Page:Federal Reporter, 1st Series, Volume 8.djvu/135

CLAFLIN V. SOUTH CAEOUNA E. CO. 121 �Ail the old issues of bonds have been taken up by exchange or otherwise, and caneelled, except — �{1} Guarantied Louisville, Cincinnati & Cliarleston sterling bonds, - £16,050 ^2) Guarantied South Carolina sterling bonds, - - - . £8,000 �(3) Bonds of 1849, Nos. 191, 192, 193, - - - -' $1,500 �(4) Guarantied South Carolina sterling bonds, pledged to E. L. �Trenholm in 1870, £5,400 �(5) One other bond of same character, (No. 463,) ... £600 Against this the receiver now holds bonds originally put into the �hands of the London agents for exchange, and which have not been used for that purpose, .... £24,450 �Currency bonds in the possession of and owned by the company �wlien this suit was begun, ' - - - - - $2,000 �It is conceded that therO/are now outstanding in the hands of bona fide holders, and entitled to the benefit of the mortgage security — New sterling bonds, ...... £309,550 �New currency bonds, ...... $1,114,000 �The same is true of items 1, 2, and 3 in the statement above, showing the unretired bonds of the old issues. �It is also conceded that ^£620,000 was more than the old debt. If all the old bonds had been eut when the new were issued, their aggregate, principal and interest, would not have reached this sum. They were not, however, all out. Some had been taken up by the company before that time ; and it is apparent, from the evidence, that an iesue of the whole amount of £620,000 would leave a surplus of $400,000 and more, after fully providing for what were left out- standing. AU the bonds of the new issue are now outstanding ex- cept sucn as are held by the receiver. No questions are raised as to any save the following : �(1) Aiuount pledged to several creditors of the company as security �for moneys louned, outstanding in the hands of the pledgees, October 1, 1872, when the second mortgage was made, - $114,000 �(2) Amount pledged to C. H. Manson as security, January 19, 1877, $20,000 �(3) Amonnt pledged to B. F. Moise, agent, January 15, 1874, - $4,500 �(4) Amount of sterling bonds pledged to George W. Williams as �security, May 14, 1874, • - .... £18,000 �(5) Amount of loose coupons eut from bonds pledged to George W. �Williams, and past due when the bonds were sold under the pU-age, $3,675 �(6) Nine guarantied South Carolina Railioad bonds, of £600 each, �issued under the act of 1865, and pledged to E. L. irenholm as security for money loaued, April 2, 1870, ... £5,400 �(7) One bond of same cliaracter, being No. 463, pledged to the �syndicale, - - - • . - . £600 ��� �