Evening journal., 1892-04-23
A BIG MORTGAGE.
Two Millions Recorded Against the
Delaware Railroad Company

Insurance, Trust and Safe Deposit
Company Of Philadelphia the Holders.
The biggest Mortgage ON Record In New
Cnstie-Recorded To-day.
Probably the largest mortgage ever
spread upon the records Of New Castle
county was transferred to the records in
the recorder Of deeds Office at the Court
House this morning The instrument
covers sixteen pages Of the record
II was taken to the office by George
V. Massey, counsel for tie P. w. & B.,
Railroad Company yesterday afternoon
aud be took the original to Dover with
him this morning after IL was tran
scribed.
The indenture Is dated April 10. 1892,
and is between T.. T. Warner,
president OF the Delaware Railroad Com
psny and the Fidelity Insurance
Trust and Safe Deposit Company Of Phil
adelphia, John B. Gest, president.
The amount of the mortgage is
81, 900, 900. and it is against all
the estate, real and personal, and fran
c ais I he Delaware Railroad Company.
The instrument says, in part:
Whereas, Ia pursuance Of the power
conferred upon the Delaware Railroad
Company. party Of the FIRST part, by an
act Of the General Assembly
Of the State Of Delaware.
the stockholders Of the said party Of the
FIRST part, AT their regular annual meet
ing, duly called and held at the town Of
Dover, In the said State Of Delaware, on
the 14th day of January. 1892, unani
mously adopted ths following preamble
and resolutions. TO wit
That the said The Delaware Rail
road Company be and 1t is hereby ex-
pressly empowered, either at one time. OF
from time to time, as and when the
directors shall deem necessary for the
purposes of the said company, to make,
issue and dispose of its bonds (which
may or may not, at the pleasure Of the
company be converted into the capital
stock as its par value). Eto such an
amount as may be deemed necessary
for the said company's purposes
Provided, however, that the total
amount Of the bonded debt OF the said
company, as well as that now existing
as that which may be created under
the authority of this act, shall not ex-
ceed two millions of dollars. The said
bonds shall bear interest at
a rate not greater than six Dercentum
DER anRum, and the said company Is
authorized and empowered TO make,
execute and deliver to trus-
tee or trustees mortgage aI
mortgages Of all the property aud
franchises Of the said company Of every
kind, nature and description, as we'll as
that now owned aud possessed by it as
that which may be acquired or constructed
under the authority Of this act, to Sc
cure the payment Of the said ponds
principal and interest, according to their
tenor
And dWhereas, Under. the authority con
ferred by Ssaid act. as the same wal
amended by an act passed at Dover, Ma,
8, 1891, the said The Delaware Railroad
Company has acquired by purchase Of ant
from the Philadelphia. Wilmington
and Baltimore Railroad Company ad
ditional railroad properties, known a
New Castle branches and New Castl
cutoff at the price Of 81 900, ,000
and has paid therefore. by th
issue Of 10. 667 shares Of its capits
stock. representing $500. 900, and by de
livery OF it's bond for the sum of$500
600, dated July 1, 1891. and bearing 4
per cent.
And Whereas. On the 6rst day O
Janu sry, A. D., 1895 the said compan
issued its bond to the amount O
$3.50, 900 and secured the sam
bv general mortgage o
all it's property and franchise:
which said bonds are, according to thel
tenor, convertible at the option Of th
holder into the capital stock Of the com
pany at par.
"And Whereas. The said fastener
toned bonds will mature and becom
payable on the first day Of July, 1s9l
aud provision must be mad
for their payment at thu
date Of as many thereof as may not hav
been converted into the capital stock
the company.
3 FUNDS FOR DOUBLE TRACK
"And Whereas, 1t will be necsssar
to provide funds from time
. time for extending the doub
q track and making other substanti
= betterments aud improvements on Il
company's line of railrnads, and It
deemed advisable that the fluids shoUl
be- raised ard furnished by the issue
the company's bonds, therefore in su,
amounts and from time 70 time as FUND
for such purposes shall be needed aud r,
3 quired, and It is believed that such bonS
3 can be more satisfactorily neg'
% tiated and disposed of whe
and as it may be fro
time to time necessary so to do II Il
whole thereof should be secured by
! single mortgage. so that the holders
said company's bonds, without referenC
to the date Of the issue thereof, shall I
afforded like security under the san
. mortgage; therefore
, "Rs solved First. That the dlrecto
are authorized and directed 10 cause
Q be made and issued the bonds
this company of the denomination
q $500 OF 81. 1000, or both, In such amonn
as necessary from time to time, the "a
Of in, ,erest not exceeding per cen
I, provided that such issue Of bonds shs
= be made and conducted that the tot
, amonnt Of the bonded debt shall not Q
'' ceed 81, 900, 600.
8 ''Serond, That the directors be al
:. they are hereby directed to execute
n mortgage to trustee, of all the railro
q effects to provide for securing the bon
Of the company. ano the moi
II gage to expressly provide
h the payment Of the.bonds Of the issue
5 January 1, 1875. as shall not have be-
I converted into capital stock Of the col
4 pany and slso that $500. 900 shall be E
apart for the payment of the boi
for that amount held by &
p, w. & B. Railroad Company, and {
officers are vested with full power
effectuate the objects Of the resolution