The Pascagoula chronicle. (Pascagoula, Miss.) 1905-1920, 1919-09-06
ST. RY. & P. CO.
SOLD TO E. J. FORD
Bids $6o,5oo For Whole Property-saIe
Awaits Confirmation Of Federal
Judge.

The properties of the Pascagouls
Street Railway and Power Company
were sold at trustees sale Monday, by
Deputy U. S. Court Clerk Geo. p
Money, special commissioner, appoint
ed by Judge Holmes of the United
States District Court for the Southern
District of Mississippi. The sale was
to foreclose mortgage held by the
Columbia Finance & Trust Co. against
the Pascagoula Street Railway & Pow
er Company. The sale was originally
advertised to take place on the 18th
OF August, but for reasons satisfactory
to all parties was postponed luntil
Monday, September 1st.
The sale attracted a number of per-
sons interested and otherwise, but
there was an absence Of capitalists
wiling and ready to invest in such a
plant, so the bidding was not as spirit
ed as it might have been. After the
decee of the court and the advertise
ment of the sale was read by the COM
missioner and the other preliminaries
settled, the commissioner began Of
fering the property. 1t was offered
in three parcels: The franchises of the
company electric light, street car and
water works; then the rolling stock
and lastly the other physical property,
consisting OF tracks, wires, buildings,
lands, machinery etc. On the separate
parcels only nominal bids were offered.
The real bidding began when the en-
tire property was put up. There were
three bidders to qualify by making the
necessary Deposit Messrs ]. R. Watts,
representing local company; w. j.
Lindinger representing some creditors
CT the power company, and K. J. Ford.
The first bid was for five thousand
dollars by Mr.. Lindinger. This was
followed by other bids Of from fifty to
three hundred dollars, until the price
was brought up to 0,500.00, Mr.. Ford
being the highest bidder. The next
highest bid was by Mr.. Watts for $780,
10000. At the conclusion of the bids
Mr. Ford announced that he was not
bidding on the franchises of the COM
pany, and would not accept them.
Mr.. Watts announced that
he was bidding on the whole property,
including the franchises, as advertised
and as set out in the decree ordering
the sale. The commissioner then an
that he accepted Mr. FOrd's
bid as the highest and best, and pro-
,eeded to hand the unsuccessful bid
1ers their deposits. WhereupOn Mr..
Watts announced he would allow his |
deposit to remain in the hands of the
and would also put up |
The balance of twenty-five per cent. of |
lis bid, in case the court decided his |
bid was the best. This was according
y done, and there the matter stands.
In the meantime the temporary ar
'angement for lights and water made
With the International Shipbuilding
Company, will remain in force. The
.ity council and citizens in general
re in hopes that if the court confirms
his sale the new purchasers will i'm
nediately take hold of the matter and
'ut the old plant in good condition and
% ahead with the business Of supply
ng the city with electric current and
water. 1t is not known what Mr.
'ords intentions in the matter are,
hould his bid be allowed by the court
0 stand, consequently all statements
S to the future of the plant are merely
onjectural.
To an onlooker the bids for the prop I
rty were ridiculously low, as the ap-
raisers who were appointed by the ,
ourt to fix the value of all the prop
rty of the power company only recent
concluded their labors and appraised ;
ne property at $2OS,00OOO. Many be- {
eve that it would sell for more than ,
ie purchase price merely as junk or
ID material.