Daily globe., 1879-06-18


Three Million Mortgage Concluded
Only tina Extension Line Sale Remain
ing.
The foreclosure sale of what is known
the $3,OO0.O0O mortgage on the st. Paul &
Pacific railroad, was confirmed yesterday by
Judge Simons. This sale happened in
Minneapolis on the 9th inst, the st. Paul,
Minneapolis & Mankato railroad company
becoming purchasers at $25O,OOO. With
the purchase the buyers assume debt prior
to the mortgage under which the sale was
made, of $4,000 or thereabouts. Sheriff
Thompson's report of the sale, together
with the referee, n. E. Mann's, report, was
submitted to the court, and thereupon the
following order in substance was made.
First-That the sheriff's report of the sale
and the sale are duly confirmed.
Second-It is ordered that the sheriff make
immediate conveyance of the property sold to
the purchasers.
Third-The bonds and coupons used in the
sale for the purchase of the property having
been BROUGHT INTO court, were ordered into the
custody of the clerk (Kiefer), and he was di-
rected to make such endorsement on each bond,
ETC., to show that they have been used in such
payment and to show the dividend allowed
thereon. However. it is ordered that the clerk
confer with the court as to the manner of the
endorsdment to be made, and when the clerk
has performed the duty of cancellation, he is
to make report thereof to the court.
Fourth--The moneys received already on the
sales, in amount $83, 1906, are ordered to be
deposited in the First National bank of st.
Paul to the credit of this action, and the mon
eys 80 deposited can only be drawn out on or
der of the court, upon checks to be signed by
the clerk of the court and countersigned by
| one of the judges of said court; That the ac-
| count with said fund be designated on the
books Of said bank in substance as follows:
''Court funds. First Division st. Paul l.
Pacific railroad company, $4,000, 900 mortgage.
| To be drawn upon checks signed by the clerk of
the district court for Ramsey County, counter
signed by one of the judges of said court each
| That all checks upon said fund shall have
thereupon written, or printed, words to desig-
nate the account, and which may be as fol-
lows:
Court Funds-First Division st. Paul & Pa
cifc railroad; $3. .OOO, QUO mortgage.
Fifth-That check be drawn against said
fund for s24,s63.9S. This sum being the
amount found due the plaintiffs by the ref
cree tor their compensation, disbursements and
counsel fees under the mortgage foreclosed in
this action prior to Oct. 9, 1876, when plaintiffs
took possession of such road as trustees, etc.
Slxth-A dividend of 11.124 CENTS being q
dividend of like percentage as that allowed by
the sheriff upon the bonds and coupons &C
used in the purchase at the foreclosure sale OF
i the mortgage, is allowed upon all outstanding
bonds and coupons, other than such as were
used at such sale, secured under said mortgage
for SO. Coo OOO- It is further ordered that suct
! dividend be paid out of the moneys deposited
as directed above.
Seventh Provision is made that if the mo
neys deposited as above remain in the banl
{ six months from date of order, June 16, 1879
that interest will be charged thereon at tn,
rate of two per cent. per annum. and shall
draw this rate so long as on deposit.
Section eight, and last, reserves the right t.
plaintiffs to apply to the court for such Other
instructions as to funds, etc.. and the disposi-
tion thereof as circumstances may give rise to
] This sale confirmed disposes of all th
mortgages held on the road, which hav
passed through long course of litigation il
the district court. The parties to TIE sui
which brought about the foreclosure, b,
agreement, were Edmund Rice, Horac
Thompson and John 8. Kennedy, as trustees
, PLAINTIFF vs.. The First Division of the 81
] Paul g Pacific railroad, and George I
Becker, VIM g. Moorhead, ct al, as trua
tees, and Henry T. Wells, Edwin g. Litch
field, ct al
This action as related brings the Firs
, Division of the ST. Paul & Pacific railroa
/ company under the new management Of th
ST. Paul & Manitoba railroad company.
The only remaining legal work is to con
firm the sale Ct the extension line sale whic
} occurred last Saturday. This will probabl
! be done by Judge Dillon to-day, If he n
] rives as is participated.