Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-08
TRACTION COMPANY SALE
1T WILL TAKE PLACE At NORFOJ +,
THE 23D INSTANT.
Notice Issued by the Special Master
Giving the Terms and
Condition.

Another step toward the carrying out of
the proposed plan for the consolidation OF
the properties controlled by the Washing
ton Traction and Electric Company was
| taken Wednesday, when Judge Nathan Goff
OF the United States circuit court at Nor
felix, Va, entered decree of foreclosure
and sale in the case of the United States
Mortgage and Trust Company, trustee.
against the Washington Traction Company,
which case was pending in the United
States court there.
| Richard B. TunstalI of Norfolk was APP
pointed special master commissioner. and
was authorized to sell at public auction all
| of the property covered by the collateral
trust mortgage made by the Washington
Traction and Electric Company to the
United States Mortgage and Trust Com
pany, as trustee, dated June H. 1899
A notice of sale was issued today by
Mr.. Tunstall, stating that he will sell at II
| o'clock noon the I'D instant, above au-
thoriZed, at the front door of the United
States court house. Norfolk, Va.
The property referred to, as described by
Mr.. Tunstall, is as follows:
Consists of all the shares of stocks and
bonds of the Metropolitan Railroad Com
pany, the Columbia Railway Company, the
Anacostia and Potomac River Railroad
Company, the Georgetown and Tenleytown
Railway Company Of the District of CO.
of the District of Columbia, the Washing
ton. Woodsde and Forest Glen Railway and
Power Company; the Washington and Great
Falls Electric Railway Company the Wash
ington and Rockville Railway Company, the
United States Electric Lighting Company
and the Potomac Electric Power Company,
and also all additional shares of the capi-
tai stock and all bonds or other obligations
of any one or more, or all, of the above
mentioned corporations which the Wash
ington Traction and Electric Company may
have acquired; also any and all other prop
erty which the said company may have
acquired by means of bonds of the issue
secured by said mortgage. for a more spe-
cific description of which property refer
ence is hereby made to the said decree
made herein on the 9th day Of November,
1901"
Sold I'm One Parcel.
1t is further announced that the prop
erty Will be sold in one parcel to the high
est bidder, subject to the confirmation OF
the court, but it is stipulated that before
| receiving bid from any person Mr.. Tun-
stall will require him to deposit the sum Of
$40, 900, "either in cash or in check pay
able to the special master commissioner and
certified by national bank either I'm New
York city or in the state Of Virginia. or
at the option of the bidder, bonds secured
by said mortgage to the amount Of $4,000
The Payments.
If the sale is confirmed by the court
there must be paid in cash upon the con-
firmaticn Of such sale and from time 10
time thereafter such further portions of
the purchase price of the said properties
as the court may direct. The purchaser
may use in payment of the purchase money
the bonds secured by the said mortgage to
the extent and upon the terms prescribed
in said decree. The purchaser at such sale
shall, as a part of the consideration for
such sale and in addition to the price bid
take the property purchased upon the ex-
press condition that to the extent that the
funds in the receivers hands and the earn
lngs and income therefrom during the re-
ceivership shall be insufficient to pay and
satisfy any and all Indebtedness incurred
by the receiver pursuant to the order of
the court, such Indebtedness unless paid
out of the purchase price received at the
SALE as provided in said Decree shall he
paid by said purchaser. Upon confirmation
OF the sale by the court and compliance by
the purchaser with the terms of sale ami
delivery to him of proper instrument or
instruments of conveyance, assignment and
transfer of the property so sold the said
property will be delivered to the purchaser.
except such thereof as the complainant
the United States Mortgage and Trust
Company, may be entitled to hold pursuant
to said decree for the protection of the
prior liens specified in said decree