The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-04-03

up for sale by divisions, every bidder
would believe that il his bid were ac-
copied, Ia. would be called upon to liti-
gate his right to secure franchise as
common carrier for any corporation
formed TO operate the part OF the prop
crty purcha sed This would inevitably
chill The sale. The risk and expense Of the
| litigation would become an element in
the bid. The result would by no means
show the actual market value If the prop
crty put up. These considerations must
have great weight with the court. whose
sole object must be to secure for the
parties in this cause, the best result for
the property in which they have an in
terest.
After much anxiety and with great
reluctance. the court feels itself con
fined to n Gale Of the property as whole
not including the rolling stock which is
covered by its own rule. The dccretal
order will so provide
After careful consideration Of the tes-
itinony and an examination OF the data
upon which the experts based their opin-
ion, the proceeds Of SALE after deduct
ing oil charges superior to the lien Of
the mortgage, viii be divided as follows:
~ TIC bpHuS w ClNlhiDh n, ~ per
cent.
10 the bonds upon Division H. 10 per
cent.
70 the bonds upon Division G, 1910
per cent.
70 the bonds having the first Zen on
the branches. g $40 per cent
Let provision be made FOR this in the
dccretal order.
CHARLES III. SIMONTON,
Circuit Judge.
31st March, 1897.
THE DECREE
The decree issued by Judge Smonton
n Il vOluminous document, and below we
give II synopsis OF the important parts.
After quoting the text and provisions Of
the mortgage securing the various series
Of bonds, the decree goes ON to say:
1T is ordered, adjudged and decreed
that the premises covered by said mort
cages above mentioned shall be sold, as
hereinafter directed, and all the right
and equity OF the redemption OF the de-
PENDANTS, and each and all of them, in
and to the said premises property, rights,
assets and franchises, respectively cover
ed by said mortgages, and every part and
parcel thereof, shall be forever barred
and foreclosed, unless the parties defend
ant, or some OF them, shall on or before
The expiration Of twenty days from the
date of this decree, pay into the registry
OF this court, for the use and benefit of
the parties entitled thereto. the following
sums. namely: % A sufficient sum OF
money to pay the costs of the complain
ant. The Farmers Loan q Trust Com
pany, in this cause, as they shall be tax
ed, and its compensation as trustee, with
counsel fees and other expenses and dis
bursements as the same may be fixed by
this court; also % q sufficient sum of
money to pay such reasonable allowances
as may be made by the court to the re-
cciver herein for his services, disburse-
ments and counsel fees, or such part
thereof as the said receiver may not be
able to pay ont Of the funds in his hands
properly applicable to the payment there
of; also (3) the entire amount due for
coupon interest and interest on unpaid
coupons secured by the mortgage to the
Farmers Loan and Trust Company up
TO the time of such payment, as herein
before fixed and determined.
It was further ordered, adjudged and
decreed, that if default be made in max
ing said payments or any Of them in
said twenty days. then the said premises
and property, real personal and mixed
rights and franchises, whatsoever sit
uated, shall be sold, as hereinafter direct
ed, without appraisement or right Of re-
demption, at public auction to the high
est bidder, at II O'clock noon, on the
property of the defendant, the Cape Fear
and Yadkin Valley Railroad Company,
at the passenger depot OF said defendant
company in the city of Fayetteville, in
the State of North Carolina, on day to
be named by the master commissioners
herein appointed in their notice of sale;
that before making said sale the master
commissioners shall publish a notice
thereof in a newspaper Of general circu-
lation published in the city Of Green's
boro, and also in like newspaper pub
lished in the city of Baltimore, Nd, and
also in the Commercial and Financial
Bulletin, a newspaper published in the
city of New York, and also in the Man
ufacturers' Record, a newspaper publish
ed in the city of Baltimore, Nd, each
once a week for four weeks, and, further,
that the master commissioners making
snch sale may either personally or by
some person to be designated by them
and to act in their name and by their au-
thority, adjourn the said sale from time
to time without further advertisement,
but only on the request of the complain
ant, the Farmers Loan and Trust Com
pany, or its solicitors, or by order of the
court or a judge thereof"
The decree further orders that the
said master commissioners shall offer
the entire property covered by the mort
cages herein foreclosed and either of
them for sale as single parcel, and
as an entirely Except the rolling stock
and the leasehold interest of the defen-
dant railway company in the South Car
DINA Pacific Railway Company, which
rolling stock and leasehold interest shall
each be sold separately. No bid for the