St. Louis Union Trust Co. v. Wabash, Chester & Western Railroad

Mr. Presiding Justice Barry

delivered the opinion of the court.

The Wabash, Chester & Western Railroad Company (hereinafter called the Wabash Company), on September 19, 1888, executed a mortgage on its property to secure bonds to the amount of $300,000. On December 23, 1892, it executed another mortgage covering the same property together with other properties acquired from two other railroad companies to secure a bond issue of $1,000,000, containing a recital that one of the purposes for which the mortgage was given was to retire, or take up the first mortgage. Upon the execution of said…