Page:Federal Reporter, 1st Series, Volume 3.djvu/697

 690 FEDERAL REPORTER. �Smith e Collier, for applicants. �Estes e Ellett, for purchasers. �Hammond, D. J. The special master in this case reports that in pursuanoe oî the decree of sale heretofore made he has sold the Selma, Manon & Memphis Eailroad, ■ * �****** coi'structed and to he constructed, with the railways, rails, bridges, an- gines, cars, etc., including 81 bonds, of $1,000 each, of the city of Aberdeen, Mississippi, mentioned in the mortgage and decree of sale; that J. J. Busby became the purchaser of the railroad at the sumof $1,500, and Horace E. Andrews of ail the bonds, at the sum of $610; and that the purchase money has been deposited in the registry of the court, according to the terms of the decree of the sale. �S. H. Lamb and W. F. Taylor respectively offer to advance the biddings; the former to give $2,000 for the railroad, and the latter $750 for the Aberdeen bonds. W. A. Collier, one of the creditors, has filed his petition, setting forth these offers, and prays that the biddings may be opened and a re- sale ordered. Subsequently, Lamb, on condition that, if he does not become the purchaser, whatever costs he may pay in the matter shall be refunded, offers to advance the bid to $3,000 for the railroad. No attack is made upon the con- duct of the sale, and this application is based solely upon the gross inadequacy of the price wbich has been realized. These proposed bidders offer to pay their bids in on such terms and conditions as the court may impose. It is no seri- ous objection to entertaining this application that the money has not been actually paid into court along with the offer to advance the biddings. It is, I believe, the Tennessee practiee to do this, the object being to secure a sale at aU events, if a resale should be ordered. This can be accomplished, how- ever, by requiring payment before decree of resale, and there is an objection to paying the money at the time of making the application, not applicable to the state courts, in this, that ail money paid there must go into the registry, and in paying out the clerk becomes entitled to commissions, so that if the bid is not accepted and the application refused, the ����