The New York herald., 1921-05-12
FORECLOSURE SALE.
UNITED TRACTION AND ELECTRIC
COMPANY
NATUCE nE SALE


dence entitled Central Union Trust Com
yany of New York. Trustee. Complainant. vs..
United Traction and Electric Company; .,,Ls DE
Order OF Sale made and entered by said
Court In said cause on May 10, 1871. 1,
Chancery. in and by said Decree of Fore
closure and Sale referred TO as the Special
Master (and hereinafter referred to as th'
70 the highest bidder or bidders therefor at
Room 2. In the Providence County Court
House in the City. Of Providence, Rhode Isl.
In the afternoon. upon and subject TO tns
terms. conditions and provisions In said ia
Final Order OF Sale more particularly set
forth the property in said decree described
and therein directed to be sold. to wit:-Ail
traracter and description OF the United Trac-
'tion and Electric Company. New Jersey
CORPORATION Hereinafter referred 70 as tns
described In Article vi and Article XI OF
said decree. and all property OF every kind.
nature and description acquired or held by
the Receiver of the Traction Company In sati
Equity Cause No. 47ol, except cash.
brief general description OF the prop
erty to be sold at said sale Is as follows.
A. All the property, and interests in prop
erty. covered by the Hen Of the mortgage
decd of trust dated March I. 1893. made
by the Traction Company to Central Trust
Company of New York as trustee tin said
decree and hereinafter referred 10 as the
First Mortgage" of the Traction Company /.
being the property described In Article vi
of said decree tand hereinafter referred to
as parcel A,o to wit:
authorized and issued of the Union Railroad
Company, a corporation created by an Act of
the General Assembly Of the State OF Rhode
Island. viz
10000 shares OF the par value OF 500
each:
(b) all of the shares of the capital stock
authorized and issued OF the Pawtucket
Street Railway Company. corporation
created by an Act Of the General Assembly
n hn SrntA nf do lgln Nd
each:
each Of the 5000 authorized and issued
shares OF the capital stock Of the Providence
eanie able Tramway Company: q corporation ph,a,
OF the State Of Rhode Island:
(dD all the rights. benefits and securities.
II any. to which the Traction Company was
or shall thereafter become. entitled under
and by virtue OF a certain agreement be-
tween the Traction Company and the said
Union Railroad Company, bearing date the
first day Of March, 1893, and particularly
all of the First Mortgage Four Per Cent.
Gold Bonds OF said Union Railroad Com
pany authorized and issued amounting to
5000 bonds of the aggregate face value OF
$S.00O.OOo. dated July l. 1892. due July 1.
!. 1892. to Industrial Trust Company.
trustee;
(e) all the rights, benefits and securities,
IL any. to which the Traction Company was
at the date of said decree, or shall thereafter
become entitled under and by virtue of two
certain agreements. each dated March /.
1893, one thereof between the Traction Com
pany and the PawtucSet Street Hallway
Company. and the other between the Trac-
tion Company and the Providence Gable
Tramway Company:
(D any rights or claims there may be
In favor OF the Traction Company arising
out OF the use and occupation OF the prop
critics OF the Union Railroad Company. the
Pawtucket Street Railway Company. and the
Providence Gable Tramway Company by the
receivers OF The Rhode Island Company
heretofore appointed BY said Superior Court
In the cause therein pending entitled John
J. Orr. complainant, vs.. The Rhode Island
Company. defendant. Equity No. 45a3.'
b. All property. and interests In property.
of the Traction Company. and Of its receiver.
not subject to the First Mortgage (herein
sometimes referred to parcel B'D, In
Guiding but without limitation the following
ta) the following shares of capital stock
$4,000 shares Of the par value of 800 each
OF the capital stock Of Rhode Island Subur-
ban Railway Company. a corporation created
by an Act of the General Assembly OF the
State OF Rhode Island. being all OF the
capital stock OF said Company authorized
and issued;
Traction Company In and TO certain office
furniture. fixtures. materials and supplies
located at the office of the Company in the
City OF Providence, Rhode Island:
(c) any rights or claims there may be
In favor pf the Traction Company arising
out Of the use and occupation of the prop
way Company by the receivers OF The Rhod.
Island Company heretofore appointed by sait
Superior Court In the cause therein pending
entitled joan ]. Orr. complainant. vs. III,
Rhode Island Company, defendant, Euuit,
No. 1893" and any other rights claims
OF the Traction Company OF whatsoever
nature or character whether against Til,
Rhode Island Company its said receiver:
or otherwise not subject TO the First Mort
gage OF the Traction Company.
For more particular description OF the
property 10 be sold and of the terms of sale
intending purchasers are hereby referred 10
said decree OF foreclosure and Sale and said
Final Order Of Sale.
As more fully provided by said decree 70
which reference Is hereby made:
|. The sale directed by said decree will be
made IN the following manner
The Special Master will first offer for sale.
IN ono parcel as an entirety. all and singular
the property by said decree of foreclosure
and sale adjudged to be embraced in or un-
der and subject to the lien OF the First Mort
Eage Of the Traction Company and described
in Article vi of said decree (being parcel Al ,
and will note the highest bid therefor.
The Special Master viii next offer for sale.
In one parcel as an entirety. all other prop
erty OF the Traction Company adjudged by
said decree not 10 be subject to the lien Of
the First Mortgage OF the Traction Company
and described IN Article XI OF said decree
bid therefor.
The Special Master viii then offer for sale
in one lot and as an entirety all the property
described In Article VI and In Article N of
said decree, and previously offered for sale
under said decree (belng parcels A and b !.
and will note the highest bid therefor.
All bids for said parcels separately shall be
received and noted only upon the conditions
hereinafter specified.
II the highest bid received for the whole OF
said property when so offered for sale rs an
entirety shall equal or exceed the aggregate
of the several highest bids therefor. when
offered for sale In separate parcels as here
inabove provided, then the Special Master
viii accept said bid and strike off all said
property as an entirety 20 such bidder sub
iect to confirmation of the sale by the Court.
H. however, the highest bid received for said
property, when offered ns an entirety. shall
be less than the aggregate amount OF the
several highest bids for said property, whsn
offered in separate parcels as hereinabove
provided, then the Special Master WIFI accept
the highest bid received for each parcel OF
said property. when offered separately as
aforesaid, and Will strike off the sam. 20
such bidder subject TO confirmation OF the
sale by the Court.
III. In making the sale directed by said
decree, the Special Master will accept no bid
from any bidder who shall not. prior to the
day OF sale. deposit with the Special Master,
as a pledge that he will make good his bid
In the event OF its acceptance -
(a) In the case OF all tho property
subject TO the lien OF the First Mortgage
OF the Traction Company described in
Article vi OF said decree. the OF
Thrty-Five Thousand dollars In cash, or
by certified check on some national bank
svttas .,ty f, he nf "a