Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-02-26

| sectional Mortgages. That since that time ex-
changes Of sectional for consolidated bonds
! have been made TO the amount of about three
million FIVE hundred and tWenty-one thousand
/ six hundred dollars; that after the execution of
/ said MORTGAGE. the said Atlantic and Great
W estsrn Railway Company lconsolidatedl. also
issued and delivered its said bonds numbered
IRON number one 70 number twelve thousand,
both numbers inclusive. to divers and numer-
Gus persons who advanced to the said corpora
uon the money thereup0n. according to the pur-
poses expressed in said Mortgage and that said
bonds, have come to the hands Of numerous
owners ana holders thereof, respectively. who
are entitled 20 the benefit Of said Mortgage and
the security thereof That the plaintiffs do not
know the names of all the owners of said bonds,
but they are too numerous to be made parties
great delays, from Abatement by death and 9TH
erwise; that the plaintiff. Coleman, Is the owner
and holder Of warrants for interest which ac-
crued on said consolidated bonds, on the 18th
day Of July, 1855. to the amount of one humid
red thousand dollars, and that such warrants
we're on or subsequent TO inst date. duly pre-
sented at the ohee Of said Company IN the city
Of New York. and its agency in the city Of Lon
don. where the same were payable, and pay
ment therof demanded. which was refused:
that as plaintiffs believe, some portion Of the
warrents for the interest due on said bonds on
| the 18th day of January 1861, were on or after
| that day. thus duly presented for payment and
that none Of them were paid; that the plain,
tifs are unable to state what amount Of said
consolidated bonds have been issued, besides
those above stated. but believe considerable
additional amounts have been issued and are
outstanding; that in addition to such bonded
liabilities there are now outstanding and held
by various persons other debts and obligations
Of said consolidated Company to very large
amounts. that among such debts the plaintiff
Coleman, as official LiquidatOr Of the Bank of
London, as aforesaid, is the holder of obliga-
dons Of the Company TO the amount Of several
hundreds Of thousands of dollars. that the said
consolidated Company is wholly insolvent. aud
unable to pay its debts; that the plaintiffs.
Quincy. Motley and Kennard. as Trustees; are
millions of dollars % the bonds secured By said
sectional and branch line Mortgages, and that
the warrants for the interest thereof, hereto
fore matured, have been duly presented for
payment. and no part thereof has been paid
That said Atlantic and Great Western Railway
Company has no means with which to pay the
interestdue or to become due on any Of said
bonds. and that the property Of said Company
is insufficient security for the payment even Of
said consolidated bonds. That the business and
profit snd prospects Of said Railway. depend
entirety. That plaintiff Coleman. has applied
to his eo-plaintifs 70 unite with him IN bring
ing this action for the enforcement of said con-
sClidated mortgage and for the appointment Of
application 20 the said Trustee, Penn, and offered
to indemnify him therefor. bat he refused 50 to
S 40; nat ssld Penn : nan Of nS PISSPsTy and
coed alone, to enforce said Mortgage that no
other suit or action has been commenced to en-
force either Of the said Mortgages-
The prayer of said petition is. that receiver
may be appointed Of all the property, real and
personal. rights. privileges and franchises enc
braced in said Mortgage, to the defenda ant Penn,
or intended so to be. with the usual powers and
duties Of receivers in such cases, and with such
special powers for the custody, preservation
maintenance and continued operation of said
Railways and Mortgaged premises as TO the
Court may seem proper; that said consolidated
Company may be ordered 20 deliver the same
to the receiver, and TO execute all deeds assign
ments and transfers that may be necessary to
uh "a in m Al hat y
count may be taken of the bonds issued by said
cOnsoli lated Company, secured by said Mort
gage. tos aid Penn. .as Trustee, and Of the amount
OF principal and interest due thereon. and that
thensmes of said owners or holders ofsaid bonds
or Of the warrants for interest thereon, may be
ascertained; that the said defendant. the At
Ian nc and Great Western Railway Company.
consolidated. may be ordered and directed to |
pay the plaintiffs. and the owners. and holders |
otkrch bonds or interest warrants. or either |
OF theus the principal sum Of money due them
respectively, from said Company thereon. to- |
gether with all arrearages of interest now due, |
or that hereafter may become due, and payable |
plaintiffs in that behalf sustained that it may be
declared By the Court, that the income and I
profits of the said Railways and MortgaEed |
premises and property after the payment of
tanning. and operating the said Railways, and Of
such receivership. and Of these proceedings. be /
spplied to the payment of the interest on the
outstanding. and then to the payment Of the |
interest upon the bonds secured By the said con-
solidated Company Hortgage to the defendant, /
Penn: that the defendants. and each of them
except only the Trustees of the said several
sectional and branch line Mortgages herein |
aforesaid, and said Penn-and all persons claim
ing by, from. or under them. or either of them
lexcept by or under such Trustees. or any of
eml may be barred and foreclosed Of all rights,
claims. lien, and equity of redemption in said
NJ ortgaged premises. and that decree for the
sale of the same-sucject. nevertheless, to the
prlor lien and claim of the said several sec
nona1 Aortgages as to the sections of such Rail-
ways respectively. as to which the same are l.
pnor hens-may be made; that said Railway Of
The Atlantic and Great Western Railway Com
penys consolidated. together with all its prop
erSxl zeal and personal, in its said Nor tgage
described. as MortgaKed, or intended TO be,
may be sold under the order and direction of
the Court and The proceeds thereof. applied to
The payment Of the costs and expenses of the |
action and Of the reeeiy ership, and then to the
interest remaining unpaid on the said division
al bonds. and then 70 the said bonds of said
Company; that the defendants
and each OF them, may be adjudged to abide By
and perform the order and Judgment of this
Court N and about the premises; and that the
p plaintlns may have such further or other re-
hei as 10 TINS Court shall seem meet. and Just,
and equitable.
The said A5ariah C. FIagg. and Frederic G.
Senucnardt, trustees as aforesaid, and the said
J Ohm 4. Penn. Trustee as aforesaid, are requi- /
red 70 answer said petition on or before the list
day Of March, 1853,