Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1877-06-21
Southern Maryland Railroad.

The foilowmg Bill OF Compisfnt OF
The creditors Of the Southern Maryland
Railroad appears in the last issue of the
:Marlboro' Gazette. The object of the
Complaint is, to procure decree for
The sale of the road and-for the distr.-
button ofassets arising therefrom among
its bona fde creditors. Its different re-
citals will be found interesting reading
to4citizens of this county.
The bill of complaint Of the Wash
ington City and Point Lookout Railroad
Company, Robert Callahan, the State
of Maryland, and others, VS.. the South
ern Maryland Railroad, the Union Trust
Company of New York, the National
Metropolitan Bank Of Washington, ID.
c., and others, in the Circuit Court for
Prince Georges County, sitting in equi-
ty, exhibited Oh the 30th day of July,
1875.
The object Of this bill and amended
bill is TO procure decree for the sale of
the Southern Maryland Railroad. and a
distribution of its assets amongst its
bona .fde creditors, whose claims NAV
be duly established against the said
company. II alleges that the Southern
Maryla land Railroad Company was in
corporated by the General Assembly OF
the State OF Maryland. with authority
10 construct a railroad from some point
in Prince Georges County TO Point
Lookout in ST. Mary's County, with a
capital stock ofnot less than one million
Of dollars and not more. than four mil
lions of dollars, divided into shares Of
one hundred dollars each, and with
other powers and privileges which are
enumerated in the said act Of incorpo-
ration, approved March 2Sth, 1865.
chapter $50: That the said corporation
organized under the said act, and claims
to have bonn fde stock subscription OF
one million of dollars: that on the first
fav Of June, 1872, the said company
executed a deed of trust or mortgage
(Which was duly recorded) to the Union
Trust Company Of New York, corpo-
ration created by the laws of that State.
whereby all their property, real and per-
sonal, and franchises were conveyed in
trust for the purpose of securing the paw
mcnt Of 1900 coupon bonds Of the said
company Of 81 900 90 each, amounting
in ali to two million two hundred thou
Sand dollars. payable in gold coin OF the
United States, payable semi-annually,
without deduction for taxes, on the first
days OF June and December. in each and
every year until the maturity thereof in
1892, said bonds being payable 10 the
Union Trust Company or bearer; the
said bonds having been proposed to be
issued and negotiated for the purpose
Of borrowing money thereon, to be used
IN the construction and equipment of
said road. That all ofthc said bonds have
been signed bv the said s. s. Smoo,,
President, and Charles II. W,nder, Sec
Tetary OF the said Southern MARYLAND
Railroad Company. and authenticated
by the certificate of the said Union Trust
Company of New York, and delivered
TO :ne said s. S. Smoot, Presiden n. of said
company, and that all Of the said bonds
not sold or hypothicated, and no, dis.
posed ct for the private use OF the SAID
s. s. Smoot are now in his possession.
That the said 8. M. R. r. CO., have sur
veyed and located the line Of their said
proposed road from Brandywine. a sta
ton on the Baltimore and Potomac
Railroad, in Prince Georges County, To
Ra;at -Iseekests in 81. Mary's County.
have acquired the right Of way for said
road; have graded thirty-6ve miles oi
said road, commencing at Brandywine
aforesaid, and a portion of said road
from Point Lookout aforesaid. That the
said grading was done in 1Sfs, 1873,
and partly in 1874: that the said COM
pany had purchased q large number oi
ercss-ties, which had been inspected
and placed on the hne Of the said road.
TO be laid in the road bed " then ready to
receive the same.
That the Southern Maryland Railroad
Company in addition to the alleged re-
ceiPt Of two dollars per share upon the
subscriptions 10 their capital stock al.
legged to have been made, and required
by their charter TO be paid at the time
Of subscription, amounting TO the sum
Of twenty thousand dollars, have re-
eeaved the sum Of one hundred and six.
ty-three thousand dollars for I $50 shares
of the stock Of the said company sub.
scribed Tor by the Tressuser d the Stats
ofMsryland. By virtue Of ths % see
ton Of article 3 OF the Constitution oI
tbe State Of Maryland Of 1867, and the
provisions OF the act Of 1863, chapter
4ss. The 5,n charges that the said