River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-12-26
THE DEBRyTUREs.
The Formal Order of the Court Authoriz-
ing the Receiver of the ST. Paul s. Pacific
Road to Issue Debentures.

The Formal Order of the Court Authoriz-
ing the Receiver of the st. Paul & Pacific
Road to Issue Debentures.
In the matter Of debentures in the payment
of the St Vincent and other extension lines of
the st. Paul 4 Pacific railroad, in the United
States circuit court, the following order was
made and filed Yesterday;
At o stated term of the circuit court of the
United States held within and for the district
of Minnesota, at the city of st. Paul, on the
Goth day of December, A. ID. 1878:
Presentation. John +. Dillon, circuit judge,
and Hon. r. Il. Nelson district Judge.
John s. Kennedy ct al vs.. the st. Paul Pa
cIfic Railroad Company ct al.-ln equity.
The receiver herein having made and filed his
report of his proceedings under the order of
Nav 81, 1875, in tne construction of the untn-
ished lines of the Saint Paul & Pacific railroad
and the petition of George Stephens and his
associates named in said order having been
made and presented to the court praying for
the issue of debentures as in said order provid-
ed and the matter stated in said report having
been referred to II. H. Mann, Esq, special
master to examine and inquire into the same
and report the result of such inquiry and ex-
animation to the court, and the said master
having filed his original and supplemental re
port thereon; and due notice having been given
| to all parties interested of the hearing before
said master, and before the court; and all the
assents and agreements required by said order
of May 81, 1878, having been duly hled
| And il appearing to the court from the said
report of the receiver and the said petition,
the certificate of the Governor of minnesota,
and the reports of the said master, and eyl-
dence returned Herewith, that the lines OF rail-
road of said company from Melrose to Alexan-
| dria and from Crookston to st. Vincent and
the international boundary line at Emerson
| have been fully completed in accordance with
| the terms of said order, and have been accept
| ed by the Governor of the State of Minnesota
as completed in compliance with the terms OF
| the legislation of Congress and OF said State,
| granting lands to aid in the construction
thereof;
And it being further represented
| that said lines have been constructed
at the aggregate price of Sl,0l6,300, and the
actual cost of said roads not having yet been
fully ascertaiued. And the petitioners having
filed the duly authenticated assent of the
Dutch committee named in said order and OF
the new trustees in the $4,000, 600 mortgage
aforesaid and of John s. Kennedy and John 5.
Barnes, trustees named in the agreement be-
tween said Stephens, Smith, hlttson and hill
and the said Dutch committee to the issue OF
debeutures as prayed in said petition and the
defendant, the Northern Pacific railroad com
pany and the defendant the 81. Paul d Pacific
railroad company, having consented in open
court to the granting of SAID petition, and
after hearing George b. Young, coun-
port of said petitioners, and
II. II. Bigeiow ESD, counsel for the defend
ant, the first division of the st. Paul Pa
cifc railroad company IN opposition thereto
and none of the other defendants nor any 9th
er person having appeared to oppose said pc
tition:
1t is ordered that Jesse p. Farley, Esq, thu
receiver herein be and he is hereby authorized
and directed TO issue to said petitioner his de
bentures in sums of not less than 81 600 each
to the amount of 4SO0,OOO.
And it is further ordered that the debenture'
to be issued under the order shall be hrst lieI
in preference to the mortgage OF April 1, 1871
and subject only to the debentures now ont
standing of the issue of 100000 heretofor'
made by the receiver under the orders herein
August l. 1873 and september y 100
on all and singular the parts and portions o
the lines of road of the st. Paul d Pacific rail
road company repaired, built and completed
under and by virtue of the said order OF MAJ
81, 1878, extending from Melrose to Alexandra
and from Crookston to st. Vincent and Emer
son on the international line, in all l25 miles
and on ali of the lands granted by the Unite'
States and the State of Minnesota appertalnlni
| to the said road between Melrose and Alexan
dria and between Crookston and the lnterna
tional line which the road so repaired, built ant
completed under the said order OF May 81
1873 was the means of earning and acquiring
but not lien on such portions of the road a
were fully completed before the said order O
May 81 1878, was made; upol
lands which were fully earned befor
said Slst day of May, 1878 unles
the court in the final decree shall otherwise or
der and adiudge-the intent hereof being the
the lien Of said debenture shall not be K s.
than as above prescribed, but such lien may
, | extended when the final decree IS rendered. ]
such extension of the lien shall then be fount
Z to be inst and equitable.
The dehentures SO to be issued shall bea
! Jata TOan I : naVablP
before three years from said date at the optioi
of the receiver, and shall bear interest at TIN
rate OF 8 per cent per annuln, payable semi
| annually on the LIST day of June and Decembe
in each year at the American Exchange Ma
tional bank in the city of New York, according
to the terms of interest coupons TO be theret'
annexed and signed by the receiver. Lott
principal and interest shall be payable in th
gold coin of the United States of the presen
standard of weight aud 6ueness, and the carr
ings of said railroad after deducting taxes, tn
operating expenses and necessary repairs anc
the expenses of the receiyership, and atte
making the provision for such prior debentures
are pledged to the payment of such prlncipa
land interest.
Such debentures shall be attested by the sea
/ of the court, shall be signed by the receive
: md couutersgned and registered by the clerl
If the courts, and shall beFin the form follow
; ing;
NO. -. o
ST. PAUL, MINI Dec. l, 1873.
Three years after date, unless sooner paid, as re
ctyer of the IS. Paul & Pacific railroad promis
to pay to George stephen or his assigns the sum o
---- dollars in gold, with interest at the rate o
eight per cent. per annum, according TO the tenor
csupons hereto annexed, at the American Exchang
; National bank in the city Kew York. Failure t.
ply interest for six months will make the pfincipl
dte at the option of the holder IL the court snail s.
, oHier.
This obligation is issued under and pursuant to al
oer of the circuit court of the United States for tn
| dntrict of Minnesota endorsed hereoD, and is no
valid unless countersigned by the clerk of said cour
| ana sealed with the seal thereof.