The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-01-28
FORECLosISG A MORTGAGE.
Tie Central Trust Company Sues the
Wabash Road TO Collect
csc, 100000.

The largest complaint ever fled in the
Circuit Court was filed yesterday. 1t is
printed in large pamphlet form, has eighty
Eve pages, and consists of twenty-three
paragraphs. The title is the Central Trust
Company OF New York and James Cheney
We. the Wabash, the st. L., I. M. and s..
Roads, the Mercantile Trust Company, the
Farmers Loan and Trust Company, the
United States Trust Company, the Eel River
Rosd, l., 2. and @, NJ, @. and l., @. C. and
L., A. @. and s., T., P. and W.. st. L., ].
and s., @. and s, Il, 4. and E, P. and p.
u, G. and w. /, Pan Handle, B., @. and B.,
st. L., o. and @. R., St ]. and ST. L.. B. and
c., st. L., c., B. and o., st. L., K. G. aud O.,
O., N. and P, and large number OF bridge
and other corporations and private in
divIdusls. From the complaint it appears
that Cheney, plaintiff, is a resident of this
State. IN June, 1850, the W., st. L. and P. is
sued $4,000 bonds, for 3, 600 each, to plain
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. IL concludes with prayer for an
account Of all the property of the Wabash
Dc
declared q first lien on all the
property, and for foreclosure, etc. By the
terms OF the bonds the interest is fixed at 6
per cent, payable semi annually in June
and December. and the principle is to be.
come due in 1920, on the LIST Of June. 1t Is
provided that If the interest is not paid
promptly the entire amount shall become
due; also IL the interest is over due six
month thu property mortgsged shall be All
vertised for sale in the New York and ST.
Loui- ,sapeJs. The twentieth paragraph of
the complaint alleges that on the I'd of une,
1854. III ne falling on Sunday the interest
became due and default was
interest is still due and unpaid. 1t is also
alleged that large number Of the coupons
were presented at the Wabash Office in 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 promissory notes aud
sold them to the Equitable Life Jnsursnc e
Company of New York. Afterward a pro-
ceediDg was begun in the Missouri Co lrts
for the appointment OF Receivers for
tia road to protect the Equitable
L 70 Insurance Company's interests aud
T. of he above notes. Plaintiffs say they
,se informed that certain parties are Intend
ing to raise the question of jurisdiction OF
the United States Court. where these pro-
ceediDgs were had, and they come now in to
this court to secure their interests In the
mortgsged property.
The attorneys are Bu Ter Stillmau & Hub
bard, of New York, and Phillips & Steward,
OF st. Louis. The complaint was filed yes
terdsy morning by the travelling solicitor of
the road. aud from the fact that he
was in consultation with Baker. Hord
& Hendricks it is presumed
that firm will represent the plaintiffs in this
city. IL was stated by the travelling solic-
| itor that the pro rata interest of the plain
| tiffs in the Wabash Road property Of Indi-
ana is about 81, 900, 000 aud it seems from
| his statements that the Central Trust Con-.
pany regard the main road OF the Wabash as
being profitable enterprise, but that for
the past four years it has been ham Dered by
its numerous branch lines, and that the
complaint is filed partly to see if the
road can not be relieved of q large nun
Der of the branch roads which are
regarded as 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 road. The interest. due
semi.annually, amounts to 100000.