Evening capital. (Annapolis, Md.) 1884-1910, 1885-07-31
THE A. AZ. RAILROAD.
Argument to-day Before the Circuit
Court for Possession Of the Road.


morning. The hearing was heard ia
the Court of Appeals room. though
Judge Jones sat as Of the Circuit
Court. Quite q number OF spectators
were present, including Capt. Bians.
president OF the road and several EN-.
i ployees Of the company. Col. Stew
art Brown and Arthur George Brown
represented the bondholders, and Jno.
Ireland, Esq, OF Annapolis bar, the
railroad company. Col. Marshall. the
other counsel. being absent.
Dir. Arthur George Brown began
the argument for The trustees and
read the petition, already mention in
the CAPITAL. He represented that
default having been made, and having
ever since continued, under the terms
of the deed of trust, in the payment
of the interest on all the bonds there
by secured, the petitioners are enti-
tied 10 enter into and upon the rail-
road premises and property of the
con pany, and ITO exercise and enjoy
the franchises thereof, and to operate
the same and conduct the business
thereof, and to collect all earnings,
dues, freigbts. incomes, rents, tolls,
issues and profits Of the same.n The
petition also states that the Court Of
Appeals has in all respects affirmed
and established the validity of the
deed of trust and tue rights Of The
petitioners hereunder, and that on
July 25th. 1885, the petitioners, by
and through Arthur George Brown,
demanded from William III. Bans,
president of the Annapolis and Elk
ridge Company, possession of the
railroad, but Mr.. IIians refused to de-
liver possession; that portion OF the
property held by the company speci-
fically pledged and conveyed under
the terms of the deed of trust consists
of 5000, 900 OF bonds of the BALTIC. and
Drum Point Il. II. Company now held
by the Annapolis and Elkridge Rail-
road Company, and 10 the possession
of its officers, and that to obtain pos.
session thereof which the deed OF
trust guarantees, the petitioners
would require multiplicity of suits,
and would have no sufficient or ade-
quate relief save through the inter-
probation of the court sitting as a
court of equity. The petition further
states that the trustees are about to
advertise ard offer for sale the rail-
road and its property, and that it is
essential TO the due performance of
their trust that they should have inn
mediate possession and control there.
of. Ia conclusion, the petitioners
pray that by an order of the court the
Annapolis and Elkridge Railroad
Company and ,.Wm. III. Bans presi-
dent, and the directors, officers,
agents, and servants OF the company
be required TO yield to the petitioners
ann to permit them TO enter into pos
session.
At the meeting Of the railroad
directors yesterday tho following res
olutions were adopted !.
"Whereas the trustees, Messrs.
Brown and Brown, on behalf of the
bondholders. have demanded immedi-
ate possession of tie Annapolis and
Elkridge Railroad; and whereas this
company has exhausted all proper
legal measures to protect its stock.
holders against the enforcement OF the
demands OF the holders Of bonds to
the amount Of 1902, 900, said bonds
having been in the Judgment of the
directors and stockholders ct this
company illegally issued; and where
as of the total issue of $358,O00 of
bonds now outstanding 5000, 900,
constituting a majority, are of ques-
tionable validity, q compliance with
the demands of tie trustees would in
cur judgment DO improper at this
time. as it would virtually place the
road under the control of The said ir-
regularly issued bonds, because at all
meetings of the b0ndholders the hold
ers of said irregular bonds would be
in position to control the proceedings,
as the trustees would have no an
thority to discriminate as TO the regu-
larity or viliditY Of issue of any Of the
bonds: Therefore be it resolved, that
no luttueI le8dl steps De taken Dy
this board to resist the sale Of the
road, but that in our judgment, with
every disposition 10 act frankly aud
in good faith to ell parties, We should
not relinquish to others the posses-
sion Of this road and its franchises,
or any of its rights and credits, until
and after a sale az the same has been
consunimatcd, as contemplated in the
deed Of trust. TO bona ide purchas-
ar or purchasers, and the same shall
have been ratified by order of the
court, or until the question Of posses
sion raised by the petition Of the trus-
tees, now pending 10 the Circuit
Court for Anne Arundel County. sit
fia,r. n nns1iAs shall l,n dnnsa...a IS