ooANN v. ATLANTA COTTON FACTORY oo. 5
$150,000 on October 1, 1883, together with interest thereon at the rate
of 10 per cent. per annum, payable quarterly, on the Brst days of
January, April, July, and October, in each year, at the City Bank,
New York. It was provided in said deed that if the defendant should
fail to pay the interest coupons, or any of them, or the bonds, or any
of them, as they became due, and such default should continue for one
month, such trustees, when notified of such failure, and that it has con-
tinued for one month, were authorized to take control of the property
and to sell the same as therein provided. .»
On the twenty-Bfth of March, 1881, the plaintiff E. T. Coann, as
sole complainant, Bled his bill, alleging the making of the deed of
trust, that he was a holder of 37 Brst-mortgage bonds of defend-
ant, and that he brought this action on behalf of himself and of the
first-mortgage bondholders who might join in the same. Coann fur-
ther alleged that the defendant was insolvent, and could not pay
its debts, as well as running expenses, and the wages of its employes,
and that the factory would close, and the employes would scatter, and
that it was about to default in the payment of interest due April 1st
thereafter. He prayed for the appointment of a receiver, and that
when dejiudt occurred in the payment of the interest on the bonds the
deed might be foreclosed and the property sold to pay the first mort-
gage. Thereupon, by order made and entered March 25, 1881, the
court appointed Hon. Rufus B. Bullock as receiver of the property,
with directions to carry on the business, collect dues, and out ofthe
proceeds pay operatives and other proper expenses, and, further, to
make report of his proceedings every rule day. - .
· On April 21, 1881, a petition was Bled by the Saco Water-power
Company, and on the thirtieth of April, 1881, a petition was Bled by
the Lewiston Machine Company, asking that the petitioners be made
parties complainant to the suit. Each of these petitioners reserved
the right to move for another person than Rufus B. Bullock to be
made receiver of the defendant’s property. On September 27, 1881, ·
a petition was Bled by A. V. Clarke, Freeman Clarke, and others, ask-
ing to be made parties complainant, who united in the charges and
prayers of the bill. A special allegation was as follows: "Said Free- ‘
man Clarke is one of the trustees named in the mortgage, and is the
holder and owner of 18 of said Brst-mortgage bonds," etc. On the
same day an order was entered in conformity with the petition.
December 10, 1881, an order was entered upon the petition of the
receiver, directing him to make and issue negotiable paper for such
cotton and supplies as he may Bnd necessary to purchase in carrying