Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-24
BELT RAILWAY SALE
Decree Entered by Justice Cox in the
Equity Court.
NOTICE GIVEN OF IMMEDIATE APPEAL
May Be Carried to the u. S. Su-
preme Court.
JE GIVEN OF IMMEDIATE APPEAL
I f y T OF TIL L DEC r. E f

of yesterday, the American Security and
TIT st Company is appointed sole trustee to
conduct the sale
The employees of the read. through At
torLey p. j. Ryan. Immediately after the
signing of the decree. noted an appeal to
the Court of Appeals. from the decision of
Judge Cox. All the other interests about
half a dozen in number. not recognized by
the decree. will also appeal one of the per-
ties. the firm of s s Daish & Son an up-
secured creditor, intending to carry the
matter TO the Supreme Court of the United
States if necessary
The Sale of the road. it is stated cannot
he made for sixty days at least. if at all.
as that time will be required in filing the
appeals and securing an opinion from the
Court of Appeals
In the decree Judge Cox directs that tha
Belt Railway Company shall, within fif-
teen days, pay for The use of the holders
OF the bonds of the company. secured by
De d of trust dated September L.. 1sSS and
of the unpaid interest coupons appertainir.,
thereto. the sum Of sl2.3i91I. with inter-
est from this date to the date of pa ayment:
t5"t within the same time the company
sAaII pay Tor tn" use of holders of bonds
secured by deed of trust. dated July 81
1871. the sum of s462, n. with interest
Possible ForcrIosure
Unless the payment be made within the
time directed. it is provided the deed of
trust is to be foreclOsed and all property
rights or interests conveyed thereby sold.
In default of payment. it is further pro-
Vided- the property and franchises of the
Belt Railway Company shall be sold with
OUT valuation. apprasement redemption or
extension. at public auction. to the highest
bidder or bidders. the premises at the
Office of the Belt Railway Company. unless
otherwise ordered by the court Previous
notice of the time and place and terms of
said sale shall be given BY publication of
brief general advertisement it is directed
which shall he published daily. Sundays ex-
ceptcd. for the term of four weeks preced-
ing the day of sale.
The American Security and Trust Com
pdnY- as stated, is appointed trustee To
make the sale. and is not required to give
any bond for the performance of duties as
SuCh- The trustee may, under the decree,
adjourn or postpone the sale. ANY bond
holder or hOndholders party connected
with the case may bid and purchase at the
sale.
Sale an Entirety.
The trustee shall sell the property as an
entirety. without valuation, appraisement
extension or redemption. 1t shall accept no
bid from any bidder who shall not first
place III its hands or deposit with il at the
time of making the bid the sum of 5000.
Inc court reserves the right to set aside
any sale made by the trustee and to resell
the property upon failure of any purchaser
Tor twenty days to comply with any order
Ci the court requiring payment. The bal
ancc of the purchase price not required to
be paid in cash, il is stated. may either be
paid IN cash or the purchaser may satisfy
and make good the balance of his bid in
WhOle or in part by Surrendering the out
staining bonds and overdue coupons Sc
cured by the deeds of trust such bonds and
coupons being received at such price or
value as shall be equivalent or proportional
to the amount that the holders would be
gnfltEt! NJ N ffra 1rIt,., ,,rf,,
were paid IN cash. The balance of the pur-
chase price, whether payable in money or
bonds shall be paid in equal instaments
OF - per cent in fifteen, thirty, fOrty-1ive
and sixty days. respectively. from the date
Of the ratification of the sale.
Application of Proceeds.
The decree further provides that the fund
arising from the sale of the property shall
be applied as follows:
First To the payment of the costs of the
suit. including all proper expenses of the
sale, and such compensation as may be
AWARDED by the court TO the trustee in
c.diiiS fees, II any. of counsel for making
the sale, and also such compensation of the
American Security ana Trus; Company for
its services under the deed of trust dated
july II, 1891, may be allowed by the
c0-rt. ara such proper allowances, if any
as 'he court may make for the fees and dis
luFs"Meujs OF The counsel for The Ameri-
Gan Security AMI Trust Company.
Second. To the payment OF taxes due and
pay able ~ the present time. in respect of
tn property Of the railway company.
IA.rd-To the payne mt OF the receivers
ctrtIhratcs amounting /" the SUM of $3.50,
issued in pursuance of an order of the
court.
tourth-To the payment Of sucn amount
- shall be by the court allowed to the re-
ctiyer and his counsel.
FHth-Tn the payment of the PRINCIPAL
of the bonds secured by deed of trvst, dated
september II. l>>s. ana interest from
March IL, 1897. to the date of the payment
ci said bonds, and also interest on ali over
cue coupons from the date Of the maturity
OF The coupons. respectively, TO the date
OF their payment.
Sixth-To the payment of the principal of
the bonds secured 10y deed of trust, dated
July II, 1871. and interest from July l.
1>!I. 10 the date os the payment of the
bonds. ani also interest all overdue
coupons from the date of the maturity of
tne COUPONS respectively, to the date of
their iayment.
Disposition of Surplus
should there be any surplus remaining
after ma king the payments directed tn.
decree stipulates the same shall he Maid
into the registry of the court to await such
'rder as the court may make. In case the
proceeds Of the same shall not be sufficient
To pay in full tho bonds and coupons the
holders shall share pro rata in tho dis
trihutlon of the proceeds of safe in the
order Of priority.
II - SGT ipFlH NHdt the Claims of the mar
ties 10 TINS cause and the interyenors
therein. th:tt is 10 say. the claims of Mat
thias Ament. trading as NJ. Ament & Com
Pay; OF ;. = Daish x Son. a corporation.
Of William = Duffy. Morris F. Talty War
r'n Ehret * Company. a corporation; the
Diamond State Company, and the claim of
the Columbia and Maryland Railway Com
Sry. and the other claims. are not entitled
to priority over the Indebtedness, bonds and
coupons. and are payable only out of what
ever surplus may remain after the payment
of the amounts specifically designated and
provided for.
The purchaser OF the road IL is pro-
vded. shall have immediate possession
Gpon the full payment of the purchase
price free from all claims
Relief of Employees.
The employees of the company will unex-
pectedly be supplied with a small amount
of Christmas money. Judge Cox this af-
tcrnoon signed an order authorizing Re-