The evening times., 1897-12-24
BELT LINE DECREE SIGNED
Road TO Be Sold in Fifteen Days
From Date.
TRUSTEE MAY POSTPONE SALE
EXPENSES of Sal- Constitute First
Lien. Then A.ortcHgS BDnds Must
Be Satisfied-f.inl loyss' Claims Tor
Wages ard 44r. Sc.uepl'S 4or Mol :
ey advanced Aust Take Chances.

The decree for tue sale of the Lelt Rail
way w;rssis sued by Judge Cox III The equity
cuurt today The American Secdrity a nj
Trust Company, the trustees 1ur tue bond
holders OF the Hallway, was appo.n: ed
trustee for the sale. The only sola,e tn,
employees of the road received today frun
the cont was al order that Sl91 30
realized fium the sale Of Lnused lor>e>
lie distributed among them.
The order is technically in the case OF
Matthias Anent, tIadins as NJ. AaicnsSS 40.
against the Belt Railway Company Samuel
Il. Bond. trustee. Charles II Cragin, .r Ist..s,
aud the American Security ami Trust CON,
pany trustees, equity nuInber lT,1sl, the
original till, and in the case OF The
American security and Trust Company
Trustee. against the Belt Railway, ".
Kesiy siSlipepf, receiver, n. AInent & Co
and otncrs, the cross bill.
The Cecrec recI.c, Ln..t tue AincricJtl
Security ana Trust Company holds til,
ionds OF The raiiw ay company under ",
mortgages un the property, and that on
July / 1897, seri-annual payment ci
pi- pdI L vi thtNt iOhto pS'ttiA.t
due auI was not paid, and is now ht IL
due. aEd mat on September 5, the semi
anuuai payment on the barance IF ;nes,
Loads becaHIe due and was deiaalteti
The fetal of principal and interest Under
the fist deed Of trust is $50, coo and
S34a.T5 and under the second $40, COO
and S2c,O?4 "a.
II is ordered that within fifteen iarSfrpu
date the total OF hoth mort cages AMI their
overdue interest be paid.
In 'ivfa,:lr OF TINS tayu.cnt 1t is 'lr!ere,
that the 'TE,,ie propert OF II c railroad com
pany of every description be sold 1T
auction to the highest bidder. The -An~Ti
can Security and Trust Company s a.
pointed trustee Il make tie saIc, and IL
not required TO give bond. Tne trustee
NAV postEone the sale lCr good cause ~
often IS Lc sees fit. Any tondhoidar or
inter- >tsd partyin he case may be j .it.t eT
al the sale.
The railway company and all It's prop
efty si'rll b. soldin an entirety. A certified
check fer S.. 600 shall be required OF
every 'i'!dcr. This amount shall iIc the
first payment for the property. The
expenses fJr the suit shall be the first lien
upon the property
The hslance of tire purchase price ma y
he pa!i IN whole or in Part by the Sur
render OF q sufficient number Of the
bonds and il terest coupons OF the read
The court may set aside the sale II the
purchaser fails To comply with its ferns
in any way. in which case the ,ieposii
al the bidder shall be forfeited.
The costs of the suit shall be Paid :iIst
oui of the proceeds OF the sale. Next in
order are the fees OF the American Security
and Trust Company as trustee and IF .ts
solicitors and counsel.
The taxes Of the Company due at the
date OF sale are the third lien, after whic h
come the receivers certificates, amounting
To S:-5nu, ordered oy the court. cate,.
oetobe. II, 1869, and the pay of the re
'piyer. These comparatively small SIMS
take lIcPc"de:ice over the two deeds Cf
trust. and their issues OF bonds aud the
"verslr.. Interest ~, tn 'ni, "Iira c"u...u ~
ir there is anything left after the bonds
have henn paid, which is not expected,
III Will he turned over to the court for dis
trihutr'u 0 the other creditors.
1t is decreed that the claims of the en.-
ploy"s of the road; OF Mr. ScEoepr. rcI
money advanced by him as wages to the
employees; the moneys deposited ny tie
cE'ploycs when they took their jobs: III.
ihe otter creditors of the road have not
precedence over the bonds. and :nIs. tax c
their slim ctarces on anything being left,
when the bonds have been paid
IT the purchase price is not enough 10
Fay the honuholders in fun tie aitlnunI
nhali lie divided pro rata.