The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-30
FORFClOSFS ON BONN
COMP ANY'S PLANT
On Behalf of BondhoIders ST.
, Title 6 Trust Company
Takes Possession

The st. Paul Title and Trust COM
pany, acting for the holders of S125,O00
worth of bonds Issued by the Behn
Manufacturing company, yesterday
foreclosed on the property of the COM
pany, located at Park and Arcade
streets. The manufacturing concern
defaulted in the payment of the inter-
est on the bonds and the action is TAX
en- to protect the interests of the bond
holders.
Acting upon the application of the
trust company for the appointment of a
receiver for the Bohn Manufacturing
company, Judge Jaggard yesterday aft
ernoon issued an order directing the
trust company to. enter upon posses
sion of the property until further or
ders of the court
The mortgage foreclosed yesterday
includes the plant of the company in
st. Paul, which covers twenty-seven
acres of valuable land on Arcade
street. The buildings and machinery
are also included in the mortgage, but
the mortgage does not cover the bust
ness of the company The value of the
land and buildings covered by the
mortgage is said to be in the neighbour
hood Of s125,000, and it is stated that
the bondholders will not lose any great
amount
Business Will Continue
George w. Bohn. secretary and treas
urer OF the company, said last night
mat the eompany's business would be
continued for the present. arrange
ments along this line having been en-
tered into With the trust company in
whose possession the property is
placed.
The company, in March, 1899, issued
bonds in the sum of $125,000. making
them hrst lien upon the plant op-
Grated. by the company. These bonds
are owned by different parties, some
Oh them being owned in the East and
some mere in st. Paul.. The st. Paul
Title and Trust company has acted as
trustee for the bondholders, its duty
Deing TO collect the interest and at
tend to all matters connected with the
bonds. The bonds fall due March /.
1909. -
The foreclosure made yesterday was
the* result OF the companys failure to
pay the interest on the bonds. The
company is, said to have defaulted in
The payment of the interest due on
March l. 1904, land is also said to be
deilnquente in part on previous pay
ments of interest There was also a
default this year upon the payment of
taxes.
Receiver Asked For
In the foreclosure proceedings, which
were had before Judge 1Jaggard in the
district court yesterday afternoon, the
st. Paul Title and Trust company ask
ed that a receiver be appointed by the
court to take charge of the property
and that an accounting be had. Judge
Jaggard placed the trust company in
charge of the property, with instruc-
tons that the taxes, insurance and re-
pairs be cared for, after which all mon
ey accrulng from the property is to
&c paid into the court.
The trust company. is authorized to
remain in charge of the property for a
period of one year, which is the time
in which the manufacturing company
has to redeem, and in the event of the
property not being redeemed at the
end of year, the court will determine
what shall be, done with the property.
Attorney Frederick G. IngersolI, rep
resenting the trust company, said last
night that the business of the Bohn
Manufacturing company would be con-
tinued as usual, at least for the pres
ent, and the opinion was expressed by
Mr.. Ingersoll that the bondholders
would suffer very little, if at ALL