“FAST LINE” IS SOLD FOR $200,000
Trenton Trolley Bought By Bondholders at Auction Before Frank S. Katzenbach Here This Afternoon – Only One Bid Presented
Frank S. Katzenbach, Jr., of Trenton, as Master in Chancery, came here this afternoon to sell at auction the Trenton & New Brunswick “Fast Line” Railroad, which has been in litigation for some time past. The sale took place at the sheriff’s office.The railroad was sold to the bondholders.Mr. Katzenbach opened the proceedings by reading the notice of sale and conditions. The terms included all property on the right of way from here to Trenton, and Berthwaite, counsel for the receiver, stated that it should be understood that from 1,000 to 2,000 ties lying along the road were not included, not having yet been placed by the receiver.THE BIDDERS.Mr. Katzenbach stated that but two parties had qualified as bidders by depositing the $25,000 guarantee required. These were the Finance Committee of Pennsylvania, plaintiffs in the proceedings, and Irwin Shoup, Jr., and Charles Dickson, both of Philadelphia, constituting a purchasing committee named by the bondholders of the railroad company.Bids being called for, the purchasing committee bid $200,000. There were no other bids and the property was struck off.Acknowledgment of sale was at once signed, and title will be passed on May 1st. The bondholders, it is understood, will endeavor to dispose of the road, and it is strongly hinted that the Public Service may buy it in. To-morrow in Elizabeth, the New Jersey Short Line Railway, which has a right of way from Elizabeth to Milltown, connecting at the latter place with the “Fast Line,” will also be sold. The latter line, if connected, would give an air line from Elizabeth to Trenton, crossing the Raritan river near Martin’s dock. It is rumored that the Public Service wants to acquire this right of way, then connect by means of the Camden & Trenton line to Camden.The sale includes the right of way, bridge, rolling stock, etc., of the electric line from Milltown to Trenton. Both the Public Service Railway Co. and the Pennsylvania Railroad Co. were reported as anxious to get hold of the property.
NEW COAL CO. ELECTS OFFICERS
The Milltown Coal and Lumber Company, the organization of which was noted last week, met last evening and elected the following officers: President, J.V.L. Booraem; secretary, Spencer Perry; treasurer, C.W. Kuhithau.
It was decided that the main office of the company shall be at the home of J.V.L. Booraem, on Van Liew Avenue, Milltown. The Raritan River Railroad Co. is now putting in a siding to the yards on Van Liew Avenue.
The company will proceed at once to erect suitable buildings, and the work will be pushed with all celerity. A prosperous future is predicted for the new concern. Judge Hicks is attorney for the company.