The Eddy current., 1898-04-23

The sale OF the railway occurred
Tuesday and Il was attended by about
twenty Ave Of our citizens but only
one bidder, the agent OF the Aiercan
tile Trust Co., Mr.. Mclieth who, after
Judge Freeman, the master, had read
the notice OF sale and offered the prop.
eriy TO the highest bidder, offered $500.
OOO No other bid being made the
judge knocked the whole property of
~ Mr. Mcljeth
At 1890, T.. o. Faulkner as receiver
Id foI fl,5OO certain evidences OF
debts against the railway. After the
sales were made q special left carrying
Messrs Faulkner, Dunning, McBeth
aud Judge Freeman 10 Roswell from
which point they took private convey.
ance 20 Lincoln arriving there Wed.
nesday nigh, where the sale Of the road
was confirmed by Judge Hamilton,
The party returned Thursday, a special
leaving here yesterday morning for
Roswell to bring them back TO Eddy
Afr. Faulkner will spend week or
more here before going over TO Amer
il.,. The connecting link between the
Pecos Valley aud the world
The plan Of reorganization Of the Pecos
Valley Railway Ia detailed rs follows M
the Commercial aud Financial ChrOnical
Ui New NUfk:
Inc lecos Valley Ry, pecos, Texas, 10
Roswell, New MckitU, WAS sUld uuduf
foreclosure un the lpth lust The new
company, the PecUs Valley x Northeast
eiu ny, viii t once take possession aud
extend the rOau 2Ua miles a. u connection
with tne AtUhisOn Topeka a santa fe as
Amarillo, Texas Al the Old bonuhuldcfs
nave assuiicu 10 the plan 0t IcUrganiLa.
tiuu, winch gives them NJ 200 VA preferred
slOgk ut the new company iur Vhch el,OUO
Uund. Temporary certificates tor the new
securities viii be ready by May hrst,
lhe new securities Will be s2,lVJ,UOO irst
mortgage hity year per cent bonds, is
sued a. the rate Oi $500 milc; 50, 49,, 900
SIX per cent nOn-uunulattye preferred
SUCK aud S3, lB2 ,OD common stock. Both
classes Ui stock are authorized at eh,bOO
per mile, aud tie mortgage provides Tor
tue issue of bonds At tue Balne rate. but
bonds 40 the rate Ui Sl.UOJ per mile are u
remain Win the Trust Go, uusuld, and can
only be issued under strict PROVISIONS iuf
betterniunts anu equipment The bonds
are "a iiist lien on tue entlre road, fecOa 10
Amgrliiu, 8l2 miles, aud also cover all the
Old equipment ahd new equipment sum
rirul lUr lhe new road. Cash has bcru
provided under the plan ana will be de-
posted with the Trust Company as a
guaranty fund Tor two years interest on
the S2, 900 bonds now 10 be- issued. The
new bonds carry interest from July l,
1873
Ui the 80, lG2, 900 preierree stock, S2,si5,.
900 Is to De issued tu pay OF tbs old bond-
holders, the balance, sSiB, 900, ~ well as
all the common stock and the ~, ,leO,OOQ Of
bonds builds the new road, prOyides equip
lnent, pays on ali the Indebtedness Of Tie
old company and the TcOsg lnlZatlOn costs.
The succecstul outcome of the reurganl.
cation ui the Pee0s Valley Co. Is largely
due ~ the AtchiSUn Topeka santa be
ky. CO. aud It's friends, who have putChas'
cd an Interest in the new securities A
contract has been made with the AtchisOn
for an interchange OF iraflic aud hn agree
ment entered into whereby that company
has the right 20 use ltO miles OF the new
line for part Of through line 10 Albu-
QuJrque, n, NJ, the AtchisOn paying one.
half Ot the interest charge ON the cost OF
hat portion OF the line and maintenance
Ia proportion 20 wheelage. The compile
ton uf the line, which II Is expected viii
be accomplished this fall, will open up 90
the Alchlson the largest cattle section ~
the Nnited states, an area Of some Ib,OOO
square miles m New Mexico aud Texas.
Il viii also give the PecOs Valley, which
contains the largest irrigated area In this
country lsume 900 acfesl access 90
markets 400 miles nearer than by present
routes.
At Amarillo the PecOs will also connect
with the Union Pacific Denver & Gull sys- |
TEN, making a direct line 10 Colorado hnd
northern points. The extremely low
mortgage per mile on the pecos is a de |
partuTe in western railroad building. The |
liked charges are only slag,OO0.
The following Will constitute the board !
of directors: President j. j. Hagerman, |
Colorado Springs; Chas. A, OTIS, New |
York; A. 4, Cheney, Boston; Y. ID, Ken |
ma, Chicago; ID. McCOol, ST. Louis; Percy |
Hagerman, Colorado Springs; Morgan |
Jones, Fort Worth; john w. Poe, A. &. |
Campbell and Y. .. Faulkner, Roswell, ~ |
NJ.
Fresh garden seed at Pardue's.