The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-05-20
THE POOR PEOPLES RAILROAD.

TO BE SOLD AT AUCTION FOR THE BENEFIT OF
THE DESIGNING KNAvEs WHO PALNED 1T
OFF ON THE PUBLIs.
The Northern Pacific railroad, the stock of
which was foisted upon poor people as a
grand investment on recommendation of
so called religious family newspa pers. is
now to be sold in the interest of TIE few who
control the concern. The New York Sun
says OF the sale: Judge Shipnan. has made a
decree in The foreclosJsse suit sgsiBst The
Northern Pacific r2ilrosr thai VIII un6un b;-
edly result in the liquisisiion of the affairs
OF that lnsolvent corporation, il aGver - iiti-
CATION does not interfere. The inisiai plead
ing on which the suit is founded is pro
lorna styled Jay Cooke ct. al. agt The
Northern Pacific Railroad Company. Jay
Cooke being hopelessly bankrupt, can have
no legitimate individual interest in the suit.
he Is necessary party TO it, because he
and J. Edgar Thompson, late president of
the Pennsylvania Railroad company, were
named in the first mortgage of the North
ern Pacific Railroad Company as trustees
Tor the purchasers of bonds attempted To be
secured by that mortgage Mr.. Thompson
is dead. Under the provisions % the orig
nal instrument for a succession of trustees,
Mr.. Chsrlemagne Tower takes Mr.. Thomp-
sons place. Other necessary parties plain
tiff are named, for reasons that do not ap-
pear in the decree. The orders of the decree,
which is very elaborately drawn. are SUBJ
stantially as follows: The road bed,
bridges superstructure, station houses,
water tanks, sidings, switchings, rights of
way, easements, rolling stock, and in short,
every material thing pertaining TO the COM
pleted portion OF the railroad, which is now
nearly five hundred miles long, is to be
SOLD In FRoNT OF THE CUsToM HOUSE
in this city, after advertisement in pre-
scribed way for 60 days. The sale is to be
conducted under the supervision Of Kenneth
6. White, clerk of the court, and United
States Marshal Oliver Fisk, the former oi
whom is termed "Master Commissioner, -
and upon whom deyolves large discretion
as to postponements, advertising, and re-
porting the sale finally effected to the court
tor confirmation. The immense land grant
of the road is not 20 be
included or efected. -ip-a-any way
by the sale of the railroad. The decree pro-
vides that Messers White and Fisk shall sell
the lands, after due advertisement, in the
states and territories in which they lie, in
tracts not exceeding section (649. acres,
and that may be any ordinary subdivision
of section, such, tor instance, as quarter
OF quarter of a section (40 acres). Under
this arrangement it is estimated tha5 it will
be at least five years before the sales of the
lands are completed by Messrs. White and
Fisk and their sales finally confirmed. In
the mean time the property is to be in the
possession of the Hon. Geo. w. Coss, presi-
dent of the railroad, who has by another re-
cent decree Of the same court, Been ap-
pointed receiver, and upon whom, by vir-
tue of that degree, all the powers, privi-
leges, and functions of the corporation are
devolved. He is also ordered to jcia in the
proper execution of this later decree
There is further provision that Messrs
Cooke and Tower, the trustees, may bid fol-
and purchase any of the property, in behal
of all the holders secured by the mortgage
of the holders. Just what this means it il
hard to tell, but it looks like quiet method
OF turning road, franchise, lands, end every
thing over to such large bondholders as may
he willing TO arrange with Jay Cooke ant
his co trustees.