The evening times., 1899-01-28
Details of the Decree Signed by
Judges Golf and Morris.
Property to Be Disposed of as an
Entirety.
No Bid for Less Than $25,OOO,O0O to
BE ACCOMPLISHMENTS to As
sumo All indebtedness.

mortgage and the mortgages of 1872 and
1874 signed yesterday by United States
Judges Goff and Morris. Messrs. A. s.
Dunham special master in the litigation,
and Arthur L. SpaTher, deputy clerks in
the United States Court, were appointed
special masters to make the sale. Their
appointment. the decree states. is for the
special reason of their familiarity with
the proceedings in the case and their ac-
feasibility to the persons interested. The
special masters are to bond for 100000.
1t is provided in the decree that al the
mortgaged railroads, properties aud fran
chise shall be sold as an entirety. They
are to be offered at auction, at Cam 4en
station, in Baltimore, on day or days to
be fixed by the special masters in Acco.d-
ance with the request of the solicitors for
the Mercantile Trust and DEPOSIT Com
pany of Baltimore. Notice of the time an
place of sale. describing briefly the prop
erty to be sod and referring to the d~Cfee,
is to be published at least three times
week 1or SIX weeks precedin6 lhe sac. N
at least one newspaper published in Ba.ti-
more, Md; Washington, D. c.; Wheeling,
w. Va; Washington county, OHIO; Bel-
mont county, OHIO, and New York, n. I.
Conditions Of Sale.
No bid is to be received unless accom-
panied with a deposit of $250,O90 in cash
or by certified check, or $3.50, 900 par value
Of the bonds secured by any of the mort
cages to be foreclosed. Upon the accept
ance of the bid the purchaser is to forth
with deposit $500, 900 cash or by certified
check or 81 000, 900 par value of any OF the
mortgages to be foreclosed.
No bid for less than S25, 000, coo is to be
accepted. In case that amount Is not
bid, the special masters will adjourn the
sale and apply to the court for further
| instructions. Any party to the receiver
| ship suit or any holder of the bonds may
bid and purchase at the sale
The purchaser is to have the right,
| within ninety days after the completion
OF the sale, to elect whether or not to as
sumo any of the leases or contracts sold
with the railroad and other property and
| franchises. Notice of such election may
/ be given by written notice left with
| the clerk of the court within the period
named.
! AS part consideration. and in addition
! to the sum bid, the purchaser will take
! the property upon the express condition
to discharge the following obligations to
| the extent that the assets in the hands OF
the receivers are insufficient for the pur-
pose:
| Any unpaid compensation allowed the
receivers by the court
/ All unpaid receivers certificates or notes
! issued under orders of the court
Any other Indebtedness or liabilities in
Cured by the receivers in the manage
| ment of the property before delivery.
All unpaid Indebtedness which has pri-
ority over the mortgage liens.
| The purchaser is also to take the prop
| erty subject to the performance of all
| pending contracts lawfully made by the
| receivers.
The proceeds of the sale are to be ap-
piled first to the payment of the court
costs; all proper expenses attendant upon
the sale. including the compensation of
the special masters; all the charges COM
! pensation, allowances. and disbursements
of the complainant. the Mercantile Trust
and Deposit Company of Baltimore, trus-
tee under the consolidated mortgage, and
of its solicitors and counsel; all the
charges, etc, Of the accomplishments,
George C. Jenkins. James Bond and
George +. Crane, substituted trustees un-
der the mortgage of 1872, and William
Keyser and William F. Burns. surviving
trustees under the mortgage of 1874, and
their solicitors and counsel. and all prop
er allowances or compensation to any 9TH
er persons or their counsel, as the court
shall order. These payments are all to
be fixed and allowed by the court.
Proceeds to Be Applied.
Then the proceeds of sale are to be ap-
piled as follows:
To the payment in full of the principal
and interest of the bonds secured by the
mortgage Of 1892, exclusive of SIS, 200
held in the sinking fund under the mort
gage.
To the payment in full of the princi-
pal and interest of the bonds secured by
the mortgage of 1874, exclusive OF G9400
in the sinking fund.
The balance to the payment ratably of
the principal and interest of the bonds
secured by the consolidated mortgage.
If a surplus remains after making the
| payments named it is to be applied as
the court may direct.
The property will be conveyed to the
purchaser subject to the lien of two mort
cages executed by the Baltimore and Ohio
Railroad Company to William G. Harri-
son, trustee, April 90, 1853. Bonds to
the amount of 1850, 500 are outstanding
under one mortgage and to the amount
of S359,000 under the other mortgage.
Due Under Mortgages.
The decree starts out by stating that
| the allegations made in the foreclosure
! suits are true. Each of the mortgages of
1879 and 1874 is for the sum of e2 200, 900.
Under the mortgage of 1872 there is now
due, principal and interest, $40, 1874 SS6 49,
The mortgage covers the railroad from
Baltimore to Wheeling, W. Va, and the
Metropolitan Branch.
!. Under the mortgage of 1874 there is due
principal and interest, s1O426, 1912. This
: mortgage was on the same property as the
mortgage of 1872.
The consolidated mortgage was execut-
t ed December 19, 1887 Under it Sis, 1886, ,0OO
| bonds were issued. The amount now due
for principal and interest is s12, $50, ,772. 60
This mortgage is on the same property
J as the other two mortgages and cover be-
. sides all terminal property and facilities
in Baltimore and Wheeling, the Curtis
Bay Branch. the Locust Point Branch. the
Frederick Branch, the Benwood Branch
and also the two bridges across the Ohio
River known as the Benwood Bridge and
the Parkersburg Bridge; also S., ,000, ,00(
first mortgage bonds of the Wheeling
Pittsburg, and Baltimore Railroad Com
pany, 10,02S shares of stock of the Wash
ington Branch of the Baltimore and Ohio
all income under the contract between the
railroad and the United States EXPRESS
. Company and all other income
Plan Of Reorganizatien.
Judge Goff came to Baltimore for the
express purpose of signing the decree
which is in furtherance of the plan for the
reorganization of the property. Before the
decree was signed the court signed formal
orders dismissing the various suits over
the Baltimore and Ohio first preferred
stock These were the suits of the Johns
{ Hopkins University and others, which were
were settled by the sale, of the. stock to
the reorganization managers.
Under the terms of the decree the main
| line may not be sold until about the mid
. die OF May. In the. meantime DEGREES will
: be prepared for the foreclosure sale n,