The New York herald., 1921-05-12
FORECLOSURE SALE.

| TO the Special Master. and made or en-
dorsed payable 70 his order. Al the option
lars principal amount Of First Mortgage
Bonds Of the Traction Company In bearer
/ companed by the interest warrants due
March I. 1919. and subsequently. may be
deposited in lieu of cash. Such deposit may
partly In said First Mortgage Bonds but IA
the same relative proportions: n
Cb) In case Of the property adjudged
lien or the said First Mortgage and de-
.Tcribed In Article XII Of said decree. the
am OF Ten Thousand dollars In cash or
(cl In the case OF the property de-.
scribed in Article vi and in Article Xr
said aSchee as an entirety by the
check as aforesaid. or the aggregate Of
bonds Of the character and to the amounts
going clauses (a) and (b) In order to
qualify, the bidder. to bid for, said prop
| erty when offered in said parcels.
terest warrants In accordance with the
reauirements Of any of the foresoins
certificate @ or s eertifieafes ss Of T any Solvent
banking institution, trust company
or banking firm acceptable to the Special
Of the Special Mast; Master. suP1ssd bonds " Of the re-
quired character in bearer form, and. il
interest warrant bonds. accompanied by tho
required interest warrants. sf
The deposit made by any bidder for . sepa-
rate parcel may so far az applicable be ap-
piled on account OF the deposit required to
be made in order to qualify him to bid fnr
the same property WREN offered for sale
| with the other property as an entirety: Any
deposit received from an unsuccessful bidder
will be returned to him when the property
shall have been struck off The deposit re-
ceived from the successful bidder or bidders
shall be- applied on account of the purchase
price of the property.
In case any bidder, upon the acceptance Of
| his bid by the Special Master, shall fail TO
comply. within the period Of twenty days
| after the entry thereof with any order OF
said Court. recurring or relating TO the pay
| then the moneys bonds deposited by such
accepted bidder. as hereinbefore provided.
ure and VIII be applied to the payment OF
the expenses OF a resale and toward making
good any deficiency or loss, In case the prop
| erty. in respect of which such accepted bid
der shall make default. shall be sold ~
less price on such resale and to such ether
purposes as this Court may direct:
II said Court shall deny an application TO
confirm any sale, the deposit made by any
| accepted bidder at such sale shall thereupon
| be returned to such bidder.
No minimum price is fixed by said de-
cree for the property to be sold or any
parcel thereof; but tho Court reserves full
power and discretion to reject any bid or
bids which in It's judgment shall be sub
ject TO just objection. Every sale under
said decree shall be subject to confirrna-
by said decree directed to be sold whan
offered for sale as an entirety must be
sufficient to provide for the payment In
cash OF such sum as the Court may deem
sufficient to meet the four classes cr
| charges upon the proceeds OF sale IN
clauses fa) to td) inclusive OF Article XXX
OF said decree enumerated, viz: BIZ
(a) The costs Of said Equity Cause No.
4Io1 and all proper expenses OF said saic.
including the compensation of the Special
Master appointed to make such sale:
(b) Any unpaid compensation which has
been or shall be allowed by the Court TO
the receiver IN said cause. or his solicitors
and counsel; btai
(c) All unpaid liabilities. indebtedness
and obligations. IL any such there be, Of
the receiver in said cause legally contracted
or Incurred BY him at any time before the
property sold shall be delivered to the pur-
chaser or purchasers. his or their success
sors or assigns: #GE
td) Any unpaid claims OF creditors OF the
Traction Company. which have been or
shall be admitted by the parties In In tcres ~
or adjudged by the Court to be prior and
superior In equity 10 the lien of the First
Mortgage Of the Traction Company. HI
In the event OF the insuffciency OF the
proceeds OF sale to pay in fun the amount
or said charges. the Court reserves the rtghc
from time TO time TO require payment OF the
deficiency by the purchaser purchasers.
,wa rhe Ueurt rs,- reserves the right in case the
parcels A and and ordered TO be sold
han be sold TO different purchasers. to
npportioR between said parcels the
abilities and other items charged upon
the proceeds OF sale and mentioned In the
foregoing clauses ta) 70 tdl inclusive. 81
le.
the purchaser shall make such payment or
payments in cash account OF the pur-
chase price as the Court may from time 70
So much OF the purchase price as may
not be required by the Court TO be paid n
may satisfy and make good the balance o
- ,h hid eIoo,a1 IN Whole or In part by delvsrins
credifss Ine peeial Msster to be cancelled Q,
Mortgage Bonds OF the Traction Company
n bearer form. and. IL IN interest war
! rant form. accompanied by the fn'eres
warrants appertaining thereto. due March
/ ], 1919. and subsequently,. to be paid eu
OF the proceeds OF sale on distribution
| thereof as set forth IN said decree. and Ior
| claims against the Traction Company
which have been or may be allowed ard
established In said Equity Clause No 470f
t.cie XX of said decree, including any de-
ficency claims IN respect OF such First
rants appertaining thereto which may be
allowed by the Court In favor OF the
trustee of the First Mortgage OF the Trae-
ton Company or OF any OF the holders Of
its First Mortgage Bonds In lieu of st,cil
bonds or interest warrants or claims. tho
Special Master may accept the certificate
ing institution. trust company, banking
firm. acceptable 70 the Special Master that
dds. subject to his order. Or subject
TO the order OF the person persons Or
corporation therein named and assigned
TO his order. bonds OF the required cNar-
acter and OF the amount therein specified.
panied by the interest warrants therein
specified. or claims OF the required char
acter and of the amount therein specified
accompanied by proper and appropriate as
signments thereof transferring the same
10 the Special Master. The purchaser shall
he credited, account of the purchase
price Of the property by him purchased. for
all such bonds and interest warrants and
for all snch allowed claims so delivered
10 the Special Master IN part payment OF
tho purchase price, with such sums as
would be payable In respect of such bonds.
interest warrants. and claims out OF the
proceeds OF the sale sales made pur
suant 10 said decree II the whole amount
OF the nurchase price were paid In cash.
w. BY said decree said Court has re-
served for its future Adjudication all ques-
tions not disposed OF by said decree.
For further particulars references IL
hereby made to said Decree Of Foreclosure
and Sale and TO said Final Order OF SAILS
and 20 the records OF said Equity Cause
No. aT0f and TO the Advisory Report OF
the Receiver OF the Traction Company 20
be filed with the Clerk OF said Superior
Court pursuant to said Decree of Fore
closure and Sale. Further information may
also be obtained upon application TO the
undersigned.
Dated at Providence, n. L.. May 10. 1921.
ARTHUR A. THOMAS. Standing Master
IN chancery and Special Master afore-
RICHARD 3. coM2rocK. Proyidencs.
r. I.
EDWARDS a ANGEL. Providence. r. T.
ROPES, GRAY. BoYDEN 4 PERKINS,