The times., 1897-12-25


and Trust Company, the trustee Tor the
| bondhniders, was appointed trustee TO
make the sale. An appeal from the decree
| was nGde by the employees of the road
anu the her unsecured creditors inn
| nediatel. after il was signed.
The order is technically in the case oi
Matthias -amcnt. trading aS NJ .Ameut X Co..
against the Belt Railwa Company, Samuel
| K. Bond. trustee; Charles II. Cragm, trustee
| and he American Security and Trust Com
pany. trustee, equity number Il t.6Sl, the
| original hill. and in the case OF the
! American Security aud Trust Company.
trustee against the Belt Railway w
KesIy Schoepf. receiver; NJ. Ament X Co,
| and ot hers, the cross bill.
The decree recites that the American
Security and Trust Company holds the
bonds of tic railway company under two
mortgages on the property. and that on
July /. 1897, seni-annual payment of
| interest on part OF these bonds became
due and was not paid, and is now still
| due aGC that on September 3 the semi
aHnual pa ymenu on the balance OF these
bonds became due and was defaulted.
The total of principal aud interest under
the first deed OF trust is $4,000 and
S34G.75, ana under the second S4z0 ,oUo
and S22024.c4.
1t "r,}ered that within fifteen days from
date the total of both mort cages and their
owe rJlUe interest he paid,
In def aulU or TINS payment il is ordered
that the whole property of the railroad
company of every description be sold at
l.s.t. Th. 4
can Security and Trust Company is APP
pointed trustee To make tee SALE aud rs
not II quired To give bond. The trustee
may postpone the sale Tor good cause as
often as he sees fit. Any bon:iholder or
interested party In tie case may be a
bidder at the sale.
The railway company and all its prop
erty staIl be sold in an entirety. A certi-
fled check for $4,000 shall be required of
every bidder. This amount shan be the
first payment for the property. The eN-
peuses for tie suit shall bc the first lien
upon the property.
The balance OF the purchase price may
he paid IN whole or in part by the sur
Iender Of & sufficient number of the boats
and interest coupons of the road. rne
court nay set aside the sale if the pur-
chaser fails 10 comply with its terms n
any way. in which case the deposit of
the bidder shall toe forfeited.
The &C sts of the suit snal lie paid first
out of the proceeds OF th. sale. Next III
order are the fees of the American Security
and Trust Company as trustee and of its
solicitors andcouuSel.
The taxes of The company due ut the
date oi sale ;sre the thicd lien, after which
Coue the receiver s eTtlficlteS, amounting
TO $4,000. ordered by the court, dated
October p 1896, and the pay of the re-
ceiver. These comparatively small sums
take precedence over the two deeds Of
trust, AID their issues of tOnds and the
overdue Interest on them, which come next.
If there is anything left after the bonds
have been paid, which is not expected,
il will I,e turned over to the court FOR dis
tribulinE TO the ether creditors.
It is decreed that the claims OF the eth.
pIoyes of the road: of Mr.. Schoepf, for
money advanced 10y him as wages TO the
einploycs; the moneys deposited by the
empIovCs when they took their Jobs; and
the other creditors of the road have not
precedence over the bonds, and must take
their slim chances on anyt hing being left
when the boi,tis have been paid.
II the purchase price is not enough 20
pay the yondholders in full the amount
shah be divided pro rata.
The FTGplUyes of the road, through At
torney +. J. Ryan, Immediately after the
signing of the decree noted IN appeal %
the court of appeals from the decision OF
Judge Cox. All the other interests, about
half q dozen in number, not recognized by
the deere G, Will also appeal. One Of the par
ties, the firm OF s. $. DaiSh & Son, an IN
secured creditor. intends 20 carry the mat
ter to the Supreme Court of the Unit ID
States if necessary
1t is stated that he immediate sale
mentioned in the decree is. therefore, only
a legal fiction, and that these appeals
will delay it at least sixty DAYS.
The Ell ployes of the road got one little
solace out of the days business at the
court. Mr.. Ridout, their attorney, Sc
cured the consent of the other people with
out any trouble TO an order that nearly
$500, realized from the sale of Unused
horses, be given to the drivers and con-
duotcrs or their back accounts.
The sale OF the road is a matter OF
little concern TO the employees. They have
no hope OF receiving their back pay or
law, 50 IL makes no difference to tn an IL to
whose hands the road gees. Their appeal is,
theref ore, something of a matter of form,
There has been general satisf action among
the conductors and drivers, in fact. all the
employees, since the new system of paying
the men each day for the previous days
work went into effect. II it hal rot
been for this, many of the employees aid
last night, there would have been scures
of hungry mouths this morning. Little as
it is, however, the daily wages of the TIN
ployes have been the means of keeping
many of the employees OF the Belt Line
from tile humiliation OF applying for either
private or public charity.
Some OF the employees with Ia rye ia n lies
TO support, which through sickness or
other causes are in more destitute circum-
stances than others, have been cared for as
best their fellow worsmen W ere able with
their scant means. Throughout the whole
trouble the mos. ma gna nimous nd uuselfish
spirit has been manifested. and dona,io
intended for the general relief OF the EN-
ployes have heen generously given those
with Grge families.
This spirit OF unSeIfishness was wcII
demonstrated yesterday. Almas Temple IF
Mystic Shriners sent ten large ba skets filled
with provisions to the employees of the
road. While, no doubt, these provisions
would lave been accepta ble to any cm-
ployes. they were by general Cons ent of >he
men sent to those who it was known .re
most in need of them.
OBITUARY NOTE.
Mike Flynn, for many years a poolroom