Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1878-08-01
Tho Rnilroad TroubYc.

On Tuesday lpst, Messrs. Chamberlain.
Carter & Eaton, of New York, attorneys for
Mcsars. freeman Curko, Cyrus Gatewood,
w. T. Lockwood and other holders of tho
bonds of tho Greenville and Columbia
Railroad Company, endorsed by the State
of South Carolina, fled bill in the United
States Circuit Court for the District of
South Carolina, setting forth that Judgment
had been obtained against tho property
which remained unsatsiied, and we're lion
upon the oompany's property; that tho State
of South Carolina also had lien, inferior
to all other liens except certain mortgage
dated January 18, 1854; that tho company
had paid no interest on its bonds secured
BY mortgage of May 1, 1867, since July I,
1877; that tho company is insolvont, its
unsecured or floating Indebtedness being
$842,O0O, and its secured or bonded in
dcbtcdness s3,575,702; that the entire
value of tho property Of the company is not
over $2,000,000; that the annual interest
on its bonded debt is $3.50, 300. l9; that tho
net earnings for the year 1876 wero only
S!76,O7S.0l, and for the year 1877 only
Sl3O,6l4.8S; that tho unsecured debts nro
for tho most part over due, and that the
property of the company is threatened with
sales under executions. The bill prays that
a receiver may bo appointed to take possess.
sion of tho property, and to manage it
during the pondenoy Of the suit. A tom
porary Injunction has been granted by the
court, restraining tho Judgment creditors
and tho officers OF the road from enforcing
any Judgment or lieu against the company
and from turning over the road to any per-
son except q receiver appointed by the court
in this suit; and this restraining order was
served on the proper parties on Friday.
At the same time, Messrs. Chamberlain,
Carter & Eaton fled a similar bill, and
obtained like restraining order, in the
same court, ia behalf of Calvin, Ciaflu ana
others, holders Of the second mortgages
bonds Of the South Carolina Railroad Com.
pany, and the order was served on the
various parties defendants on Friday and
Saturday. The bill alleges chat the interest
bearing debt is s6,2s8, ,i14.44, tho annual
interest upon which is S406,178.01; that
besides, paying the interest, the company
had, on duly l, 1878, to provide for the
payment OF I've per cent. Of the principal
OF tho firot mortgage bonds, to wit: $780,
52b; that there are >>aleQ outstanding hy-.
potheoated bonds and interest coupons
the amount of $4,000, 1000; whisgt.us, p7lao,as,
to be placed on the market for sag roc
default of the company to pay the ley
secured by such bonds and coupons, tfat'
such default is likoly to OCCUR; that the
annual income Of the road, after paying ex.
penses, 10 only 100000; that the Income
will not bo appropriated to pay the interest
on the bonds of company, but will lfbo di--
verted to pay the interest on certain es ei
much of the floating debt as is held by
"the syndioates;", and to pay the interest al;
certain bonds selected according to priority.
and not to the payment Of The InlsStedGisssas &
Of tho company in suoh d manner that
creditors of tho same GLASS will share alike,
The bill is very lengthy printed document.
evidently prepared with unusual care, and
contains a number of interrogatories pro-, pro-,
pounded to the defendants, which thew ara, ara
required to answer, and which, 1t isobarged, !,
will Illicit important information toi influ1
enoe tho court in placing the road ,in the,
hands of receiver. Tho hearing Oh bosR
Of tho bills will take place early ia septem.
Der, before Judge Bond, holding the Unitod
States Circuit Court for the District Sf
South Carolina.-N. r Journal ofi C1oaSlsIs
Sacrco s5S