Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-04-12


shall, In case of non-payment, as
aforesaid, within the time aforesaid, be sold to
the highest and best bidder; that the said |
HoratiO e. Mann, as such master, give public |
notice of the time and place of such sale, ac-
cording to the course and practice Of this court
that is to sly, by causing the publication OF
such notice of sale in some one Of the daily
newspapers of the city of st. Paul at least once
week for at least six weeks prior to the day of
such sale; that at the time of such sale the pur-
chaser or purchasers shall pay to the said mas
ter the sum of at least $50, 900 in cash, as part
pliance with the terms of sale, and the balance
of the purchase money shall be paid within
fifteen DAYS thereafter, and upon such payment
and the confirmation of the said sale by this
court: the said master shall execute and deliver
a certificate or deed Of conveyance OF the
premises to the purchaser or purchasers there
of. Provided, however, that in the payment of
such balance the said debentures Of each of
said issues, and the G Iupons thereof and the
interest due on said debentures and coupons,
shall be taken and received as cash, and the
said mortgage bonds and the overdue and I'M
paid coupons of said bonds may be taken as
cash, said bonds and coupons thereof in such
case to be taken only for such an amount as
would equal the dividend to which they would
respectively be finally entitled pro rata under
this decree; that said sale be reported to this
court for such other order, decree or proceed
ing as to this court shall seem meet and as to
equity may pertain.
Ninth-And it is further ordered, adiudged
and decreed that all moneys which may be
realized from the sale of said mortgaged
premises be paid into the registry of this court,
and that the same be applied: First, to the
costs and expenses of this suit, to be taxed and
allowed as aforesaid; and next to the sums
which may be found due the Plaintiffs and
their predecessors, Or such trustees, as and for
their compensation for services and disburse-
ments, including reasonable counsel fees; and
next to the payment in full of the amount due
on said first issued debentures; and next to the
payment in full of the amounts due on said last
issued debentures; and next to the payment of
the bondholders aforesaid pro rata of the
amounts then due to them respectively under
the provisions of this decree upon such bonds or
coupons as the case may be, said debenture,
bond or coupon holder receiving any such pay
ment being required to produce his debentures,
be cancelled if the same be paid in full, or may
otherwise be subjected to Endorsement of the
amount actually paid thereon.
In case the railroad and lands and property
hereinafter mentioned are offered for sale and
the bids for the same shall not, in the opinion
of the plaintiffs, be adequate in amount or ap-
proximate the fair value of said railroad, bonds
and property thus exposed for sale, then it
shall be the duty of the trustees, plaintiffs
| herein to purchase the same for the benefit of
all the bondholders, pursuant to the provisions
of the mortgage herein foreclosed; and in
such case the court may, upon the application
of any debenture holder, order sale of 80
| much of said railroad and property az may be
subject to the lien of debentures issued as
| aforesaid, then outstanding or unpaid, for the
payment thereof.
Tenth-And it is hereby referred to Horatio
| E. Mann, one of the masters of this court, to
take and state the account of the plaintiffs, as
| oh he coil and
account of the predecessors of the plaintiffs in
the said trusts including all sums of money
| pertaining to said trusts, if any, which have
| come to their or either of their hands as such
trustees from any source whatever, and the dis
barsements or other application of the
same, and also including the proof and ascer.
tainment of the sums or amount of compensa-
ton, which should, in his opinion, be allowed
to the said trustees and their predecessors re-
spectively, for their services as such trustees
or for other services which may have been nee
essarily rendered by them, or either
of them, in or relating to the sale
trusts or concerning the said trust prop
erty. and including the conduct and manage
ment of this suit and of any other necessary
suits or proceedings relating or incident there
to, or for the protection of the said trust prop
erty, and including all disbursements and 9th
er charges properly made or incurred by them
or by others in their behalf therein, and prop
WV HSAASS VI S-AN ~A
der the said mortgage, and that proofs o
such matters where witnesses reside out of tn
State. may, if necessary, be taken, on notice a
provided by law, on CONN ission, and that II
taking such account he make all just allowance
to said trustees, and that he report thereon t.
this court, together with the evidence takel
by him on such reference, and his opinion
thereon.
And it is further ordered, adjudged and de
creed that the plaintiffs and their SAT-
predecessors such trustees herein ar
entitled under said mortgage and dee
of trust to reasonable compensation TO
the services performed by them, or either o
them, in the execution of said trusts, and in an
manner connected Herewith, including tn
conduct and management of this suit, and an
other suits or proceedings necessary for th
protection of the trust property, to be paid GU
of the proceeds of said sale, to be determine
upon the coming in of said report.
Any bondholder, or the trustees, plaintiff
, herein, may become the purchaser of said NOR
, gagged property under this decree, in accordanc
with the terms and conditions herein provided
1t is further ordered, adjudged and decree
! that the purchaser purchasers at said sa
shall fully pay all sums due and owing by sal
defendant railroad corporations, or either {
them. to any servant or employe of said CO
l porations, or either of them; and provided ais
: that the rights and property of any person, pc
! sons, or copartnerships, in and to any war
/ house, side track or other structure erected Q
y the right of way on said line of said railroad
$ shall be and are hereby saved, preserved an
g protected 80 as to save preserve and protect tt
j. equitable rights of all parties interested.
e And it is further ordered, adjudged and d
o creed that in case the purchaser or purchase
), shall form new corporation and acquire tt
e rights and franchises Of the said company
n conveyance as provided in section 81 of chapt
O l of the act of the legislative assembly of tt
n Territory of Minnesota, entitled IAN act to E.
It ecute the trust created by an act of Congress e
= titled an act making grant of lands to the TER
d tory of Minnesota in alternate sections to aid
l. the construction of certain railroads said TIC
n ritorry, and granting public lands in alterna
sections to the State of Alabama to aid in Il
it construction of certain railroad IN said Stat
r, and granting certain lands to railro
vt companies therein named, !" approved May
IS 1857: which conveyance the said trustees q
ID hereby authorized and directed to execute al
II deliver to such purchaser, or their successors
,e assigns, on demand, shall form new C
ID poration under the provisions of an act of t
lie legislature of the State of Minnesota. entitl
er IAN act to amend title l, chapter "a, of t
general statutes, relating to corporations" a
D, proved March 6, 1876, or under any law
sr the State of Minnesota, that such purchaser
le purchasers, or new corporations shall compile
all legal and subsisting contracts, for sale
lie the lands of SAID SAINT Paul and Pacific raj
rs road company, and upon performance on Il
II part OF any purchaser of such lands to convt
the real estate as purchased in pursuance
re the contract or contracts subsisting.
i'd And it is further ordered, adjudged and
N creed that the right secured by said order
r May 81, 1878, to any bondholder to acquire
tie share in said debentures on the terms there
provided be- and the same is hereby extend
st until the day of date of said mortgaged pre-
ID erty under this decree.
i'd And the court doth hereby reserve the rigl
q IN ha att IF sale hero
or for. to make an order, if it shall then SCI
he equitable SO to do, whereby the outstandi
ae bondholders may, within short limited til
of then to be fixed by the court, be allowed