New-York tribune., 1875-05-14
THE COURTS.
DEMOCRIrUs.

THE NORTHERN PACIFIC RAILROAD.
ruF PROPERTY OF THE COMPANY To BIZ SOLD
UNDER DECREE IN A FORECLOSURE sUTr-DE-
TAILS or THE ORDER ISSUED BY JUDGE SHIP
MAN.
In the United States Circuit Court yesterday,
the foreclosure suit OF Jay Cooke, Chariemsgne Tow
er J. Farley Smith, Theodore Hosmer, william ). Lane,
and william A. Grswod, against the Northern Pacific
Railroad Company. Judge shpman granted decree or
dering the property OF that Company to be sold
rety" except certain parts Of it specially provided for
in decree public in front OF the Custom
house m this city, the lst Monday OF August, 1870
The sale subject however to adjournment is to take
place under the direction OF Kenneth q. White the Clerk
Of the Court and oliver Fske, United States Marshal for
the Southern District of NewYork. The following are
the important parts Of the decree:
on July |. 1870. the Northern Pacific Railroad Com
pany executed and delivered To jay Cooke and John
gr Thomson A. trustees their instrument known rs
the first mortgage ald trust deed OF that Company Ia
the issue Of large amount OF lts bonds Tor the
purpose of raising funds Ia build its railway. These
bonds mide payable in gold in 30 years from the
thereof. with interest coupons payable also III god
scmi-annualy the OF 73lo cent per anntm.
free from United states tax ubsequrnty, John Edgar
Thomson died. ANA william Il. Ogden was appointed 10
MI his place as such trustee Mr. ogden resigned and
Charlemagnr Tower WIS appointed co-tIstee with Jay
Cooke The bonds issued under the deed OF trust ana
,bnvr .n" and All lien wha@vcr on all the right title
claim. estate, demand whatsoever which the
Northern Paciilc Railroad Company i. ana may here
after acquire in and to all the lands ana sections
lands either stfie Of lis rIilrDiu, III tnr
States of Wisconsin, Minnesota. and Oregon and
the Territories of Dakota Montana liiho ana
So 00o00O acres Of land and in and to all of the Com
pany's righis OF way and rolling stock. Ihcre were
,sued and sold to bpna gd' holders = arg amount @ o.
the bond. referred To. and haianre Stl rilhs de on
certain 0f the interest coupons which fall due PRIOR 10
teres on sch coupons the principal 0i the D3hds is o
come due On April -, 1879 the Northern Pacific Rail
road Company executed and delivered 10 Cooke Tower
deed m Iurther assurance, WHEREBY Una. o"ip,ny W.,
conveyed 10 them all of its property acquired since the
execution Of the first mOrtgage or trust deed
After reriting the prOcecdn Of the Court the decree
says in substance 1t is ordered that the property 0f the
Northern Pacific Railroad Company, except tho lands
aud and grants Whlch are herein SptcidI.y a.
he sold III one entire parcel ~ an entirely under tns H
While CLERK OF the United states Clict court Tor Tue
southern District Of NewYOrk, Master Comnisso
City Of Newly FORK. the first Monday of August, 1879
The Masters shall give at least 90 days notice OF such
advertisement thereof once III each week Tor a least 90
days before the sale, in six newspapers, puO-
York. one in Philadelphia, in Baltimore. and
in Chicago. The Masters may adjourn sncn
and II adjourned. may make such sale IN manner aore-
said. without further notice and the time and place to
Of such sale by the Court and the receiving by the Mas
ters Of the purchase money they shall convey the same
by good and sufficient u the purchaser or
purchasers The lands and land grants conveyed IN the
mortgage deed OF snail be -old Mt public sale at
places within the states and Territories in which they
be situated, after than 30 days previous
notice IN single sections o the highest bidder Al any
NJ the property the Northern Pacific Railroad Company
Jay Cooke aDd Chaemagne Tower their successors az
trustees bid for and purchase II, any part Oi H.
behalf Of all The boders OF the bonds secured by the
mortgage or deed Of trust. in the proportion OF te re-
pecyc interests Of such holders The proceeds OF the
sale shall De applied III the following order:
First To the payment OF the necessary Ipcnscs incl
dental 10 the execution and preservation Of the trust ere
ated in behalf Of jay Cooke and John Edgar Thomson IN
cuding reasonable compensation for their own services
AMI to the payment of all legal costs 10 the sonctor Anu
counsel " the complainants.
ccOnd To the payment Of all balances due for services
rendered labor performed materials and supplies rr
nished To the Company any time within the year mex
preceding the date Of the entry OF this order
Third: To the payment of all legal assessed OF 70
be- aSsessed against tue Company.
Fourth: To the payment OF balances due for the right
OF way or other necessay grounds for the use Oh the
Company.
FSh To- the payment NJ all dne for moneys bor
rowed TO pay interest the mortgage debt or 10 pay
labor and materials the repayment OF which any
former present officer OF the Company, any other
person at his or their instance is surety.
Sixh To the payment OF all sums advanced OF loaned
for like Objects by present director OF tno
Company and which have in good faith been 50 applied
Serenh: To the payment Of all liabilities or persons
who have ~ the Instance or the Company or any OF tne
and directors thereof become suretes Tor the
Company in the prose cutiOn the defense Of suits
Eighth To the payment Of such OF the nrst mortgage
bonds be- reported by the Master IN THIS cause 10
been bona fde issued. and may DE outstanding au
unpaid, together with the interest thereon
NnM. The residue thereof. II any, shall De subject 10
order and priority distribution as the Court shall
hereafter establish for that PURPOSE . - -
The decree closes 10y appointing kenneth " White the
Commissioner to report to the Court AL proceed
us- lad under the decree.