The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1894-03-31
The Fort Smith and Van Buren, Electric
Railway Execute Z Deed Of Trust.


Railway Execute Deed Of Trust.
Fort Smith News Record 2sth.
The largest mortgage that was ever
filed In the Fort smith District of. Sc
bastian county was filed with Deputy
Circuit Clerk Joe r. Wright, at half
past nine o'clock this morning.
The mortgage was executed by the
Fort Smith and Van Buren, Bridge,
Electric Railway and Light Company
to the Continental Trust Company, to
secure one million dollars worth of
bonds.
The deed of trust covers seventeen
type written pages, two Of which are
certificates and fifteen recite the con.
ditions VI the deed Of trust.
The mortgage bears date of May Is,
1891, and recites that the Fort Smith
and Van Buren, Bridge, Electric Rail-
way and Light Company Is q corpora
ton chartered under tho laws Of the
State of New jersey for the purpose OF
building, owning, maintaining and
operating q bridge across the Arkan-
sss river at Van Buren,, ali electric
Buren,, and the owning and operating
electric and gas plants In either or
both of the cities.
1t also states that to secure the
money to build and equip Its plants,
the company has issued Que thousand
$1,000 bonds and p aced them in the
hands of the Continental Trust Com
pany, which Is made the trustee tn
execute the terms of this mortgage. A
copy of tho bond lie Sc out. The bonds
are payable in gold March Is 1924, ut
the office of the Cont .ental Trust
Company, and bear interest Ut the
rate of six per cent. per annum paya-
BILE >pril and October of each year.
To secure these bonds, . mortgage
il given on ell the property. which
the company now Ownes or will here-
after acquire, and Includes all rights
of-way, station and switch facilities,
tracks. rolling stock and all equip
ments.
The company now ow 9 q strip of
land 100 feet vide, extending from the
Van Buren, road, to the right Of way
of the st. Louis and San Francisco
railway company. This property is
part of what our old citizens knew rs
the "Bill Largen place 3"
There are twelve sections In the
mortgage setting forth the duties Of
the railway company and the condi-
lions upon which the bonds are issued.
The bonds must be- endorsed by he
Continental Trust Company upon be-
ing transferred to first purchaser, but
subsequent transfers can be made by
delivery un ess the bonds are enter I'd
upon the books of the company. The
bondholders can only sue after the
Trust Company has refused 10 protect
their Interests.
The bonds are subject to foreclosure
upon six months defs ult Of interest. or
If the company makes default Tor six
months in the payment OF taxes or
other governmental charge, or he COM
pany has made breach In the per-
torrance If the conditions Of the trust
and the breach ha- ex sted ninety
days, and the trustee shall then II Q
possession and sell In the city Of New
York all or portion OF the c0mpany's
property ~ 1t sees fit ID.
The trustee can resign after sixty
days notice.
The mortgage Is signed by w. E.
Jennings, president. aud Frank NJ.
Stratton, secretary, of the Fort Smith
aud Van uuren Bridge. Electric Rail-
way and Light Company and also the
Continental Trust Company by Cor
don McDona d, vice-president, and
bears the corporation seal of both
companies.
Lamb. Osborne 4 Petty, 7 Beeklnan
street, New York, are the attorneys
for the railway company.
The news of the filing of the mort
gage spread rapidly and many of the
leading business men went over to
tho court house to see the valuable
document. Many others, not caring
to make the trip, telephoned the
clerks office, and Joe Wright was kept
busy answering the questions by tele-
phone.
The filing of the mortgage has crea-
ted a great deal Of rejoicing among our
citizens, for 1t is generally accepted
that negotiations for securing the
money with which to build the road
have been completed and that work
will soon begin. This view is strength
ened by Mr.. Beaty's telegram of last
Saturday, more than week later than
the date of the m rtgage.
There Is now but little doubt that
everything is in readiness for the
building of the road aud that wher
Mr.. Beatty returns, next week, the
contr actors will come with him.