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

BOND should become Immediately due and pay
able, at the option of the trustees in the said
mortgage, and as in said mortgage provided.
that such default continued for more than six
months prior to the commencement of this suit,
and that by reason of such default and by the
terms and conditions of the said mortgage or
deed of trust the complainants duly elected to
declare the princi pal sum of said bonds to be
due, and there is now du and unpaid upon the
said bonded Indebtedness the principal sum
and amount of 100000, and the interest
thereon from July l, 1874 which said princi-
pal and interest is; as aforesaid. lien upon the
said mortgage property and franchises as here
totore specially found.
and advantage of the said trust SO represented
by said compliments and of all the parties in
the premises, that the said lands 80 granted
by Congress, now -eld, or to which the said de-
PENDANT The Saint Paul & Pacific railroad
company, has right, together with all and sin
the lien of said mortgage or deed of trust, in
Guiding the said lines of railroad and all the
franchises, privileges and immunities, includ-
ing the franchise to be corporation. should be
sold as one property, and not separately or in
parcels.
day OF July, 1879, John 8. Kennedy and others,
in behalf of themselves and the other holders
of the said M rtgage bonds of said $l5, 900, 000
issue of said First Division of the St. Paul q
Pacific railroad company, fled their bill Of
| complaint onSthe equity side of this court,
praying, among other things that receiver be
appointed of all and singular the said mort
| gage railroad and appurtenances and land
grant, with authority to complete the construc-
| ton of the then uncompleted portion of said
railroad, and with authority, for that purpose,
| to borrow money and secure the repayment of
the sums SO borrowed with interest by prefer
ence on said mortgaged property; that in such
suit such proceedings were had that by order
of this court made therein August l, 1873,
Jesse P. Farley, Esq, was duly appointed re-
| ceiver of said mortgaged railroad and property,
| and in and by said order and by further order
made September l, 1878, was duly authorized
to complete said unfinished portion of
said railroad, and for that purpose to borrow
money and to issue to the persons advancing
| the same his debentures to the amount, in the
form. with the interest. and upon the terms of
payment and security in said order provided.
=, That pursuant to the terms Of said orders,
| the SAID receiver did proceed to complete a
portion of said uncompleted line of railroad,
and for that purpose did borrow the sum of
$lOO,OOO, and to secure the repayment Thereof
did duly issue his debentures, az provided in
said orders, to said amount, being one thousand
in number of the denomination of one hun
dreG dollars each, and numbered cOnsecutively
from one to one thousand inclusive, bearing
date October l, 1873, payable five years there
after, unless sooner paid, with interest at the
rate of ten per cent. per annum, payable in the
city of New York, according to the tenor of the
interest coupons warrants thereto attached.
That of said debentures there are now out
standing and unpaid 900 debentures. on which
there is due at the date of this decree, for
princi pal and interest, the sum of 10000
ninety thousand dollars, and the lien of which
debentures to the amount SO aforesaid due
thereon, is by the terms of said orders, a lien
on the said mortgaged railroad lands and 9th
| M M IN
of said mortgage or any other lien whatever.
That thereafter and IN the same suit last
aforesaid, on the application of the said re-
ceiver for leave to proceed further in the con
structi,n of the unfinished portion of saio
lines, between Melrose and Fergus Falls anC
!, between Crookston and st. Vincent, the sale
receiver was by order of this court, made ir
; said suit May 81, 1878, duly authorized ane
empowered to proceed with the construction o.
said lines with moneys to be furnished b.
George Stephen and others, therein pro
vided; and in and by said order provision was
made for the issuance by said receiver to the
: said persons furnishing said moneys, de
bentures for the amount so to be advanced by
them. upon the conditions in said order pre-
? scribed.
That thereupon and in compliance with tn
terms of said order of May 81. 1878, the sail
receiver did complete and equip those por
tions of said unfinished lines extending from
= Melrose to Alexandria, and from Crookston t.
St. Vincent, and the international boundar
line at Emerson.
That thereafter and on December 20, 1875
: further order was made by this court in sail
suit, whereby the said receiver was authorizes
and directed to issue to said Georg
!; Stephen and others, on account o
moneys SO advanced by them for the compile
ton of said lines, his debentures to the amour
e of 100000 Of the FORM with the lien, an
upon the terms of payment. as to principal an
I interest, in said order; provided,
l That thereafter, and pursuant to the term
: of said order said receiver did duly make an
G deliver to said George Stephen and others hi
debentures to the said amount of $500, 00l
: being: Is debentures of 81 900 each, rs debe1
Q lures of $5 900, rs debentures of $4,000, an
e 20 debentures of 500, 900 each, and being in al
: IS debentures numbered consecutively from
to IS, inclusive, bearing date the second day c
: December, 1878, and payable three years Their
s after, unless sooner paid, with interest at th
g rate of eight per cent. per annum. payab
/ semi-annually, according to the terms of int
n interest of said debentures being payable
g gold coin of the United States of the the
!, standard of weight and fneness;
70 That in and by said order it is provided thu
:, such debentures may be declared to be due an
Is payable at any time prior to the date of pa
y ment therein named; and it is further provide
II that said debentures shall be lien prior an
+ paramount to the lien of said mortgage or ar
e, other lien, except the lien Of said debenjur
=, heretofore issued by said receiver, upon tt
!. said line of railroad, from Crookston to
II Vincent and the International Boundary Liz
ID at Emerson, and the said line from Melrose
IL Alexandria, and the aprurtenances of said line
l. and the lands granted by Congress and tt
,, State of Minnesota to aid in the constructit
u of said mortgaged railroad and appertaining
n said lines, but not lien on any other porto
l. of said mortgaged premises unless the cou
It, IL L.
G. served by the court to extend the lien OF sa
IN debentures over all the property Of said "a
OF road company if to the court such e1tensi
O. should seem just and equitable.
d. That in and by said order of May 81, 1878,
III was further provided that any bondhold.
e. under the said $15, 600, 600 mortgage, might
3, any time before the issue of said debentu1
Is, therein authorized, and if the court shou
er think it just. at any time before the sale
n, said property, under decree of foreclosure,
e. entitled to equal rights with said Stephen a
er others in respect to said debentures and t
ne lien thereof upon the conditions in said ord
n prescribed.
I'D That, in and by said order of December
r, 1873 the power was reserved to make furth
7l' provision for securing to such bondbolders t
e. right to share in such debentures.
er That although public notice was given of t
ne terms of said order, none Of such bondholde
Is, have as yet complied with said conditions
en- applied for any of said debentures.
ad That the said last named debentures
ne hereby declared to be due and payable, a
tn there is now due thereon the PRINCIPAL 81
IT'S of eight hundred thousand dollars, and int
DIS est thereon from December 2. 1878. at the r,
g, of eight per cent. per annum.
he Eighth-That the said defendant, the Fl
es- Division of the Saint Paul and Pacific Railro
aw company, or the defendant the Saint Paul a
IL Pacific Railroad company, pay cause to
ne, paid to the said compliments, as trustees
ar the holders of said bonds and coupons
es; amount of bonded Indebtedness adjudged j
ke- as aforesaid on the said mortgage or deed