St. Paul daily globe., 1896-04-29
N. p. DECREE SIGNED,
But Judge jenkins Fastened Strings
to His Order.

MILWAUKEE,, Wis, April 2S.-The decree
ordering the sale of the Northern Pacific rail-
road was signed by Judge Jenkins this morn
ing. The decree, however, is by no means
final and has very large string attached,
which gives the court the right to make any
modification 1t may see fit, both as to terms
and conditions of the sale, and as to the dis
tribution. The reservation of the court gives
the creditors of the Northern Pacific outside
of the bondholders, both in and out of the re-
organization agreement, the right to come
into court at any time and apply for relief,
which the court reserves for itself the right
to grant, especially reserving Jurisdiction for
this purpose. Judge jenkins also signed a
supplemental decree which orders the sale
of lands west of the Missouri river, and
which are held to be subject to lien of
the preferred stockholders. The land is to
be sold in North Dakota, Montana, Idaho
and Washington.
Although the proposed decree was submit
ted to a rigid examination by the court yes
terday, more changes were made by the
court in chambers this morning. The great
est change, however, was that made late yes
terday afternoon and by which the court
makes so many reservations that it is wholly
within the power to impose new conditions
and terms throughout.
The total Indebtedness from the issuance of
bonds alone, by the company is found by
the decree to be $152, 1886, 155. This, however,
does not include the issuance of receivers
certificates the collateral trust indenture
bonds amounting to more than $15,0 600, and
the back interest on bonds amounting to
S44 O51, ,5O0 which includes the general first
mortgage bonds and those issued under the
mortgages on the Missouri and the Pend
d'Oreille divisions. In addition to this, there
is a large amount to which reference is
made, but no specific figures are presented.
The sale is TO take place from the pas
senger depot of the Northern Pacific rail-
road, in West Superior, within sixty days,
unless Judge Jenkins fit to interfere in
the meantime. Special Master Carey is to
sell the road in three parcels, covered by the
general second general third and consoli-
dated mortgages. The general second mort
gage is adjudged to be lien on the entire
railroad property Of the main line and sub
ject to the general first mortgage, and the
Missouri and Pend dOreile division mort
gage The general third mortgages cover
the property not covered by the general Sec
ond and the consolidated mortgage is secured
mainly by stocks and bonds.
For the first parcel, the bid must not be
less than SO, 900; for the second, not less
than $2,0O0,00O, and for the third parcel not
less than $500, 900. The master must exact a
deposit from all bidders and he is to deposit
all moneys and securities received by him in
the First National bank of this city.
The expenses of the sale and of the fore
closure proceedings are first to be paid from
the proceeds of the sale of the first parcel
The balance is to be applied to the general
second mortgage, after the satisfaction of the
prior liens; and if there is anything left it
will apply to the general third mortgage
bonds The court reserves the right to set
the sale aside, and if it is so ordered. any
money received from the successful bidder
S a &c In,
serted, giving the Farmers Loan and Trust
company the trustee, the right to bid If it
so desires. This leads to the belief that the
trust company will be the purchaser.
Judge jenkins this afternoon filed an or
der approving the report of Special Master
Carey on the accounts of Messrs Payne
Oakes and Rouse, the original reeivers of
the Northern Pacific up to February 81
1896 The compensation asked for today. by
ex-senator Spooner, for the original receivers
is in addition to the SIS, 900 a year allowed
the special master. The excess allowance