The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-02-01
Petition for an Order In the Street
Railway Mitigation.
INTERVENTION ASKING F0RECl OSURE
substance OF tho Instrument to BE For
wardcd to Clerk Dart at Calves
ton This Morning.

! order for the sale OF the Houston City
Street Railway company. The instrument
was drawn by Hon. j. l.. Lanier of this
city and is signed by j. +. Lanier and
c. b. Martin. solicitors for the petitioners
the American Loan and Trust company of
Omaha, Neb. The petition in substance
alleges that the defendant, the Houston
| city street Railway company on the goth
day or september. 1890, executed its mort
| gage to the American Loan and Trust
| company of Omaha, Neb.. as trustee, to
secure certain mortgage bonds. That hy
inc terms or said mortgage the railroad
| franchises, cars, equipments, real estate
| right-of-way and all other property then
owned by said Houston City Street Rail-
way company, real personal or other
| Kind was conveyed to the said American
| Loan and Trust company of Omaha, Neb.,
as trustee. tho bonds aggregating 81 $50
| Wv, the action being In pursuance with a
| resolution of the directors of the defend
| ant company; that of said issue bonds
to the amount of $4,000 were deposited
with the American Loan and Trust com
| pany OF Omaha. Neb.. as provided in said
| mortgage on said day and of even date
| herewith. for the purpose of redceming
when due like amout OF bonds iesued
| of tho Houston City Street Railway Gem
| pany dated July /. 1854, and maturing on
the LIST day of July, 1899; that of said issue
of bonds dated July l. 1854 there is out.
| standing unredeemed by the American
| Loan and Trust company of Omaha. Neb.
| on defendant, the sum of $751; 900 thereof.
| due July ], 1899, and the said Trust COM
pany is unable to redeem the balance, IL
| being insolvent: that an nstallment of
Interest on said bonds became due on
tho LIST day of March, A. D.. 1891 and that
the said Houston City Street Railway
company and American Loan and Trust
company of Omaha, Neb., both failed to
pay said interest and are now insolvent
and have not paid any interest TO the
| holders Of said bonds since the installment
mat became due on and was paid Septem-
| Der I. 1893. q
Your petitioners further represent that
| there Is now outstanding and owned by
| various persons and corporations the
bonds OF the said Houston City Street
Railway company dated September %, 1890
aSgregating H250,000 with accrued inter-
est thereon from September /, A. D., 1898.
at tho rate Of per cent per annum, both
principal and interest payable in gold
and that the owners and hold srs of eaid
bonds have demanded payment thereof
at tho Chemical National bank In the
city and State of New York, which
payment was refused owing to the in.
solvency of the defendant and the Amer
lean Loan and Trust company of Omaha,
Nrb,, and that the owners and holders of
said bonds have elected to declare the
principal as well as the interest due and
desire the foreclosure of said mortgage
Your petitioners further allcge that
tho Houston City Street Railway COM
pany by its certain mortgage dated July
l. 1874, did mortgage its property then
owned for the purpose Of securing an is
sue of $4,000 of It's negotiable bonds. That
the bonds by their terms are of the de-
nomination of $500 each. bearing per cent
interest from their date and payable semi
annually on tho first days of January
and July of each year at the office OF the
American Loan and Trust company OF
New York in the city and State of New
York. and by their terms mature on the
LIST day Of July, 1850; that of said bonds
secured by said mortgage of July T. 1881
there are stu outstanding unpaid and
owned by various persons, bonds aggreg,t-
Ing S.SI,0N. That the interest on said
bonds is also evidenced by coupons repre-
scouting tho semi-annual interest thereon
of $3.50 each. That the said Houston
city street Railway company mortgaged
all of Its property and franchises then
| owned by 1t to the American Loan and
Trust company of New York as trustee
TO secure The said issue of bonds last
named.
Your petitioners pray that the mortgage
| given TO the American Loan and Trust
| &C mpan% Of omaha. Neh by the Houston
Y,
| tcmher -. A II. 1890 he declared a lion
| ''non all the property, real. personal and
| mike. rights, franchises lands tracks
ties. rails. cars, turnouts. switches and ali
| other property Of the Houston city Street
Hallway company mentioned and de-
scrihef In said mortgage, dated Scptem-
her 20. a. II. 1890 ne well rs any or all of
such ether property, rights and franc nises
| now owued ar since acquired by the
| Houston city Street RAILWAY comnarv
| aud that all tho property. rights ana fran
| Crises n whatever nature End Kind he
asccrtlined from the inventory filed by tho
receiver and from said mortgage or other
wise, aud said lien of said MORTGAGE dated
September &c, $500 he declared fixed there
| on, and that the Houston CITY street
| Railway company he required to pay into
| the registry of this court, or to the holders
aud owners Of said bonds under the last
| aforesaid mortgage, all tho principal and
| arrears of interest now due and in do
fault thereof, the defendant. the Houston
| city Street Railway company above named
and all persons claiming under 1t or them
save and except only the American Loan
and Trust company OF New York,
| in the city, county and state of
| Now York, trustee In the decd
| OF trust. dated July !. 1884, ana the
| bcrdholdcrs of the bonds now outstandinf,
| and secured by said deed of trust, hut
without prejudice thereto be forever barred
| ana iWNtioS'h " every form OF equity OF
| redemption and claim Of any kind In and
| to tn said mortgaged PREMISES and every
| part ard parcel thereof. ana that all and
| singular the said mortgaCed premises and
| property, with tho appurtenances. rrop.
city, effects, rights. immunities and fran
| chses IN tho said mortgage mentioned of
date September 20. 1890. be sold under
decree of this honorable court, and that
| out of the money arising from the sale
| thereof after deducting the proceeds from
| such sale lust allowances for all disuurse-
| ments and expenses, the said sale Including
attorneys and counsel fees OF petitioners.
! and FOR all expenses incurred by them Ia
| the premises, aud all payments which
| NAV he lawfully made for taxes or as
sessments on tho said premises or any
part theieof and the cost and expenses
Of the receivership now pending in this
cause. Which recelvershlp is prayed TO he
continued rendente lite to apply the re-
riainder 81 the proceeds 10 the payment
OF the principal md interest Of said bonds,
dated September 20, \. ID. 1870. and secured
by said mortgage of the same date without
discrimination or preference ratablv to the
aggregate amount of such unpaid prin-
cipal and interest.