Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1896-07-30
GREAT RAILWAY SOLD.
Special Master Cary Sells the
Northern Pacific Lines at
West SUPERIOR.

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, it's 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 spe-
ciat 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 we're Edwin w. Winter,
president of the reOrganiZed Northern
Pacific; Charles III. Coster of New
York Of the firm of J. Pierpont Morgan
" Co, the reorganization managers; b.
ID. Adams of New York, chairman of tho
reorganization committee: Special Mas
ter Alfred l.. Cary, who conducted tie
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 l.. 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
ncr, and Land Commissioner William
PiEpps of the Northern and Receiver
McHenry of the St Paul.
Special Master Cary announced that
the sale was ready to proceed, when
General Counsel n. d. Grover, for the
''cc to preserve his rights. He notified
prospective purchasers that they would
dc 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 l.. Catlin of this
purchaser would be held subject to
the contract made with the St
Paul and Tacoma Lumber company, by
whlrh the latter company purchases So
900 acres of land in Pierce county Wash
ir&to;a, and has the right to have it
transported TO Tacoma. No other OBJ
ic'tions being offered, Special Master
t@Eg read the decree of sale as ordered
hT fudge Jenkins. He offered for sale
tie first parcel, consisting of the main
line from Lake Superior to Portland
Or. ana all the appurtenances and
z.i.ci bindings. He also included in the
arSt parcel all property to which the re-
rriyer& had acquired title and asked for
Bids
Edwin W. Winter, for the Northern
Pacific Railway company. bid the least
amount that could be offered Master
Gary asked if anybody else in the crowd
desired to bid Oh the road. and receiv-
lnT no response. sold it to Mr. Winter,
tor the Northern Pacific company, and
received the receipt of the Farmers
Loan and Trust company, showing that
abe bonds necessary to bind the sale were
an It's 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
May company and offered $4,000 900 at
which price it was sold.
The third parcel. which contained con-
tracts of branch lines and releases was
offered and 5000, 900 was bid by Winter,
who got it without opposition.
AT noon. at the front door of the coun-
~ courthouse, was then offered the cont
panyS lands in the state of Wisconsin,
III three parcels. The first contained
thrrc patented sections in township 43,
range 10 west. and President Winter
Dld 500 for one section. with the option
OF taking the remainder. He got it and
exercised his option. deposting the GER
Itlcato for the guarantee. All patented
lands IN Wisconsin not included in the
fil@st sale were offered and sold TO the
Northern Pacific railways representative
for $1,000.
In the third and final parcel were all
lands i'll Wisconsin granted the Northern
Pacific road by act of Congress to aid it
an 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 SoOO.OOO 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
ii over. William Nelson Cromwell, for
thc reorganization committees stated that
40 change in the operation of the road or
its terminals was contemplated. They
eX3cct 20 have the road sold by August
10 and turned over to the new officers
September |.