The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-02
WANT THE ROAD SOLD.

Galveston, Texas. February / The fol-
lowing petition for the sale Of the Gal
weston, La Porte and Houston railway was
fled in the United States circuit court for
the Eastern district Of Texas at Galveston
this morning.
"Alonzo j. Tullcck VS.. Galveston. La
Porte and Houston Railway company. Now
comes the Planters and Mechanics bank of
Houston. and make Themselves parties TO
the petition Of l.. J. Smith for the sale o.
the property of the Galveston. La Porte
and Houston railway now in the hands OF
this court through it's receivers. and rep
resents that petitioner is the owner of $685.
COO of the certificates. commonly known ms
receivers certificates, used by the receivers
of this honorable court, and Is likewise the
owner and holder OF S2S.000 of the first
mortgage bonds issued under the deed OF
trust 10 the Union Trust company OF New
York as trustee On the first day OF August.
1902, to secure an indebtedness Of $I9.3b0
due and owing to this defendant by the
parties, who hynothecated the said bonds
MS security to their debts. with more than
two yesrs interest thereon, and has go
owned them since February D. 1895
Petitioner conours in the allegations
made by l.. 7. Smith. as TO the nature and
character Of the property. as TO the IN
solvent condition Of the road. aud repre-
sents that the said property is constantly
becoming less ana ltss Vdluic!s, anu the
debts Incurred in the management OF the
same in the hands OF this court, have and
must nj necessity continue 10 Increase. so
that the value OF ssid road viii be entirely
absorbed II not already so. bv the expense
OF this management; and the only escape
from the absolute absorption Of the entire
property TO satisfy receivers certificates
and costs OF court is the immediate sale
thereof at the ensuing court. And plaintiff
In his capacity as holder in part of recev-
ers' certificates and holder IN part OF first
mortgage bonds. Joins In the application
and urges on the court the prayer for said
sale Of said Dronerty at the ensuing term
thereof And inasmuct, MS there is no con-
test before the court respecting the receiy-
ers' Certificates and costs incurred by them
and this honorable court in the execution
Of the trusts OF preserving the property.
that your honor will enter a decree of tho
court ordering said sale. Erecting the pay
ment Of the proceeds to be made as fol-
lows: M
1 To the costs incurred IN this court.
9. The taxes. State, county and munich
pal
g. The receivers certificates aud the in
dshtrdness incurred by them.
The first morisase bond OF date the
first day Of August. 1924 and next such
other claims as the court shall ndjudfcate
and determine 10 be entitled TO rank and
In the event there should be any contest
as to tho rank and priority OF any claims.
that the court in Us order make such de-
cree as will reasonably decide the claims
IN the prirrties to which thcy NAV be I'LL
timnteIy ,latermIned to rank and stand.
hit irrespective Of onv and all contest over
sale az this property. and for such other
relief IN the premises as to the court may
seem meet and proper upnn the hearing OF
this cause