The age-herald., 1899-06-21
Bill Filed in Chancery Court by
 BondhoIderS
OF ELYTON LAND COMPANY
Praying to1 Relief from the Alleged Hardships of the Projected Plans, and Asking Appointment
 of New Receiver.

Land company have, through their attor- neys, filed bill in the chancery court of this county praying for relief from the alleged hardshps that will be imposed by the proposed reorganization of the Elyton company, and esking that re- ceiver be appointed for all the assets of the company to sue ceed r. M. Billings, the present receiver of the company who is made a party de- fendant to the bill and who, it is charged, is in collision with other parties to carry which it is claimed will be a fraud upon which it is charged will be fraud upon the rights of the compliments.
 The bill was filed by Gordon Mcdonald and Smith & Weatherly, attorneys for Ida S. Nobles, of Montgomery, and Henry w. Milner and James weatherly, of this city, executors of the estate of John T. Milner, deceased, who died in August, 1898.
 Hold tho Bonds
 It is shown according to the allegations of the bill that Ida S. Noble is the owner of two bonds of the par value of s1,OO0 each. issued by the Elyton Land company, and that Henry w. Milner and James Weath- erly, as executors of the last will and testa- ment of John T. Miner, deceased, are the owners and holders of fifty-two bonds of the par value of $52.0G0 of the said Eyton Land company.
 That on December 1o 1887, the Elyton Land company issued it's bonds to the amount of $2, 100000, each of said bonds be- ipe fO, t1,o Of at bp office of the company, in the city of Bir- mingham, on or before the 1st day of Jan uary, 1S9S with interest thereon at the rate of six per cent. per annum from January 1, 1888, payable quarterly on the 1st days of April, July, October and January of each year, until the principal should be paid
 That the issuance of said bonds was duly authorized by vote of the stockholders as provided by law, and that on the face of each bond was expressly stipulated that it was entitled to the security derived from the setting apart of S24O0,00O in promissory notes given by purchasers of the property of the Elyton Land company for the pur- chase money of said property situated in or near the city of Birmingham; that each note constituted a lien upon said property and were to bear interest at the rate of 5 per cent, and were to be held by the Ely ton Land company in trust to secure the payment of principal and interest of said bonds; that the same were actually set apart by the Elyton Land company for said purpose, and that said bonds were called dividend trust bonds' of the Elyton Land company.
 Forming of Elyton Company
 It is further shown according to the allegations that after the issuance of said Dividend Trust Bonds, corporation was organized under the laws of Alabama, known as the Elyton company, which corporation by its charter was authorized to purchase from the said Elyton Land company all it's property, real, personal and mixed and all it's rights, privileges and franchises and that the said Elyton Land company on October 1, 1884, did sell and convey to the Elyton company all it's prop erty, rights and franchises; that the said Elyton company agreed with the Elyton Land company that it should execute and deliver to a trustee, to be mutually agreed upon $2.5OO,OOO of it's thirty year gold bonds bearing interest at the rate of per cent and that said company did issue and exc cute us IlISL mortgage DOHuS dSSIeSdlllS $2, 300 0O0.
 That after the execution of the said first mortgage bonds, all of said dividend trust bonds, which had been issued by the Elyton Land company were exchanged for said new per cent. bonds of the Eyton company and were taken up and are now held by the Maryland Trust company, the trustee under the agreement except 12S of the dividend trust bonds of the par value of $1 600 each.
 Bill of Complaint Filed
 It is shown further according to the al- legations that on January 5, 1898, bill of complaint was filed in the chancery court of New Orleans, and H. c. rompkins, of Montgomery, on behalf of themselves and others and all persons holding any of said divided trust bonds of Elyton Land com- pany, against the Elyton company and the Maryland Trust company, in which it was sought to have said divided trust bonds held by complainants and others establish ed as first lien upon said purchase money notes and property which had been set apart by the Elyton Land company as a trust fund, and to have said notes and property sold for the satisfaction of the bonds, and to have a receiver appointed for said notes and property, but did not seek to establish any lien on the other property of the company.
 It is avered that although the original bill of Semmes and Tompkins was filed on January 5, 1898, and was duly served defendants, that neither of defendants an- swered, demurred or pleaded to said bill until after an amendment had been filed.
 That on May 31, 1898, said complainants filed an amendment to their original bill in which, among other things prayed for was the appointments of a receiver for all lands, notes, money and other property of said Elyton company, amounting to an esti- mated value of $3,O 900. and to have the deed executed by the Elyton Land company to the Elyton company declared null and void.
 It is further averred that on June 29, 1898,