New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-27
GRINNELL SECURITIES RELEASED.

CRINNELL SECURITIES RELEASED.
THE SALE or COLLATERAL SECURITIES HELD BIZ
BROWN PROS ORDERED BY JUDGE BLATCHFoRD.
In Inc United States District Court yester-
day Judge BlatchfOrd granted an order Authorizing anu
directing the sale. under certain restrictions OF te SC
curlties bed by Bros. Co. for s2oO1) oaheo of
ibe- 10 Geo L. Grinnell g. Co., bankrupts Inc oraer
contains the Judges reasons for granting IT, and, d.
vested OF some OF its legal yerbage, Is as ioi'o"S'
II satisfactorily appearing TO the Court that the bank
rupis did, on July ~ 1873 borrow mon ,h .'s. .
"a the sum OF 100000 payable at 20 days WIZ" interest
at tho rate OF per cent, aud se"Gfiiy therefor Dc
posted with them 2eeO shares o. The ep stock Of tue
Lake Shore aud Micnigan Southern runway company
at the par value Of Sl00 per share $4,000 ID nounai
amounts Of the registered sinEg iund bonds oI taat
Company 100 shares OF the capital SOCK OF As Nc9o
and North-Wcs ern Railway Company OF the par vane
OF 500 per share, 100 shares OF tbe capt." 'psA VI
Illinois Central Railroad COmptnJ ana 80 OF
,n. first mortgage bonds OF the Lake shore
and Iuscarawas Valley Kiilroad Company OF tue
nominal value OF $1,000 EACH being the same security
tt 4, ba bankrnts = petitions TO have delivered
10 Brown Bros d Co. nv the ln 0t geo. b. i g
Co s9d 1t further appeariaS - .as 80 said loan. de
handed payment thereof and the redemp,. 80
securities therefor, but the same has not, nor has
par thereof been paid, have they, nor any member
any navment ON account thereof except tho
securities mentioned. and that there Is now owing
from the bankrupts to Brown Bros. co, the MI sum
Of $4,000 win interest ron Ju ~ 70 O', ~ ~, AZ
cent; aud fuItheI appearing To tue OOuIt tIa ING
said securities Of huctuatlng value, ana that at
during tho past three months the aggregate u the
market values thereof mas been less than OF
said debt. while their present market values m the
aggregate exceed tho same but tnat such values arc
liable all times 70 depreciation; and it further ap-
pcariug TO the Court that at the time and place ap
pointed the meeting Of the creditors or the buupts
10 choose assignee, the choice of one was Dy Tue votes
Of the Cared creditors, and against the protest OF
Brown Bros. Co., adjourned till December ;, 1873, and
that there Ia now no assignee - whom crehlJfs can
give notice Of sale arrange with Tor the redemption
the baukTupt's property; and II fnrher appearing
tue Court that it Is alike the right Of the SAID credit
ors, ana for the best interests OF we estate OF VIC
Lankrupts. that the amount OF their debt and claim
should now, when the same Is pTactlcioe ue ieauled
upon the sale OF the SAID securities, So Tar as the sas
thereof may be necessary 10 tat END Nov" dtet mar
ing counsel for Brown Bros. Co. and George B Gfin
nell O. Co.. and Dir. bangs lOr - unsgevu cLSuS ,
who have proved claims against tle Dankrlpt amount
ing III The aggregate % M 900 aud upward. and no one
else appearing It Is ordered that tine SAID Dahups %
author Zcd, upon notice TO MF. Bangs 20 SCI The sdd
Michigan Southern Railway COMPANY; ana i@
shares Of the capital stock OF the Illinois en-
capital stock Of the Chicago and HOrtL-Wes,ern
Railway Company aud also the $1,000 o. tne Liko
Shore aud Michigan Southern registered bOuds heli ~
Brown Bros d Co., or 80 much tneIeoI as may W
sary pay the indebtedness OF the SAID DanhIut au
made at the Now-York Stock Exchange from time TO
time in tue regular way and at the market prices ~
the times OF sales, Ult for prices tat Wll maze IN
the aggregate, sum not less than inc amount uue
Brown BIOS & Co.. as aforesaid a.
And 10 Is further ordered that Brown BrOthels q 70
be authorized and directed 10 deliver the SAID soc - IN
pursuance OF such sales so 10 be made on receiving
and except tar as notified To the contrary " mr.
Bangs. such proceeds 10 be retained by them ana APP
piled to their claim against tho oanArdpts ano their
estate Brokers such sales are 10 be delivered
o MIR Bangs fast they effected and before tho
deliveries upon them are completed respectively IT'S
further ordered that the sales 80 70 be bltQa
sh;u be deemed made under the authority con-
Srred pOn ns court by Section 20 Of Bankruptcy
act ard otherw,se and shall be deemed conclusive
evidence as against the assignee OF the value OF tho
seenrIes so sold and such sales shall bind and operate
10 convey as well the interest, estate, ana ute al tns
assignee when appointed, the interest, estate, ana
fitle OF the bankripts, ana Brown Bros Co.. In tbs
securities so sold Nothing in this order contanedls 70
impair the rights OF Brown Bros x Co. TO realize ano
dispose the pledge they hold, or prevent them from
applyng 10 the court the premises they may DO
advised aud their attorneys are ~ repOrs Tue Result 10
the court
lawyer apparently well posted in the affairs OF the
Lake Shore and Michigan Southern Railway Company,
expressed the opinion that that Company WOud reuse
TO transfer registered sinking 1und bonds rnferreo
to in Judge Batcnford's order, should theJ Do soa