Page:Federal Reporter, 1st Series, Volume 5.djvu/658

 646 FEDERAL REPORTER. �a holder of the stock of said company to the ainount of $1,000,000, and that as such stockholder the state, aeting by her duly-appointed commissioner, voted for the making and issuing of said first mortgage bonds, and oontracted with the holders thereof that the corporate property, including the franchises, tolls, and increase of said Atlantic & Gulf Eail- road Company, should be pledged for the payment of the principal and interest of said bonds. �The bill further averred that while the state of Georgia was a stockholder, as aforesaid, in the Atlantic & Gulf Eail- road Company, said company made contracta with varions lumber manufacturers, by which, in consideration of the pay- ment by them of 50 cents por thousand feet for lumber intended for export, the said company agreed to build a branch road from its depôt in Savannah to the Savannah river, and in pursuance of said contract did build said branch road at a cost of about $150,000, and the said lumber manufacturers, who have used said branch road, have paid, and continue to pay, without complaint, the said rate of 50 cents per thou- sand feet for the use of said branch road ; that while said Atlantic & Gulf Eailroad was under the management of the receivers appointed by the court, under whose decree said sale was made, said receivers, at the instance of the lumber manufacturers along the line of said railroad, laid down side- tracks for their exclusive use, in consideration whereof said lumbermen agreed to pay a rental of $15 per car for the use of said tracks, and they have paid, and continue to pay, said rental. The bill claimed that, under the decree by which said railroad was sold, the purchasers became entitled to the benefit of the said contracts, as a part of the assets and prop- erty of the Atlantic & Gulf Eailroad Company. �The bill further averred that "the Atlantic & Gulf Eail- road Company, the corporation which owned the railroad so purchased, was composed of 'the Atlantic & Gulf Eailroad Company,' incorporated under the act of the state of Georgia, approved Pebruary 27, 1856, and the original 'Savannah & Albany Eailroad Company,' chartered by act of the general ^ssembly of Georgia, approved December 25, 1847, thename ����