Drascovich

In the proceedings commenced March 2, 1915, by the Equitable Trust Company of New York to-foreclose the mortgage executed by the Western Pacific Railway Company to secure bonds to the amount of $50,000,000, the property of the Western Pacific Company was sold by the special master on June 28,. 1916, for $18,000,000. The sale was confirmed by decree of confirmation July 1,. 1916. Out of this sum of $18,000,000, and interest accrued while the foreclosure proceedings were in progress, the court decreed the payment of all expenses in the proceedings, amounting approximately to the sum. of $276,895, and a distribution of the remainder, amounting to $17,727,725.55, to bondholders presenting their bonds, in the percentage of $35.455451 per $100 face, and $354.55451 per $1,000 face of the amount of the bonds.

On August 29, 1916, and September 6,. 1916, orders were entered by the court determining and ordering paid from the funds-in the hands of the special master, among other items, the amount of compensation off the receivers, $70,000, and their counsel, $71,056.71; the compensation of the complainant, as trustee, $25,000; disbursements-by complainant as trustee, $12,469; its counsel,…