The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1899-06-21
No Longer a Doubt OF the N.
& |. Being Built to
Is, V6Std.
Gulf & Manitoba People Pro.
DOS6 S6S15,O00 Bonds
at Morton.

ue IllOl uSdSC given oy oAS A'A LII
nesota & Iowa Railway company to
the Farmers Loan and Trust Co., ,
of New York, Trustee, in amount
of 1904, 600, was filed with the
register of deeds of this county
after dinner last Thursday. The
printed mortgage, containing rev
enue stamps amounting to 1852 came
in by express on the Northwestern
in the forenoon on that day, and w.
S. Brammer, the local agent of the
Northwestern, filed it for record,
per instructions.
The mortgage was dated June l.,
1899, and the bonds mature June l.,
1924 1t is given for the purpose
of raising money for the construc-
ton OF 119 miles of railroad, the aver
age cost per mile for building and
equipping the line, being SIG, 900.
The bonds, which are of both the
coupon and registered kinds, are
made payable at the Office Or agency
of the Chicago & Northwestern
Railway Co. in New York. The
coupon bonds are all for 81 900,
while the registered bonds are in
sums of 81, 600, $1,000 and O,OOO,
the bonds being similar to those
issued by the government for it's
popular war loan subscription, only
the amounts are larger, the coupon
bonds being transferable. like cash,
while the registered bonds requir-
ing transfer on the books of the
company, in case the holder desires
to dispose of them.
The mortgage explicitly desig-
mates the line to be built with the
money raised from the sale of the
bonds. 1t states that one line will
commence at Sanborn, Redwood
county, and run southeasterly to
Burt, Iowa, a distance of 80 miles,
while the other line connects with
the Northwestern in section 26,
CharlestOwn. and runs in a north
erly direction to section 16, Vesta,
a distance of about % miles,
The mortgage is signed by Mar
vim Hughitt as President and JOS
eph B. Redfeld as secretary of the
Minnesota & Iowa Railway com
pany, the signatures being wit
messed by John T. Caldwell and H.
7. Dawley, and is accepted by E.
S. Marston as President, and Sam
uel Sloan. Jr., as secretary of the
Farmers Loan & Trust Co. of New
York, their signatures being wit
messed by T. M. Goodwin and Henry
King Smith.
The principal Office of the com
pany being located at Sanborn il
became necessary to file the mort
gage with the register of deeds OF
this county first. The mortgage
will also probably be filed in Brown,
Cotton wood, Martin and Watonwan
counties, this State, and those
counties in Iowa through which the
road either passes or terminates.
The mortgage appears to settle
definitely the statement made in
The GAZETTE several weeks ago thai
the present terminus of the road
would be section Is, Vesta.
The Butterfield Advocate says
that the first engine to pass on the
main line of the Minnesota & Iowa
road came to town Monday morn
ing, engine number 1873 passing on
to the main line from the "Y' about
s clock, a. m The switchbar had
not been put in place, but it was
soon spiked so as to let the engine
pass. AS it passed the switch the
engine began to whistle and shouts
arose from the crew and bystanders.
Twenty cars were showed onto the
main track. These cars are being