Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1859-05-05
Application for the Sale OF the Ohio
Central kailroad-Appointment
of a Receiver of the Road.

ABB in Chancery has been filed in the
United States Circuit Court. BY George 8
Coe, of New York, setting forth that. to
secure the payment OF bonds to the amount
of $3.50 600: payable in February, 1861, tine
Company conveyed to him, on the 2lsi of
February, 1851, SO much OF the road as was
then air aiy made. or to be made between
the ciiits OF Columbus and Zane>ville, in
GLIDING the right of wsy, superstructure,
&C., subject 10 certain conditions and re-
strctions. I In case the principal Or interest
were uupad, the complainant was to have
the right to enter into possession of the
road, and have the use and control OF the
same, and aite- paying the running expei ses
and repairs, 10 apply the surplus receipts.
to the payment of the principal and inler
of the bonds remaining unpaid; or on the
written reques, OF the holders OF at least
one half OF the bonds, remaining unpaid
and unconverted into stock might cause
the road to be sold at public auction. BY
giving al least iorty days notice.
The bill further AYERS that the Company
failed to pay the interest coupons on the
hole amount of such bonds rs fell due on
the hrst days os February and August, 1858.
and FeS. LIST, 1859, and tha. such insterest
still remains unpaid.
In April, 1859, the Company executed
and de hvered to the complainant second
mortgage, for ssoOso0o, to secure the pay
ment of bonds issued to that amount, pay
,hIo 4, 1894 n;,E savor nor co,f iptorpet
by which was conveyed SO much Of the
road as was s-made, or should be made, be-
tive, The city of GAINESVILLE and point
opposite the city of Wheeling, with like
| conditions and stpulstions as were cuntain-
ed in the first deed OF trust, and that the
Company faiied to pay the interest coupons
due Nov. lst, 1857, and May and Novem-
Der, 1858. aaf
On .he 22d of August, 1853, the Com.
pany executed to the complainant another
mortgage, to secure the payment of bonds
for $500 600. payable in 1865, with like
s,ipulations and conditions, and the Com.
pany failed 20 pay the interest due in Sept
1857, March and Sept. 1858, and March
1859 .-efr "
On the 22d of October. 1855, the Com
pany executed deed, conveying the entire
road then made, or to be made. to the com
plHinan,, together with the rolling stock
buildings, &c.
| The bill aso alleges, that since the exc
Gu ion of these mortgages, the Company ha'
mortgsged The sams property TO o'her par
tie IN sccrro tbo nayn.n, IS a.hor hopds
sub eqnently de. particularly one 10 Thos
Swan, Gustav w Leennan and John s
Hopkins, 10 secure the payment of $3.50.
00o Also deed to Richard S'illwell. Il
secure the payment OF bonds to the amnun
o - 600 900 the interest upon both, which
mortgages is still unpaid Also, that tht
Company is largely ihdebred to very large
number of persons and is grest'y embar
ra>sPd in its business, and is in fact utterly
insolvent and unable to paw its debts, ant
that several of its creditors have slread,
recovered judgments agsins, the Company
.ha, j will be impossible to keep the rost
in operation more than a very limited periot
OF time. .
j The complainant sets forth. further, tha
it is practically impossible for him Ia tax,
possession of the property, and operate tht
road, and that he has no money belonging
to the trust. for thai purpose. and fhere'ors
asks that the road, and its appurtenance,
may be sold and converted into money, ant
the proceeds applied to tie payment Of thu
debts of the Company
The Conrt Yesterday directed decree t.
be entered. appointing Hugh Jewett th'
) present President of the road, Receiver
with the customary powers to operate ant
protect the property of the road, az he shal
deem proper, and requiring him to deposi
the surplus earnings of the road in SOM
bank in GAINESVILLE, or other place aionl
the line, and 10 file monthly statements q
,he receipts, disbursements. and liabilities
He is to haze control ever the officers an
employees of the road. except the Directors
Treasurer ane Secretary. sn' is required tc
give bonds in $40 600 Tor the faithful dis
churge of the trust. The surplus earning
are to bo nppied as follows:
lst. To the p ,ymeht # all debts due 70
labor, materials and supplies furnished III
Company within The six months prior to tn
date OF the decree, and to balances due 70
construction.
I'd. To the payment of oil sums borrow
e.j TO paw interest upon the mortgage deb
or f,..r labor or materials, for the payment o
which any former or present officer of tn
Company. or any other person at the nstant,
of such cffic,.r, mny be liable.
Sd. To :he payment of any loans mad'
in good faith by an, past or p resent Director
for such purpose
4.h. To pay AttorreS's fees, &C., TO
services to complsin,rts in suits pending o.
terminating at the fling of this bills, ant
Cor similar services for the Company.
9th. To the payment of taxes upon The
road
GIN. To balances due Far righ. of way.
I'll. To discharge liabilities of any per.
son who may have become surety at the
solicitation of the complainant or the Com.
psny, in the prosecution or defence Of suits
designed to protect the Company against
third parties.
9th. To refund to George Bartlett the
money advanced BY him. at the instance Of
John H. Sullivan, then President of said
Company, immediately y before said rcsd was