Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-02-19

sectional VI MOrtgages- mat since that time ex-
changes Of sectional for consolidated bonds
| have been made to the amount of shout three
million FIVE hundred and tuenty-ope thousand
six hundred dollars; that after the execution of
said Mortgage. the said Atlantic and Great
Western Railway Company consolidated. also
Issued and delivered its said bonds numbered
from NUM- Der one TO number twelve thousand.
both numbers inclusive, to divers and numer-
Gus persons who advanced 10 the said corpora
tion the money thereupon. according to the pur-
poses expressed in said Mortgage, and that said
bonds, have come to the hands of numerous
owners and holders thereof. respectively. who
are entitled to the benefit of said Mortgage and
the security thereof That the plaintiffs do not
know the names Of all the owners OF said bonds,
out they are too numerous to be made parties
TO the action, without exposing the same 10
great delays, from abatement By death and 9TH
erWlse; that the plaintiff, Coleman, Is the owner
and holder Of warrants for interest which ae-
day Of July, 1866. to the amount of one hund-
red thousand dollars. and that such warrants
were on or subsequent TO that date. duly pre-
sented AZ the ONCE Of said Company IN theeity
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 1867, were on or after
that day. thus duly presented for payment. and
that none Of them were paid; that the plain-
tihs 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
by various persons other debts and obligations
Of said consolidated Company TO very large
amounts, that among such debts the llalntlh
Coleman, as official Liquidator OF the Bank OF
London. as aforesaid, is the holder Of obliga-
tions Of the Company TO the amount OF several
hundreds Of thousands Of dollars, that the SAID
consolidated Company Is wholly insolveRt. and
unable to pay its debts; that the plaintiffs.
Gurney, Motley and kennard. as Trustees. are
the owners and holders Of between i've and SIX
millions Of dollars Of the bonds secured by said
sectional and branch line Mortgages. and that
the warrants for the interest thereon, 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
interest due 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 and prospects of said Railway. depend
upon its being kept together, and operated as an
entirety. That plaintiff Coleman. has applied
to his eo-plaintiffs to unite with him in bring
ing this action for the enforcement of said con-
sOlidated mortgage and for the appointment OF
a receiver Hereunder. and also made the same
application to the said Trustee. Penn. and offered
to indemnify him therefor. but he refused so to
do; that said Penn is man Of no property. and
the plaintiffs are unwilling that he should Pre-
ceed alone. 10 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 en-
braced IN said Mortgage, to the defendant Penn,
or intended SO to be, with the usual powers and
duties Of receivers in such cases, aud 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 TO deliver the same
to the receiver, and 10 execute all deeds assign
nd F-opafa-a that ha 20
vest the same in him as receiver; that an ac-
count may be taken o { the bonds issued by said
consolidated Company. secured by said Mort
gage. to aid Penn. as Trustee, and OF the am6unt
of principal and interest due thereon. and that
then2mes Of said owners orholders ofsaid bonds
or of the warrants for interest thereon, may be
Ian tic and Great Western Railway Company.
consolidated. may be ordered and directed TO
pay the plaintiffs, and the owners. and holders
Of such bonds or interest warrants. or either
OF them, 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
ther con, together with costs and charges of the
plaintiffs in that behalf sustained that il may be
declared BY the Court, that the income and
profits of the said Railways and Mortgaged
premises and property, after the payment OF
the costs and expenses of retaining and main
taining. and operating the said Railways. and of
such receiv ership, and of these proceedings. be
applied 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 s Mortgage 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
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
hem) may be barred and foreclosed Of all rights,
claims. lien, and equity Of redemption IN said
A ortgaged premises, and that decree for the
sale Of the same-sueject. nevertheless, to the
tlohAl merfgages as to the sections Of such Kali
ways reSDectiVely, as to which the same are
prlor nens-may be made; that said Railway of
the Atlantic and Great Western naiiWay Cum
pany, consolidated, together with all its prop
erty, real and personal, in its said Mortgage
described. as Mortgaged. 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 receiFership, and then to the
interest remaining unpaid on the said division
al bonds. and then to the said bonds of said
consolidated Company; that the defendants
and each Of them. may be adjudged to abide BY
and perform the order and judgment of this
Court IN and about the premises and that the
plaintlns may have such further or other re-
het as To- TINS Court shall seem meet. and just.
and equitable.
The said Azsriah C. Flag, and Frederic G.
Schuehardt, Trustees as aforesaid, and the said
John X. Penn. Trustee as aforesaid, are requi-
red 70 answer said petition on or before the 2lst
day Of March, 1858,
SAMUEL GURNEY,
JOHN P. KENNARD, Trustees,
4 CHARLES MOTLEY.
And James &. Coleman. official Liquidator
Of the Bank Of London. By Clarkson n. Potter.
their Agent and Counsel.
Jan. %, lS6S-6W.