New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-02
ROAD AT AUCTION
Bondh0idcrs Bid Property IN
for $50. 900 900.

Third and last call. Sold 10 NJ, Bowers
for SIT, o0o.Go.'' said Joseph T. Day. auc-
tioneer. yesterday in the lower corridor OF
tie County Court House. as he awarded the
Third Avenue Railroad Company's sys-
tenn with its railroad, rolling stock, fran
chises and the stocks o. the suDsidia y
companies. with the exception Of the 42d
! street. Mania tanvii!e and ST. Nicholas
avenue line
The sale was carried out under an order
Of the United States Circuit Court in the
, suit Of the Central Trust Company. holder
of mortgage for So, cocoon against the
properties OF the company. The real pur-
chaser was James NJ. Wallace, president
Of the Central Trust Company, acting
as the chairman OF the boudholders COM
nittee, which has a plan for the reorgani-
zation CT the company, now under consid-
Grafton By the Public Service Commission.
Hundreds OF curious people gathered at
the northern steps OF the courthouse at
noon. Howard Taylor. the special master
appointed by the federal court 70 carry out
the sale, adjourned the gathering to the
basement corridor, the rain made the
position outside untenabe.
FornaIities OF the Sale.
y
fifteen pages of the court order and terms
of sale. containing a list OF the various
car lines affected, the number of cars, the
amount of stocks OF the various subsidi-
aries and other information usually set
forth on such occasions. The auctioneer
then announced that only those who had
complied with the court order by deposit
ing 100000 in cash. certified check or bonds
of the company could bid and the crowd
looked around to see whether anybody
would put up moneE-
John NJ Bowers. attorney for the Cen
trail Trust Company and the bondholders
committee. came forward as the auctioneer
finished and asked whether Special Master
TAYLOR had received his deposit OF bonds
TO qualify Mr.. Bowers as a bldder' lie
was informed that the deposit had been
duly received and noted.
Notice then was given that a note for
81, So S6S given by the Dry Dock line was
disputed and notice of a claim for $4,000
by the American Surety Company also was
received This cleared the decks for the
sale proper, and the auctioneer mounted
a chair.
In accordance with the court order he
offered first the railroad itself, with its
equipment and realty.
What am / offered for parcel - he
asked.
Ten million dollars quietly remarked
Mr. Bowers, while the crowd gaSped as
the huge figure was mentioned.
AS no other bids came the property was
adjudged at that figure This was en-
tirelv Insufficient however to meet he
claim of s46,eoo,o0o for the bonds, unpaid
interest receivers certificates and other
the road has been in the hands OF receiv-
ers MI Day therefore offered the STOCKS,
subscriptions and rights of the subsidiary
limos which were bid in at 100000 more.
s2e.OcO,ooo tn. Price.
Then came the offer of the whole prop
erty of the original line, with its suhsid1-
aries. and Mr.. Bowers nonchalanty pld
sol 600 900 and as the terms OF sale pro-
yded that if the bid for the third parcel
was in excess of the aggregate OF the blos
for the first and second parcels then the
property should be sold outright to the
third bidder, Mr.. Bowers became the owner
of all the property on behalf OF the pono-
holders committee, subject to the approval
of the sale by the United States CIRCUIT
Court.
The sale took just seven minutes. ana
the auctioneer's fee, under the orolhdf!
rule. will amount to s26G,e0. on the ap-
nroval of the sale James M Wallace VIII
deposit with the special master per cent
first consolidated bonds Of the lhlrd ave
nue. Railroad Company to the amount o.
the purchase and receive title 10 the
system.
The controlled companies in the Secono
marcel and the par value of the stock con-
60 ool ooo. the Dry Dock, East Broadway IL
parrarv Railroad Company, Sl12S, 100: the
ktneshridge Railway Company, $3.50; the
yonl,ers Railroad Company $685. the
yyee+cbester Electric Railroad Company,
$50 nn0. the Southern Boulevard Railroad
C,on,nanv S24s 800 and the TarrS to"H'
white plains 6, Mamaroneck RAILWAY
Conpanv. $500 0Oo. Also Included Were III
cor,a oo,ds Of the Forty-second Street
road az the par value of H,46o,eo ana 4
s,,hscriptjon on behalf of the Third I'VE
me for the balance Of the authorized cap
tai of the Kingsbridge company Oh s1'''0''',
Eol,oyvina the sale the stock of the road
which was practically W1ped o"' y!
sale broke to ~, the lowest polI' III AZ
history. It rallied at the close TO 49, d NC.
1oss of ia points for the day me oP0t'ii'e
mice was 92.. The total 'rans"N LII,
amounted to 2150 shares. The h1Sh 'cCotu
nricc for Third Avenue was maze III eo-
r,Iarv 1899. when it touched "a ihe l'is
az level reached by the stock this year
was 1917 on January :.
Members of the reorganization cofli'ili''e7
7oc,;ned TO make any comment on the pul
cbase OF the property Or the steps tha1 are
Immediately TO follow
uprD,, ADAMS TO ATLANTA.