The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1894-12-21

| vi ouhddiJ
1, 1894.
THE OBJECT of the bill in this case is to pro-
| Il cure decree for a sale of the Susquehan-
| ma and Tide Water Canal, its property and
! franchises and for q distribution OF the pro-
ceeds of such sale amongst its creditors, accord
| ing to their several rights and priorities; and
| also for the appointment in the meantime of
| Receiver to take charge of the affairs OF the
| said Susquehanna Canal Company and the said
| Tide Water Canal Company, respectively, of
and all their property of every description; and
| to hold, preserve, manage and operate the
same, if the operation of said Canal shall be
deemed desirable under the order of this Court.
The bill states that the Defendant Corpora
| tions, chartered respectively by the States of
Pennsylvania and Maryland, are the owners OF
I q continuous canal extending from Havre de
mia; that under the Maryland Act of 1888,
chapter 416, entitled AN Act to ensure the
completion OF the Susquehanna lanai ana T OF
Company and the Tide Water Canal Company
mortgaged their Canal and property to the
State of Maryland to secure the sum of one
million dollars and interest, as in said Act pro-
vided. and that under the Act of 1S43, Chapter
1888, they executed further mortgage to Den:
mis- Claude, Treasurer OF the western Shore OF
Maryland, to secure the Indebtedness therein
mentioned that under tine provisions of said
Act OF 1s43, Chapter 500; the Tide water si Canal
Priority Bonds for the purposes specified in
said Act, the amount issued being believed to
be about S97 5000 and that the Susquehan-
ma Canal Company also issued similar Prefer
red Bonds amounting to 5000. 10000 or there
abouts; that SAID Preferred and Priority Bonds
respectively, matured on the LIST of January,
1854 and are claimed to be still outstanding
and unpaid as prior lien upon the property
of said Canal Companies respectively that said
Preferred and Priority Bonds are believed to
be owned or controlled by the Philadelphia
and Reading Railroad Company, a Pennsylva-
mia Corporation, and If not so owned and con-
trolled are claimed by parties unknown to the
plaintiff.
The said Canal Companies ON the second day
of January, 1872, made lease of their Canal
and all their works and prODnrty to the said
Philadelphia and Reading Railroad Company
for nine-hundred and ninety-niue years for the
rent and upon the terms set out and charged in
the lease and that said lease was surrendered
by the receivers of said Railroad Company on
the 9th of April, 1894. That for many years
said Canal Companies made default upon their
mortgages to the State of Maryland, and that
on the 31st of January, 1889, under authority
conferred by the Maryland Act of 1885, Chap
fected by L. Victor Baughman, Comptroller of
the Treasury, with the approval of Elihu E.
jackson, Governor, and Stevenson Archer,
Treasurer of Maryland, whereby in considera-
ton of the payment of S121 10000, being
twenty-five per cent. of the over due and I'M
paid interest upon said mortgages to the State
of Maryland, release was executed to said
Canal Companies of the balance of said unpaid
interest the time for the payment of the prin-
fifty Years maturing in 1888, and the rate of
interest on said mortgage debt was reduced
from six per cent to two per cent per annum;
to and including the first day of January 1895,
but have paid no interest since that time
That the Canal was operated by said Philadel-
lease of January 2, 1872, until the 9th of
April, 1914 when it was abandoned, and that the
Canal is now lying idle and daily deteriorating
in value. and that il has no business or reve-
nues sufficient to pay the operating expenses
and interest on the debts of said Canal Com
panies that said companies owe a mortgage
due in 1918, bearing six per cent interest
amounting to 81 1886 900; also mortgage due
in 1902, bearing interest at the rate of seven
per cent. amounting to S257 900 also unfund- |
ed debt for equipment, etc, amounting to
S21 ,2S2. 80; also untunded debt being unpaid
interest on their bonded debt, amounting to
So3S, go. IL, in addition to the unpaid interest
due to the State of Maryland, and that said
companies are hopelessly insolvent.
1t is thereupon, this 18th day of December,
1894, by the Circuit Court for Hartford county. |
sitting in Equity, ordered that the plaintiff, by
causing copy of this order to be inserted in |
secutive weeks before the 18th day of January, |
1895, give notice TO the Philadelphia and Read |
ing Railroad Company, nonresident corpora |
ton, and TO the unknown holders of the Susque- |
hanna Canal Preferred Bonds which matured |
on January l, 1894, and the unknown holders |
of the Tide Water Canal Priority Bonds which |
matured on January 1, 1894, on-residents as |
well us residents of this State. of the object aud
substance of the said bill, and warning them to
be and appear in this court: in person or by So
1895, to answer said bill, and to show cause if |
any they have. why decree should not pass as
WIN. S. FoRwooD, JR., Clerk
f4 fde copy @ SsSi, S. FoRwooD, JR., Clerk.
WILLIAM PENRoSE, Solicitor, 200 st. Paul
Street, Baltimore.
NOTICE TO CREDITORS.
E Trast Es in the In the Circuit 9sr Court
Mordecai Price. " In Equity GR'
IN PURSUANCE of an order of the Circuit
Il Court for Hartford county, sitting in Equity,
passed in the above entitled cause, notice is
hereby given to the creditors of Mordecai Price
to file their claims, duly authenticated, with
the Clerk of the Circuit Court for Hartford
county, on or before February LIST, 1895.
EDWARD C. PRICE,
WILLIAM PENROSE.
Trustees.
NOTICE TO CREDITORS.
THIS is TO GIVE NOTICE-That the SUBJ
Il scriber has obtained from the Register of
Wills of Hartford county, Nd, Letters Testa- |
mentary on the estate OF
MARGARET A. BUNCE.
late of Hartford county, deceased. All persons
having claims against said deceased are hereby |
notified to exhibit the same with the legal
vouchers thereof,
On or Before the 18th day of May, 1895,
or they may otherwise by law be excluded
from all benefits of said estate. All persons
indebted to said estate are requested to make
immediate payment.
Given under my hand and seal this 18th day
November, 1894.
16nov Executor.