The age-herald., 1898-01-06
RECENERSHIP ASKED FOR
Bill Filed in the Chancery Court
 Yesterday.
BY HOLDERS OF NINE BONDS
Against the Trust Fund of the Elyton Land Co.-EIyton Co. and Maryland Land
 Co. Made Parties Defendant.

Tompkins & Troy, attorneys for Thomas J. Semmes of New Orleans, and H. c. Tompkins of Montgomery have filed a bill in the chancery court of this city praying that a receiver be appointed for the divi- dend trust fund of the Elyton Land com pany, and that the Elyton, company and the Maryland Trust company be made par ties defendant to the bill.
 It is alleged that on Dec. 10 1887, the Ely ton Land company issued per cent. bonds to the amount of s2, 400 900, payable on or before Jan. l, 1898, at the office of the com pany, and that T. J. Semmes and H. c. Tompkins, joint owners of nine bonds, pre- scented the bonds at the office of the com- pany on maturity and were refused pay ment.
 It further alleges that after the bonds were issued a corporation known as the Elyton company was formed;' and that the Elyton Land company undertook to sell 1t all of it's property, including lands, which, after the issuance of bonds, and selling a part of notes, had been taken back by the Elyton Land company, in payment Of portion of the notes, set apart as security for said bonds, including the notes still unpaid, which were so set apart, and that the company now holds the lands and the notes which were uncollected.
 It is also further alleged that "orator be- lieves the bonds so held by the Elyton com- pany, which were received in payment and satisfaction of the notes set apart, amount to $500 coo, and the notes still held by the company amount to s100.0OO; that in addi- tion to this the company received, by sale of land and otherwise, $100090, the greater portion of which ($9O,00W was turned over to the Maryland Trust company; that at the time it was received by the Maryland Trust company the said company knew the money was derived from the sale of lands in payment of or from collections upon said trust fund notes, and that said money, together with the said notes, were a trust fund for the payment of the principal and interest of the bonds held by the orator.
 The complainants pray that the Elyton Land company, the Elyton company and the Maryland Trust company be made de- fendants to the bill, and that receiver of said trust funds, lands, notes and money be appointed. The money received by the receiver to be applied to the payment of lle DOnuS anu cOupOllS diiu II IL 10 ihoChi- cient, the bonds, notes and lands to be sold and the money to be applied to the same.
 A History of the Case.
 It will be remembered that when the Elyton company was formed, and acquired all the properties of the Elyton Land com pany, a deed of trust was given to the Maryland Trust company, of Baltimore, to cover all it's possession; and that $2, 900 bonds were issued, which were exchanged with holders of the dividend trust bonds of the Elyton Land company, on a basis of par.
 Of the total issue of 1,796 new bonds, all have been exchanged with holders except 12S
 At the time of the transfer some of the stockholders of the Elyton Land company refused to exchange their stock for stock in the new company, and litigation ensued.
 In event of appointment of receiver, such receivership would apply only to the dividend trust fund of the old company which consists of notes for land sold prior to the transfer.
 It is claimed that the appointment of a receiver would in no wise affect the financial standing of the Elyton company, which has paid interest promptly on the new bonds.