The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-25
TIE DECREE IS NOW READY
Was Submitted to Judge Bryant for
His Signature.
THE UPSET PRICE FIXED AT 100000
me Document Is Founded Upon tho
Mnin BiIi Filed by Il. j. smith.
Contractor of the Road.
THE uPStT PRICE FIXED AT SsNO.N0l

inc decree In the sale of the Galveston
La Porte and Houston railroad, which Mr..
Presley X. Ewing was directed TO prepare
was yesterday passed into the court for
Judge Bryunts signature and entry bav-
ing pecn approved at conference OF Tie
attorneys concerned.
Inc decree is founded upon the main Oil
He'd by L. j. Smith, through his SOLICITORS
Attorneys Ewing & Ring. in continuation
OF the original bill filed by Alonzo j. yrl-
iock solicitors, Attorneys Baker, Bolts,
Baker * Lovett, and it is also founded
IN part, upon the subordinate or dependent
piils, which are termed cross bills, us filed
py the Union Trust company of New York
and the Continental Trust company Of the
City of New York, represented by At:ny-
neys Moody and Mott a Armstrong. The
smith bill is a creditors bill for he benefit
OF all the holders OF receivers certificates
and OF alleged equitable priority demands
against the railroad, and sought conden-
nation by sale OF the property as q trust
iund, with distribution OF proceeds. The
Cross iiis were for the foreclosure Of trust
mortgages.
Inc decree renites the charter authority
oil the Galveston, La Porte and Hous'nn
Raliway company, the execution and isgu-
ance of the mortgage deeds ana bonds and
the certiitcation of $l50,000 in amount of
the bonds under the mortgage OF the
Union Trust company and SS50.uGd In
amount under the mortgage of lhe Con
linental Trust company, and that default
in the payment of interest has occurred,
thereby maturing the entire debt. erc also
that Smith Is a creditor of the road in tie
sum of S6l,ai1 81 for construction work.
and the owner of portion OF the receivers
certificates, which amount in all u the
principal sum of s245 .05S 20; also that oor-
tain of the railway company's real estate
and rolling stock Is encountered by pur-
chase liens; and finally that the railway
company is hopelessly insolvent
The decree declares that the receivers
certificates are. for their full amount a
lien on all the property, and that the
mortgages are valid and subsisting liens 10
the extent of the debts secured by them,
and that the entire property is a trust
fund to be condemned for sale AMI dis
tribution.
1t is decreed that the entire property he
sold as one parcel, subject to the specified
purchase liens on real estate and rolling
stock. The sale Is fixed for MAY r.Xt at
Galveston An earnest of $4,000 is ie-
CURED of purchaser bidding. aul lac NJ
set price is named at $500 600. 1t is di-
rected that the proceeds of sFGe be paid
into the courts registry, and all questions
as to distribution and priorities Except for
costs. expenses and allowances that may
be made for services) are reserved COR fu-
ture hearing. Provision is made inst the
purchaser shall take the title freed o. all
claims or liens of any parties to the cause,
except as TO the purchase liens OH zeal
estate and rolling stock.
master commissioner is named TO make
the sale subject to confirmation in Germ or
vacation ten days after report, and rdIort
is required within twenty days after the
sale is made. 1t is provided that aesds
shall he executed to the purchaser fol the
property, and delivery OF the same made
to him. upon compliance with the terms Of.
sale. The sale is for cash. but the curt
in it's discretion reserves the right to rer-
nit payment in demands in suit at tleir
value in the distribution. The receivers
are retained until the further order q
the court discharging them and taef ap-
pointment is extended 10 the Smith bill
and the cross bills. 1t is referred to The
special master to report as to the amount
Of the mortgage Indebtedness, and concern
ing computation Of interest, etc. The de-
cree ends with the usual provision as to
application for relief at the foot OF the
Decree