New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-04
A PLUM FOR Mr.. WILLARD.
GREAT IMPORTANCE OF THE LAND GRANT
CASE.
WHAT Is SAID, IN BEHALF OF TIE NORTHERN
PACIFIC, on TIE DECISION OF THE
UNIFIED STATES SUPREME COURT.


UNITED STATES SUPREME COURT.
The decision Of the Supreme Court Of the United
States in the contest between the Northern Pacihc
and the Great Northern ManitObal Railroads over
large tract Of land in dspute Tor nveral yeas between
the two companies caused considerable comment in
Wall street yesterday. The decision a victory for
the Northern Pacific Company. but H. importance was
not recognized IN any early movement in the preferred
stock although later recognition given in On ad-
vance 81 than per cent. Henry Willard. chair
maa Of In, Northern Pacific Board Of Directors. 20
busy that he could not reporters but James Nc
Heuct the general counsel. this summary OF the
litigation:
This controversy began in 1873 before the Com
missioner Of the General Lard Office. lie decided the
case In favor Of the Northern Pacific. but an appeal
was taken to tho Secretary OF the Interior. who re-
verscd the decision in favor OF the Manitoba road.
Under that decision the lands all transferred to
the state Of Minnesota for the benefit Of the Manitoba
road to which the state transferred them The North
cTn Pacific began a suit Immediately to nave fhe
patents cancelled and the deeds SET aside ana III 1850
Judge Brewer decided II In favor OF the Northern
Pacific. The Manitoba appealed the case to the
United states Supreme Court and 1t was argued in
October and Is finally decided before full bcfch.
The decision settles many propositions OF law relative
to land grants which heretofore in dou1t and con
corning which United Stqtcs District judges have
differed. !, very largely OvcrrulcS the decision 81
Guiford Miller case That decision had such an effect
upon land grants and the administration thereof and
50 seriously affected settlers upon granted lands that
the senate the United states took notice 81 1t ana
called upon the secretary OK the Interior for report
concerning II. and the report was furnished on sep
teaber I, 1see, at the FIRST session OF the Lth con
cress and published as executive document 30. 2o4
Tho received considerable attention from Pfes
dent Cleveland He called for the papers, and aft@f
examining them directed the secretary TO take INC
matter up and dispose OF it,"
As regards the effect Of tho decision upon the In
terests Of the Northern Pacific, Sir. Mcknight saia
Under the plan OF reorganization made In 1870 D!
the Northern Pacific oil OF the lands east OF tho Nl'
scnf River within the limits Of tho coMpanys grants
wers B. DO applied to the retirement OF the preerrtd
stock The 10000 Of land recently In dispute
are all east Of Missouri River and are all III the
state Of Minnesota. The money now in the haAa' VI
the special Land Commissioner will be applied 10 u'e
retirement Of the preferred stock, as VIII be inc pro
ceeds Of the lands hereafter sold. The amount rs
allied by sales by the Special Commissioner up
to June 30 1890, Is 81 2O45 90. At that dat'thero
was invested In Government bonds by the Comms
sioncr 81 ,0o5oOO there was s2o7 o7o 90 rePrc'enVo
by deferred payments lands sold, and tbs amount oil
money il tho hands OF the Commissioner was So
74s D. The average price at which chs land was sou
ND to juno 30, last. was as 81 per acre.
Mr. Mcknight said This decision VIII TRANSFER
large amount of money and property TO the Northern
pycIfc What tlle value IS decline TO say
Accepting Nj. McNauehts figures tho NortneEn
Pacific VIII be beninted by the decision as follows
Ind s,os ftom 1873 20 1890 si.++2 o+0
Invested IN Government bond ..-...slO 10000
Deferred payfneuts hAles. %Vi'utL
eaSh WIN cO"'i-'S'''''- - 1910 go
-
n,..ron4,cv ............... ei3i or
80 'o,ras, zoo OoO
49, IT M 70 iuns no lslO.n.,.s..... 2io0O0
Number Of remaining. EsvlooV
Cstcula,ed at Sc n per acrc....... s1eI4'-l
At the ratio OF sc 81 per the 10000 acres sold
prstious 70 June 90 1890 wuuh net 81 330,719 ndd
the al 291 figured above for tho remainder atd
the total Nond net fol 50 600 % the N0rthcrn Paclle