Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-10-25
AGAIN POSTPONED
w. w. & F. r. r. Sale Continued Until
Dec. BY Judge Spear.

y large number OF persons We're pres
eht IN the grand jury room at tie
court house yesterday waiting for the
auction sale of the WiScassett. Wa
terFliie K Farnington Railroad by the
receiver, William d. Patterson Of Wis
casset, which was cheduled to take
place at 10 O'Clock. But after a short
nearing Associate Justice Albert NJ.
Spear allowed a postponement until
Tuesday, December 4, al 10 O'Clock ii
the forenoon.
men the case opened the Hon. Les
ne 4. cornish Of Augusta. representing
hodire% +. Farley, the petitioner il.
me bl!l m equity asking for the sale.
made 4 motion that the sale of the road
he postponed until Il future date.
Mr.. Cornish said: This is the dat.
set for the sale OF the Wiscasset, Wa
tcrville Pennington Railroad. The
situation is thus in brief; This road
WAS placed in the hands of 4 receive.
in November, 1903. on the petition Of
Mr.. Farley. Since that tim" the road
mas been run under the direction Of thr
receiver. William p. Patterson. 1t Was
agreed that the road should be sold i'll
July ana the decree Of sale was signed
August IS ana the date of the sale set
at September II. IL WAS supposed that
parties would make a bid for the road
on that GATE but 4 lotponemrnt WAS
granted until tod@y. Mr. Farley ana
those Interested with him in connpc-
ton with this read have put into il
$500 900 in cold cash. Mr.. Farley found
the latter part of last week that j:
would be impossible to get the funds
here ut this tim,. in order to bid ana
he has letters in his possession stating
that if there is 4 postponemcnt the
money Will BE- forthcoming.
An adjournment. continued Mr..
Cornish means more to Mr. Farley
than ii does to any other one man and
he asks for 4 stay for %, 80 Of 80 days.
that one more chance he given him ana
his people to bid. l admit that othc.
parties have rights. including tn"
Philadelphia bond holders. but if this
sale is made without a bid from tire
parties who back Mir. Farley the price
will not be right. We do not ask for 4
postponement for the purpose Of delay
or dallying. The road is about paying
the expenses at present and there Will
he no more loss To the bond holders.
y
and those back Of him ana with him
that the sale will be postponed"
The Hon. Herbert NJ. Heath Of Au
guSta. counsel for the Real Estate
Trust Company Of Philadelphia, trust
ee for all the bond-holderS under In
first mortgage. ana Philadelphia bond
holders. who control about $223.oCo Of
the bonds. objected to a p"stponement
Of the sale.
II have a great deal Of sympathy"
said Mr.. Heath. "for the unfortunate
position III which Mr. Farley is placed
1t is Il cold hard question. Mr.. Far
ley knew in December, 1903. and h.
asked for it. He should hav" as i pru
dent man been prepared for it. This
road cannot be run an average day
without losing money. 1t IS almost a
year since Mr.. Farley asked that this
road h.. sold and almost eight months
since Mr.. Farley and his counsel
agreed that this property should g
under the hammer, and | cannot Sc"
any change in the situation as il stands
today. If Mr.. Farley could satisfy The
court that he could max" a substantial
bid for the road It would be the duty
Of tn, court 10 allow a postponement.
As every railroad man in the state
knows this road should have been plac-
ed in the hands Of Il receiver FIVE
years ago The road is running at q
loss and the debts are piling up"
William u. Patterson, the receiver Of
the road. was called upon to TESTIFY
as to the earning capacity Of the Sy1-
TEN. He said that til" road IS self
supporting from day 10 day and had
been since the first Of last July and
that the earnings of the road had in
creased this past few months p pr
cent more than for the corresponding
period 4 year ago.
MIR Patterson further stated that
there would be no losses to the bond
holders in the next few weeks unless
an unusual calamity takes place.
Justice Spear, after weighing both
sides Of the ease. granted 4 continuance
until Tuesday. December 4. ut 10 O'Clock
in the forenoon in the grand jury room
-, hn,I in this dit