New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-09
IMPORTANT RAILROAD DECISION!

UNITED STATES CIRCUIT coURToINpPIANAA;;-BefOre
d. d. Williams vs. the New Albany and Salem Railroad Co.
Receiver will not be appointed, as a matter OF
course on default Of paying interest or PRINCIPAL of
Where an expenditure has been made Of the current income
of the road and considerable debt incurred in completing the
read and sPps IT, under the sdGs OF the r o snd
viii rot BE- considered mlssppicstiOn.
greatly increased the security OF the bond holders and
cumssnce. do not authorize the appointment Of Receiver
The Cou entered order the Railroad Company to make
the road and after the first Of January piy onehs
the receipts into Court in discharge OF the interest and
Court will not order the payment Of interest unless the
coupons shall be presented. . ,.n. 6, oo.,,,.,,u..
Nessrs. Smith, Crawford Mcdonald, for defendant
OPINION BY THE JUDGE.
In his bill, the plaiIt tiff states that the defendant
Qwps, and has in operation, a line Of Railroad CON-
rencipG at Albany, on the Ohio river, extending
thence to Michigan City on Lake Michigan, 2sS miles;
also branch Of said road, not yet in operation, ex
ter ding from Gospor in Owen County, to Indiauspo
lie, of the Ter gt % - miles, That in connection with
the road and branch, the Comparg has in use large
rolling stock consisting large number Of loco
motive engines cars and mschinr; Also various other proper
the transportation passengers and feehs with corporate
to sUasf The dSars esa and passage
Of separation which account the complainant prsys
and in such manner all of said corporate franchises may
pass and vest in the purchaser purchasers body copo
ID be
again the same manner and subject to the same rescons
The complainant further states that the said Company the
Sn 90 SE lie. pA .1a
ll2 miles and being in need Of money build the road
nS az Son ss SSiiSw 70 be Sc
In the City of NewYOrk, q, 10 cent anuun subject to
cl aDge par stock That the payment Of
said bonds deed Of trust executed which the complain
the and his the crested ali the
present. and then in the future 70 be scqud
TO
which lie. between Albany GOspOrt e wit the road
dpou Of property which pead the s 1Ds
the Company might acquire on TIE folio wing terms:
heeo of o. % R' sns o s
might become due when Dc anded then after sixty
the Complainant or his successor in the trust should en.e mt
and take possession Of all and every part Of said premises
By himself and agents substitutes duly constituted have and
employ the same in Masking al needu Tepa alterations and
pa ~ Ss and Sns;n iPp the
manning unpaid Or the his in said
trust al his Or their direction might the written request Of
the holders Of least onsha Of the bonds then unpaid And
upoonverted into stock the premises or 50 much
thereof should be necessary TO the principal
Civ Of Albany the State Of ndars or IN the CIV N we
Yoik giving least foisy days notice, The bonds were
duly executed and the money leaned on the faith of the
And the says tina. the Company paid the nterss.
the ineTes whish became tia. day they killed to psy
and that the whole Of the coupon. ot the nst.en Of interest
Pate sum of twenty FIVE thousand dollars than sixty dsys
Ser the maturity of the coupons having trsnsped After
this the holders OF large number Of said bonds qued The
complainant as to enter upon and take of
said premises and other holders Of said b1nd
in writing proceed according 70 the terms and conditions Of
said deed make sale of the mosased premises but
be deemed II incxpedient to do 80. ,
And the bin states that several other loans made OF
large amounts AZ different Of interest by issuing and
lin BY deeds of trust the property Of the
the same conditions those specified In the FIRST mortgage
ON NJ, OF which ,bseouent loans the interest beco ds
remains unpaid He has 10. entered the property
above requested sell the authorized By the deeds
STAIRS being arsely Dsoyent AMI owing large floating IN
secured d. h Thai many tha. class Of creditors prose-
euied suits and judgments against the Copar and sk
TO enforce ,sston BY the sIure and sale Of the property
the read, &c.
That BY reason OF the promises 'naspeIssby resess.ry
TO sell dispese Of said premises 70 the end
tsus:.
Al tE,st sse prior 10 Tie 10. u Fstnsry ss:, hes hsss