New-York tribune., 1874-06-17
pAII POAn MOVEMENTS.

THE JUNCTION OF THE UNION AND CENTRAL PACIflC
RAnRoADs-A RAILROAD FORECLOSURE.
Sidney Dillon, President of the Union Pa
cifc Railroad returned from his tour on Inspection
over the road and reports that everything WORKING
satisfactorily. Among the results OF MS vsit mas
been the settlement OF the question OF tue Junction
OF the Union and Central Pacific Railroads. There Las
been some discussion the proper point of Junction.
but Mr. Dillon succeeded in settling II TO the satisfac
ton of all concerned The place of Junction Is Ogaen
Utah and Brigham Young who has manifested consld-
erabe interest the matter has given 1873 acres OF and
AT that point for the depot and other purposes for tue
Union and Central Pacific and Northern and southern
Utah Railroads which meet at that point AT the meet
, t the directors OF the Union Pacific Railroad In BJs-
ton to-day the question OF establishing rohg MINIS lor
the manufacture the Companys rails VIII DC consd
ered
THE ROCKFORD, ROCK ISLAND AND ST. LOUIS LINE.
H. o.terberg the representative OF the German bond
holders Of the Rockford Rock Island and ST. Louis Kali
road has returned from West where he went 10 IN
spect the condition OF the road and confer Win the ON
GERS respecting interests OF his constituency Cat OF
s. 100000 bonds issued the Germans hold S'I7eVOO-
The Company having defauted IN its interest,
the Union Trust Company. trustee has fled bill in
the United states Circuit Court against the Company to
torecose two mortgages The frs one was first mort
gage given in June, 1868. for s500O,OeO gold, to
secure 1900 bonds OF SO each, with interest
az per cent, and secured by the line OF
the road in the first and second graud dlYislon
Before more than a small part OF the bonds
were sold a new arrangement was made Oy which II
was agreed that OF bonds should be Issued. aud
a mortgage given the whole road, from Rockford TO
point on the Mississippi opposite ST. Louis The semi
animal interest paid is7 nor in lS12 In June,
1872 an agreement made with the holders OF about
s.GO0,00 OF the bonds, who agreed That the
A. 100000 OF bonds should be reduced one
half, or 10 A5OO,OOO. and the interest in
corresponding The holders OF some OF the re-
a,nng ponds nave however attempted TO enforce the
payment Of the whole amount aud have begun suits
and obtained judgments therefor Tie first mortgage
gave lien on the first and second grand divisions. and
m uch o the road OF the third from the second
division TO Missss.pp River. near Burlington com
mencing al Rockford. Tne road was subsequently ex-
tended 70 Sterling In one direction, aud TO ST. Louis In
the other.
The second mortgage was made 20 secure the whoie
amoun, OF 80 oOOoco including the first issue OF 5000
oo and covered the whole road as It now exists This
ro,ses ai6cult point The trustee, the complainant
admits that the holders OF the first OF the bonds
may claim under the first or second mortgage but In
sIss that they cannot claim under both As the road
has been changed its since the execution OF the
ars gage this cuts the first bondhoders out of
large part the security afforded them on the road in
third grand division that part or the road hs been az
tered The complainant does not know whether the hoid
ers of the first preferred or not III they eject
10 stand by their rights uuder toe nrst norgdge ney
,, - ,,,. ~ INC, cain upurr the second mortgage
which gives better securty,u is elame@ they Qply
stand on the same footing with other creditors Under
,ba, mortc1ge Ii is also alleged that the COMPANY =
cross receipts been for the past lew years neal
I or quite fl,-SOOO year oui hotNl.ns.sndi.s .s ~
mis- large income the floating debt. amounting 10
hnnt AGO C9 or s401Oo. has been preferred and dis
charged "a her than the interest ON the bonds Deiant
bsvinr beon made IN payment OF the interest tue
coMpainant asks that foreclosure may Oe uecseeu,
ece'ver and that the various ana connecting
Shts OF te bondnoders under the two mortgages may
he ed and their claims paid with proper regard 70
their priority II there be any motion ior @feoe"o'
will probably be made soon,