The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1894-10-18
COMM OUR WAY
Prominent st. Louis Official Offers
to Bet That the Road
Will Enter
Redwood Falls Inside of a Year.
The Great $4,000, 900
Sale.

nSOnOOu G0IIS 1nSluV VI q IV0l ..
The Great $5.OOO,OOO
Sale.
Now that the Minneapolis & St.
Louis road has passed out of the
hands of a receiver, and is once more
back into the stockholders hands,
and on paying basis, there are ex-
cellent prospects that it will run into
this city as soon as the present financial
stringency eases up sufficiently to al
low the proper negotiations for the
grading and construction. of the line.
A prominent official of the St. Louis
road made a statement week ago to
the effect that he would wager a good
round sum that the road would be in
this city inside of year, providing it
received sufficient encouragement,an and
he is now negotiating for certain
property interests here. General Su-
perintendent Clarke, and General
Freight and Traffic Manager Fox
were seen by reporter Of this paper
last Monday, and when asked whether
there was anything new in connection
with the road coming into this city,
they stated that there was nothing for
publication at the present time. Both
officials spoke highly of Redwood
Falls as future trading point, and
every action left the impression that
they wanted a direct connection with
Redwood Falls as soon as possible.
The road is on an excellent paying
basis and when the sale was made
last Thursday the officials we're glad
that it was out of the hands of the
Court.
The Minneapolis Journal gives an
interesting account of the sale, at
which Sheriff Ege, of Hennepin coun-
ty, offciated, and for which work he
received $4,000. It says that there
was only one bidder, L. w. Bull, rep
resenting Chairman Olcott, of the
New York reorganization committee,
and the road was bid in by him for a
total figure of $5,O1O,OOO.
At the advertised hour there was a
curious crowd assembled in front of
the court house to watch the unusual
occurrence of a $5,O00,000 auction sale.
Sheriff Ege read the five column agate
announcement of the sale of the road
from copy of the Times. He read
for one hour and 10 minutes and the
road was sold for $5,O00,O00 in one
quarter of that time.
After the conclusion of the notice ol
sale, Sheriff Ege stated that this was
to be cash transaction, and that the
property to be sold was that mort
gagged for the equipment and improve
ment bond, H. Siebert, trustee.
According to the legal stipulations
in such case the property sold was
divided into different classes and the
bids were made on each item as read.
This was merely a matter of form,
however, and the amount bid for the
various items would hardly determine
the amount of the property involved.
The rolling stock was divided into II
parcels covered by equipment bonds
and was sold for a total of 1926, ,OOO
The residue of the equipment bonds
went in lump for $4,000. The
half interest of the st, Louis road in
the Lake Park hotel property at Lake
Minnetonka sold for $4,000; the
stock and bonds of the Minnesota
Transfer Railway Company brought
$4,000. This foots up a total of
$4,000 for the equipment and i'm
provement of the road.
Then came the big bid for the Min
neapolis & St. Louis railroad property,
inclusive of rights and privileges as
they now stand, and also subject tc
the senior mortgages, the face
amounts of which now run up into