The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1900-06-13
HE REDWOOD GAZETTE.
BY AIKEN & scHMAHL.
WEDNESDAY, JUNE IL, 1900
THE TRUST DEED.
Contents of the Document Placed
on Record Last Week.

on Record Last week.
The trust deed filed early last
week with the register of deeds OF
Redwood county, whereby the Gulf
& Manitoba railroad company is the
party of the first part and the Iowa
Loan & Trust Co. is the party of the
second part, is one of few of it's kind
on record in the register Office.
The deed states that the company
is DESTROYS of raising a sum of mon
ey to be used in completing the con-
struction and equipment of line, or
lines, of railroad in the States of
Iowa, Minnesota and Missouri. to
be operated as continuous system
from Duluth, Minnesota, in a south
erly direction to point at Or near
Kansas City. Missouri, and for the
purpose of also paying the indebted
ness which now exists upon said rail
road, and for other purposes, and
that it finds necessary and expedi-
ent to issue first mortgage bonds.
The issuance of bonds to the ex-
tent of $2l ,OO0,0 600 was decided upon
at meeting of the stockholders
held on February 10th, the issue to
be composed of 1000 bonds of de-
nomination of 81 900 each. A form
of the bond accompanies the trust
deed. It is very brief. Each bond
is FIVE per center, first mortgage,
gold bond, whereby the company
agrees to pay to the trust company,
as trustee, or to the holder, on April
LIST, 1880, 81, 900 in gold coin of the
United States, or equivalent to the
present standard of weightand fine
ness, with interest, which is made
payable at the Chemical National
Bank of New York on the first days
of April and October each year. The
trust company issues it's certificate
to each bond that it is one of the p,
900 mentioned in the deed. Each
bond is accompanied by 20 coupons,
calling for semi-annual interest,
each coupon calling for $25.
On accepting the trust the Iowa
Loan & Trust Co. paid the company
81, whereby the latter turned over
to the trustee and it's successors, all
the right, title and interest which
the said Gulf & Manitoba Railway
company now has, or may at any
time hereafter acquire, in or to all
it's lands, tracks, lines. rails, ways,
bridges, buildings, structures, cree
tions, franchises, privileges and
rights, and also all locomotives, ten
ders, cars, tools, machinery, coal,
wood and supplies of every kind,
and all income, issues and profits
arising out of said property and all
rights to receive and recover the
same, including all the railroad now
built, and all the railroad hereafter
to be built, and all the property ap-
purtenant thereto; all chooses in ac:-
ton of every kind and description,
including bills receivable, book ac-
counts, traffic balances, maps, doc
uments, etc.
The trust deed is given for the
purpose of securing the payment of
the bonds. It is agreed between the
parties that until default shall be
made in payment Of the principal or
interest the railroad company is to
manage, possess, operate and enjoy
ali of the premises, taking and using
the earnings, income, profits and is
sues thereof. The trust company is
given power to release from the lien
and operation of the mortgage any
portion of the mortgaged premises
it may see fit. and which shall be no
longer requisite for use in connec-
ton with the road, such as might
arise over a change of the line or for
Strengthening or altering it, or in
case of machinery and implements
that have become worn and unfit for
use, provided in the latter case that
other machinery is substited.
The railroad company is obliged
to pay and discharge all taxes, as
sessments and governmental charges
lawfully imposed upon it, with the
view of keeping the bonds a prior
lien upon the property.
In case default shall be made in
the payment of any installment OF
the interest or bonds, and shall con-
tinue for six months after demand
,,oodo IN 1rr;tipr which donond