FOR THE LUMP.
The auctioneer then offered the whole
lot and Mr. Roster bid S4.500.000 which
was s4oo. 900 above the total price in the
separate bids All of the securities are
subject to pledges Just as Mr.. Roster
was about to bid on parcel No. 2, Robert
L. Luce Of New York, representing Het-
ty Green, arose and protested against /
the sale. on the ground that 1t was ille-
gal The protest was laid on the auc-
TONER'S table and the sale proceeded |
without further interruption.
GENERAL MORTGAGE
The Property subject to the general |
mortgage WAS sold at noon. 1t, too, was |
divided into three parcels, as described |
In the advertisement, with a. par value |
of $42,7S5,173S5- The first parcel was |
knocked down to Mr.. Roster for $780, |
300; the second parcel, which was to Sc
cure obligations amounting to s12, 500, 900 |
went 10 the same gentleman for a like |
sum, while the third parcel was also |
bought by Mr.. Roster for 81, 900, 900.
Prior TO the sale of the third parcel,
cousd fir Mrs Green entered a priest /
against the sale of the property.
The second parcel is subject to two |
mortgages, one for s15S,000 given by IT,.
Coal and Iron company on tine Hartman. |
Myer, SchaM and Reed coal tracts, and !
another Of s15o,o00 given by the coal |
company on the Eagle Hill coal con- |
tract. Mr.. Roster deposited with the |
auctioneer three checks for s100. 900 each |
drawn by J. Pierpont Morgan & Co, to |
bind the sale.
Today's sale was the largest of the |
kind that has ever been placed tn this /
country, not excepting the Northern Pa
cific sale The par value Of the proper |
ty Of the Philadelphia and Reading Rail- |
road company and the Philadelphia. and !
Reading Coal and Iron company is es- |
timated at $3.50. coo. 900. The outstand- |
ing Indebtedness amounts to about s45.- |
900, 900. on which there is unpaid inter |
est amounting to s6.000oo0. The total |
amount of the sale today was SIC, 500, 900. !