The daily Argus. (Rock Island, Ill.) 1873-1877, 1876-01-31

COUEONS OE IAE
COMPANY.
Heyman osterberg to Have the Road on
Payment of a Balance of $22o,-
S44,57 in April Next,
A very important decree was entered |
yesterday by Judge Drummond in the
foreclosure suit of the Union Trust Com
pany OF New York against the Rockford,
Rock Island and st. Louis Railroad Com
pany, pending in the United States circuit
court, under which the raj lroad was
lately sold to Heyman Oster berg as re-
preventative of the German bondholders.
The decree sets out that the master
in chancery II. W. Bishop, received from
Mr.. Osterberg the sum of $652,527 in
money and coupons Numbered 6, 7, s, 9,
and 10, belonging to the first series of
bonds amounting to $40, 535; also coupons
numbered 6, 7, 8 6, and 10 belonging to
the second series of bonds, and amounting
to $24,255. The purchaser was also
entitled to credit for the further sum of |
$8,239,29, according to the terms of the
decree of July l3, 1875. The Master had
also received bonds and past-due coupons
belonging to the first series, and certificates
Indebtedness to the amount of s.
100, Also bonds and past due -''z9,
the second series, ar coupons On
Indebtedness ISSUE "a cerlincates Vi
also rerr s2,55S, 922,50. The master
fr~ ,,Jrted having paid out 500 ,095, Is
.om the proceeds of the sale under the
direction of the court,
1T WAS THEREFORE, DECREED
yesterday that the masters report approY-
ed. Further, that from the proceeds of
the sale there should be reserved the sum
of 1920, 904, 50 to pay the taxes Of 1873 and
1874, the expences OF litigation, costs
of court, and for the protection of certain
persons who had claimed interests in the
property at the time the receiver took
possession.
Also that from the balance Of the pro
ceeds the holders of bonds, coupons, and
certificates Of Indebtedness issued in lieu
of coupons on the first series of bonds
numbered from l to 5000 inclusive, should
be paid 10 1891 900 per cent, of the
amount due thereon, not computing
interests on past-due coupons or certi6-
Gates of Indebtedness.
That the holders of ike bonds, coupons,
and certificates Of indebtedness issued in
lieu OI COupOuS on IUC SeCOuu SUITES VI
bonds numbered from | to 5000 should be
paid 5 977-l, 900 per cent. of the amount
due on such bonds, coupons, aud certifi-
Gates OF Indebtedness, not computing inter
est on past due coupons and certificates of
Indebtedness.
The decree then directed
TO GIVE HEYMAN osTERBERG CREDIT
on his bid for the property on account of
the bonds, coupons, and certificates of
indebtedness paid in by him at the per-
centage above established, to wit: for the
sum of $43S, 3S9 IA in addition to the sum
of 1852, 527 paid in money. Also the sum
Of IS, 239,2 20 credit on account Of coupons
6, I, s, 8, aud 10, as stated in the master s
report, making a total credit to which
Osterberg is entitled on account Of his pun
chase of $l,099, l55.43.
The master is further ordered to deliver
said bonds, coupons, and certificates OF
Indebtedness so paid by Osterberg to the
clerk Of the United States circuit court, tt
be dealt with as provided by the decree Of
July Is, 1875.
From the proceeds in his hands the
master is also to pay the clerk the sum OIL
1888, 80, which the latter is to proceed
to distribute to the holders of outstanding
bonds, coupons, or certificates of indebted
ness issued in the lieu Of coupons, in the
manner and at the rate established by thi:
decree and as directed by the decree o
July 10, 1875, first paying in part coupon.
6, 7, 8, 9, and 10, as therein provided.
1t was further ordered that Osterber!
should be permitted to retain in his posses
sion at six per cent. interesttrom the entry
of the decree 1920, S4457 of the sun
directed to be reserved, being the balance
due from him on account Of his purchase
until April !, 1876. And upon payment
thereof with interest the sale of the pre-
misses, and the report of the master shall
be in all things confirmed. In the mean
time O5terberg is to have possession of thu
mortgaged property purchased by him sub
ject to all limitations and conditions im
posed by the decree Of Nov 3, 1875, on BIZ
entering into bond made payable to ". II
Bradley, clerk OF the court, with surety tt
be approved by the court in the penal sun
of $4,000, conditioned that he will per
form the conditions Of the decree Of Nov
ember, 1875, and protect the parties EMIT
led to share in the distribution Of the sale
SUN of 1920, 904 SO, and also from any los
or damage arising from any liabilities o
the railroad for operating or other ex
penses incurred during such time.
LdSLIy, tIlS COurL ueCTceu IuaJ O5IeTDeTE
or, in his absence, the auditor of the road
every month make full report of his do
ings. The coupons heretofore filed b,
Max Bulge, Leo Lehman, and Jacob Schif
are excepted from the provisions of thi
decree, and are not entitled to any pay
ment under the same.
In the course of the day Mr.. Osterbere
filed his bond in $4,000 as above directed
and it was approved by the court.
MR.. osTERBERG's MONTHLY REPORTS.
Mr.. Osterberg having now become
sort of railroad king, proceeded YESTERDAY
to file in court his reports for his receipts
disbursements, ETC., during the months o
November and December, as directed b.
the above decree.
THE NOVEMBER RECEIPTS ARE:
Passenger earnings. ............. S17.0736
Erelgnt'... .......'.. '..-'-. ........ 39.391 .
EXPRESS earnings ACKNOWLEDGEMENTS. 1.3O92
MAIL e'-' '..'..'..t-........... I.4S92
Miscellaneous.... .......... ............. SAL
Total earnlngs....... ............ ST., 1852 o
EXPENSES.
Maintenance OF way. SIC, s0 2
vi DululnBs.--.... .....-....-........... bO44
rolling STOCK .................. ......... 71Sl.1
Conducting, transportation and general
eApense ..........-....... ....-..... 2o,019. z
Total - $40 100 =