The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-11-20

LIE ohAhLESToN AND SAVANNAH HAILROAD.-The
q. s. Circuit Court, on its Equity side, has been
engaged for several days on the case of "The
RoaEns Locomotive and Machine Works, Corpo-
ration OF New Jersey, us. ISAAC w. HAYNE, EDWARD
SEBR1Na, JOHN e. CAnEw, citizens of South Caro-
lima, and others-Bill>for account Discovery, In
junction and Relief" This Bill is fled by Gen. .WM
T. MARTIN. Complainants' Solicitor
The present discussion arose on O motion for
Injunction against the sale of tho Charleston and
Savannah Railroad, which is advertised to take
place this day. From the bill it appears that the
above-named Locomotive Company furnished, some
hme before the war, to the Charleston and Savan-
nah Railroad Company, "Twclvc frst-cass loco
motives, and other stock and material their whole
account amounting to 500, ,29O65 and received
payment on account, leaving balance, which, with
interest, now amounts to siS,5SO97.
1t further appears that somo timo before the last
work was delivered, the Locomotive Company be-
came apprehonslve of loss, and requested q return
OF tho engines At this time one engine, called tho
Southwark Ho," was in Charleston, with tho box
ing unremoved, and the President, Gen. DnAYToN,
consented TO return tho "Southward Ho," and ar
rangcmcnts for hor reshipment were being made,
when Gen. DRAYToN changed his mind, and re-
fused to redeliver the locomotives and tho Railroad
Company retained possession of tho locomotives
and have failed to pay their debt to recover which
the Locomotive Company has commenced an ac-
tion on the law side OF the Circuit Court.
On the 1st Of January, 1853, the Charleston and
Savannah Railroad Company issued two thousand
bonds, OF $500 each, payable January /, 1873, and
secured their payment by mortgage of the road
beds and superstructures, and all their present
and in future to bo acquired property. The de-
PENDANTS named above are tho trustees for tho
bondholders under this mortgage. These trustees
propose to sell the road this day, in pursuance of
the provisions Of tho said mortgage for tho bene-
ut Of tho bondhoders.
The complainants, apprehensive that tho sale of
the road will leave them without redress have ap-
Piled for an injunction to stop tho sale, and in
their bill anego nineteon grounds in support of
their application, the principal of which are, TINT
the locomotives, being property acquired after the
date OF tho mortgage, could not pass by that in
strument, and that the locomotives having been
acquired upon promise of payment in cash upon
delivery, the subsequent possession of the compa-
ny was fraudulent, and did not affect tho COM
plainants' lien upon them for tho amount Of tho
purchase money.
The dofence to the bill is to the effect that, how
ever just the debt Of the complainants may bo,
they have lost their lien upon tho locomotives.
and have therefore, no right to apply to Court
OF Equity to enjoin tho sale of thom, under the
lien created by mortgage.
Mossrs w. d. PORTER and G. RICHARDSON MILES
appeared for the trustees; Messrs. HENRY BUST
and j. b. CAMPBELL for tho bondholders; and
Mossrs. McCnADY and SIMoNroN for the Charles
ton and Savannah Railroad Company.
Tho decroo Of the Court was as follows:
1T il ordored that the dofondants, Isaac w.
teos be enoined from Selling the four locomotiva
isondiga, Mayor Macbeth, Jamos Adger and South,
tn Tara no. included in the property advertised by
Court, or until tho said Trustees give suficienf
security to be approved by Daniel Horlbeck, Eso.
Commlssloner OF this Court, in the sum of $38 COO
tho complainant on tho said locomotives, or anv
ono OF them, and that all equities bo roseryed.
"GEO. 8. BRYAN, u. 8. Judge.
| November 49, 1866.