Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1904-11-22
Over a Score Of Defendants in
Action Brought by Mr..
CampbaII.
A WITNESS.
Proceedings are Started 10 ForeclOse
Three Mortgages Given by Hugh Ram ay
ard His Wife as Security for Loans Ad
vanc'd cn Promissory Notes Near
Iy Dozen Lawyers Appear at Fearing.

Proceedings brought by Edward S.
Campbell, as receiver of the Middlesex
County Bank of Perth Amboy. Ito fore
close three mortgages given to that in
stitution by the late Hugh Ramsay and
his wife, Sarah ]. Ramsay, to secure
loans made on promissory notes, came
up for hearing before Vice-Chancellor
Pitney yesterday. BY reason of the sub
sequent conveyance of portions of the
property covered by the respective mort
cages more than a score of corporations
and individuals are made parties to the
suit. Among the defendants are the
Perth Amboy Shipbuilding and Engi-
necring Company, the United States
Wood Preserving Company, Perth Am
boy Trust Company, Nautical Prepa-
ratory School, of Providence, r. L.;
Manufacturers Trust Company, of New
York, and the city of Perth Amboy.
Mr. Campbell, as complainant, is repre-
sentcd by Sherrerd Depue. Alan II.
Strong, of New Brunswick, is counsel for
Mrs. Ramsay, Individually, and in her
capacity as administrative of her hus-
band estate, end for the Nautical Pre-
paratory School, which is N the hands of
receiver. The Perth Amboy Shipbuld-
ing and Engineering Company, which is
also in the hands of a receiver, is repre-
sented by Judge Adrian Lyon and Will
lard p. Voorhees,, the latter being the
receiver for that corporation. The Perth
Amboy Trust Company and the city of
Perth Amboy are both represented by
Charles c. Hommann; the United States
Wood Preserving Company by Joseph E.
Stricken and Smith e. Maborn, of Hobo
ken, and Oliver w. Ramsay, by George
L. Record, of Jersey City.
The Middlesex County Bank was
wrecked in the summer of 1899 in con-
sequence of defalcations by its cashier,
George NJ. Valentine, who served a
term in State prison for his crime. The
former cashier, who was released few
months ago will be called as witness,
his testimony relating to the loans made
by the bank to Ramsay. In the bill of
complaint it is alleged that March g.
1902, Mr.. Ramsay and his wife gave a
5000 mortgage to the MiddleseX
County Bank to secure loans made by
the bank to Ramsay on promissory
notes; that June 10, 1895, Ramsay gave
a second mortgage as collateral and
supplementary security for the same
loans, and that December 1, 1905, a third
mortgage for $4,000 was given to secure
additional loans. No part of the prin
cipal, it is contendcd, was ever paid.
1t is further set forth that Mr. Ramsay
died April IS, 1000, leaving no will, and
that his debts exceeded his personal es-
tate. November s. 1901, Mrs. Ramsay,
as administratrix of her husband s estate
under an order of the Orphans Court of
Middlesex County, sold part of the
property covered by the mortgages to
the Perth Amboy Shipbuilding and En-
gineering Company, which corporation
was the occupant, the sale being agreed
to by Mr.. Campbell upon condition that
the shipbuilding company assume a
mortgage amounting to S52,4Io.
E The defense sets up the contention