Page:State v. Little Rock, Mississippi River and Texas Railway.pdf/7

. 31] On the 25th day of April, 1870, the Little Rock, Pine Bluff and New Orleans Railroad Company, duly executed and delivered to one Benjamin A. Farnham and David B. Sickles, as trustees, and caused to be recorded, June 25, 1870, a certain mortgage, or deed of trust, upon the railroad, franchises and property of said company, to secure the payment of certain bonds when said company proposed to issue and negotiate, amounting in the aggregate to the sum of $1,200,000. A copy of said mortgage, or deed of trust, is herewith filed, marked "Exhibit A," and is made a part of this agreed statement of facts.

The Little Rock, Pine Bluff and New Orleans Railroad Company subsequently issued all the bonds authorized to be issued under the aforesaid mortgage, or deed of trust, but failing to pay the interest upon said bonds, as the same became due and payable, and otherwise to comply with the terms and conditions of said mortgage, a suit was instituted in the Circuit Court of the United States for the Eastern District of Arkansas, on the day of March, 1875, for the foreclosure of said mortgage, or deed of trust, and a sale of the property and franchises therein described, and such proceedings were bad in said suit that on the  day of December, 1875, all the railroad properties and franchises in said mortgage deed described, were duly and legally sold under and by virtue of a decree of Said Circuit Court of the United States, which said sale was duly confirmed by the order and decree of said court, on said  day of December, 1875. The purchasers of said sale became and organized a corporation by the name of the Little Rock, Mississippi River and Texas Railway, under and by virtue of an act of the General Assembly of the State of Arkansas, approved December 9, 1874, and entitled "An act supplementary to an act entitled 'An act to provide for a general system of railroad incorporation,' approved