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In re New York

January 19, 1940

IN RE NEW YORK, S. & W. R. CO.


Appeals from the District Court of the United States for the District of New Jersey; William Clark, Judge.

Author: Maris

Before BIGGS, MARIS, and BIDDLE, Circuit Judges.

MARIS, Circuit Judge.

These are appeals from an order of the District Court for the District of New Jersey, fixing and determining the extent and priority of various mortgage liens upon the property of the New York, Susquehanna and Western Railroad Company, the debtor in a railroad reorganization proceeding pending in that court under section 77 of the Bankruptcy Act, 11 U.S.C.A. ยง 205.

The corporate history of the debtor began on March 25, 1880, when the Midland Railroad Company of New Jersey was incorporated to purchase at foreclosure sale the railroad, property and franchises of the New Jersey Midland Railway Company. The railroad thus acquired extended from the New York state line near Unionville, through Two Bridges, in the County of Sussex, to Marion, in the County of Hudson, New Jersey. The Paterson Extension Railroad Company of New Jersey was incorporated under the laws of New Jersey on April 18, 1881, to construct and operate a short line of road in the City of Paterson, New Jersey. On May 26, 1881, the Midland Railroad Company of New Jersey was consolidated with the Paterson Extension Railroad Company and four other railroad companies of New Jersey and Pennsylvania to form the New York, Susquehanna and Western Railroad Company, herein referred to as the first Susquehanna Company. Through these four other railroad companies the consolidated company acquired a line of railroad from Two Bridges to Gravel Place, near Stroudsburg, Pennsylvania.

On December 22, 1882, the first Susquehanna Company was consolidated with Blairstown Railway Company, to form the second Susquehanna Company. On February 17, 1892, the Hudson River Railroad and Terminal Company was incorporated under the laws of New Jersey to construct and operate a line of road from Little Ferry to Edgewater, New Jersey, on the Hudson River, a distance of about three miles. On April 5, 1893, the second Susquehanna Company consolidated with the Hudson River Railroad and Terminal Company to form the third Susquehanna Company, the debtor herein. The following tabulated statement shows the mortgages involved in this proceeding, the date when each was executed, the issuing company and the bonds outstanding thereunder as found by the District Court:

Date of Issuing Bonds

Mortgage Exection Company Outstanding

First

Mortgage of

Midland Rail-

road Company

of New Jersey

(hereinafter

called the

"Midland

Mortgage") April 1, 1880 Midland Railroad Company $3,489,000

First

Mortgage of

Paterson Ex-

tension Rail-

road Company

(hereinafter

called the

"Paterson Ex-

tension Mort-

gage") June 1, 1881 Paterson Extension Railroad Company 200,000

First and

Refundi ...


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