The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-24
PORECLOSING A MORTGAGE.
The Central Trust Company Sues the
Wabash Road 10 Collect
$50, 100000.

The largest complaint ever fled in the
Circuit Court was filed yesterday. It is
printed in large pamphlet form, has eighty
five pages, and consists OF twenty-three
paragraphs. The title is the Central Trust
Company Of New York and James Cheney
va. the Wabash, the st. L., l. NJ. and S.
Roads, the Mercantile Trust Company, the
Farmers Loan and Trust Company, the
United States Trust Company the Eel River
Road. L, P. and C, NJ, c. and l., C. C. and
L., a, @. and s., T. P. and w, st. L., J.
and s., G. and s., n, r and E. 2. AID P.
T., G. and W. l., Pan Handle, b, G. and B.,
st. l., o. and G. r., ST. J. and st. L.. B. and
c., st. L., G., B. and o St. L, x. c. and o.,
O., NJ. and p, and large number of bridge
and other corporations and private in
divldusls. FROM the mplsint 1t appears
that Cheney, plaintiff IS p resident OF this
State. N June 1850, the W, S.. L. and ?. Is
sued $4,000 bonds, for 81 600 each, to plain
tits, giving its mortgage on its various lines,
stock, ETC., and on seventeen mortgages
which it holds on other corporations. The
allegations cover an immense amount of
space, and the petition for relief is very com
prehensiVe. It concludes with prayer for an
account OF all the property of the Wabash
Road, that the mortgages may De
declared a first lien on ali the
property, and for foreclosure, etc. By the
terms OF the bonds the interest Is fixed at
per cent, payable semi annually in June
and December, and the principle is TO be-
come due in 1920, on the 1st Of June Il is
provided that If the interest is not paid
promptly the entire amount shall become
DUE also If the interest is over due six
months the property m0rtgagsd shall be sd
vertssd for sale in the New York and ST
Louis papers The twentieth paragraph of
the complaint alleges that on the ID OF June,
1854, u ne l falling on Sunday the interest
oeoame due and default was
made in the payment, and the
interest is still due and unpaid. 1t is also
alleged that large number of the coupons
were presented at the Wabash Office 10 New
York for payment and that it was refused
The complaint charges that the Wabash
Road is for the time practically insolvent.
After the making of plaintiffs mortgage,
the Wabash made its prOmissorv notes and
solo them TO the Equitable Life Insurance
Company of New York. AfterWard a pro-
ceeding was begun IN the Missouri Courts
for the appointment of Receivers for
the road to protect the Equitable
Life Insurance Companys interests and
pay OIL the above notes. Plaintiffs say they
are informed that certain parties are intend
ing to raise the question of jurisdiction OF
the United States Court, where these pro-
ceedings were had, and they come now into
this court 70 secure their interests IN the
mortgsged property.
The attorneys are Butler. Sillman & Hub
bard, of New York, and Phillips & Steward,
o. st. Louis. The complaint was filed yea
terday morning by the travelling solicitor of
the road, and from the fact that he
was in consultation with Baker, Hord
& Hendricks, it is presumed
that firm will represent the plaintiffs in this
city. It was stated by the travelling solic-
itor that the pro rata interest of the plain
tits in the Wabash Road property of Indi-
ana is about ST., 900, and it seems from
his statements that the Central Trust Com.
pany regard the main road of the Wabash as
being profitable enterprise, but that for
the past four years it has been ham pered by
its numerous branch lines, and that the
complaint is filed partly to see il the
road can not be relieved of q large num-
Der of the branch roads which are
regarded So but so many membranes
Having secured as much of their loaned
money as possible off these branch roads,
the balance will be secured by foreclosure
on the main road in other suits along the
main line OF the read. The interest, due
semi-annually, amounts to s. 100000