Lewis v. Paola Telephone Exchange

The opinion of the court was delivered by

Johnston, C. J.:

This proceeding was brought to foreclose a trust deed given to secure the payment of $25,000 of bonds issued by the Paola Telephone Company. It is alleged and shown that the telephone company had been operated by Alexander Hodges, who owned practically all of the stock of the company, and that prior to January 1,1917, it had bonds outstanding to the amount of $20,000 which matured during that year, and upon its application to the public utilities commission it obtained permission to issue $25,000 of new bonds, secured by trust deed, to…