Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1896-07-29
GREAT RAILWAY SOLD.
Special Master Cary Sells the
Northern Pacific Lines at
West Superior.

West Superior, Wis, July 25.-Spe-
cial Master Alfred l.. Cary this morn
ing sold the entire line of the North
ern Pacific Railway company, its bonds,
stocks, leases and branch lines, under
the decree of Judge jenkins of the Unit
ed States court. The sale was inter-
rupted only by two formal notifications
and the property was bid in by Edwin
W. Winter of the reorganized Northern
Pacific company on behalf of that cor
poration. The prominent railroad Off
Gals and representatives of the bond
holders arrived this morning on q Spe-
cial train. They first proceeded to Wal
bridge, on the Northern Pacific, to view
the new spur track being built under
the now articles of incorporation to legal
ize it, and then came here. Their ar
rival was an hour after schedule time,
owing to the derailment of their engine
and they were pulled into the city by a
logging engine which was pressed into
service.
In the party were Edwin W. Winter,
president of the reorganized Northern
Pacific; Charles H. Coster of New
4 Co., the reorganization managers; K.
ID. Adams of New York, chairman of the
reorganization committee; Special Mas
ter Alfred L. Cary, who conducted the
sale; Francis l.. Stetson and Victor
Morawetz of New York, counsel for the
reorganization managers; William Mel
son Cromwell of New York, counsel for
the reorganization committee and for
the receivers; Herbert J.. Turner of New
York, counsel for the Farmers Loan
and Trust company. complainantS in the
foreclosure suit; Silas W. Petit of
Philadelphia, counsel for the old North
ern Pacific company; General Manager
kendrick; Secretary George W. Gardi-
ner, and Land Commissioner William
PIbpps of the Northern and Receiver
McHenry of the st. Paul
Special Master Cary announced that
the sale was ready to proceed, when
General Counsel NJ D. Grover, for the
Great Northern, entered a formal no.
ice to preserve his rights. He notified
prospective purchasers that they world
be held liable for the lease of the st. Paul
and Manitoba tracks, which the North
ern Pacific uses between St Paul and
Minneapolis, and for the carrying out of
that contract
After him Charles T.. Catlin of this
city would give notice that the
purchaser would be held subject to
the contract made with the St
Paul and Tacoma Lumber company. by
which the latter company purchases So
900 acres of land in Pierce county. Wash
lngton, and has the right to have it
transported TO Tacoma No other OBJ
Jectlons being offered. Special Master
Gary read the decree of sale as ordered
by Judge Jenkins He offered for sale
the first parcel, consisting of the main
line from Lake Superior to Portland,
Or. and all the appurtenances and
property. rolling stock, depots, wharves
and buildings. He also included in the
first parcel all property to which the re-
celYers had acquired title and asked for
bids.
Edwin ". Winter, for the Northern
Paclhc Railway company bid the least
amount that could be offered Master
Cary asked if anybody else in the crowd
desired to bid on the road, and receiv-
ing no response, sold it to Mr. Winter,
for the Northern Pacific company, and
received the receipt of the Farmers
Loan and Trust company, showing that
in its possession.
The second parcel containing the
stocks and bonds of branch lines held
under the consolidated mortgage. were
then offered and as before Edwin w.
Winter bid for the Northern Pacific Rail-
WAY company and offered 100000. at
which price it was sold.
The third parcel, which contained con-
tracts of branch lines and releases. was
offered and 100000 was bid by Winter.
who got IT without opposition
At noon. at the front door of the coun-
~ courthouse. was then offered the COM
paIlys lands in the state of Wisconsin.
II three parcels. The first contained
three patented sections in township 43,
range - west. and President Winter
BID 500 for one section. with the option
OF taking the remainder. He got it and
exercised his option. depositing the GER
tlilcate for the guarantee. All patented
lands in Wisconsin not included in the
first sale were offered and sold TO the
Northern Pacific railways representative
for $1,000
In the third and final parcel were all
lands in Wisconsin granted the Northern
Pacific road by act of Congress to aid it
in building and equipping its line, to
which the road is entitled to patents,
but upon which they have not been is
sued. Winters bid of 100000 was the
highest and the sale in Wisconsin was
closed. The special train proceeds from
here West.
At the conclusion of the sale Francis
Iynde Stetson, representing the reorgan-
iZatiOn managers, stated that the entire
issue of stock has been sold to the syndi-
cate and that the syndicate had turned
it over. William Nelson Cromwell, for
the reorganization committee, stated that
no change i'll the operation of the road or
its terminals was contemplated. They
eXoect TO have the road sold by August
10 and turned over to the new officers
September /.