The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-04-29
OF TIE n. ?.
Road Will Be Knocked Down at
West Superior Within 60
Days,
Unless in the Meantime Judge
Jenkins Should Order
Otherwise.
The Order of Sale Has a Great
Number of Strings Attached
to It.

MILWAUKEE, April 29.-The decree
ordering the sale Of the Northern Pa.
cifc railroad and all the property Of
the company, including stocks, bonds
and lands. has been signed by Judge
jenkins, in the United States court.
The decree, however, is by no means
final, and has a very large string at
tached, which gives the court the right
to make any notifications he may see
fit, both as to the terms and conditions
of the sale, and as to the distribution.
The reservation of the court gives h
creditors of the Northern Pacific com.
pany, outside of the b~ondholders, both
in and out of the reorganization agree
ment, 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 supple.
mental decree which orders the sale of
lands west Of the Missouri river, and
which are held to be subject to a lien
Of the preferred stockholders. The
land to be sold is in North Dakota,
Montana, Idaho and Washington.
Reserves Worry Many Rights.
Although the proposed decree was
submitted for the second time to a rigid
examination by the court when pre-
sented, and many changes made, more
changes were made by the court in
chambers later. The greatest change.
however, was made late in the after
noon, and by which the court makes
SO many reservations that it Is wholly
within his power to impose new condi-
tons and terms throughout.
The total indebtedness from the issu-
ance of bonds alone by the company is
1852, 1886, loo. Is. This, however, does
not include the issuance Of receivers
certificates, the collateral trust inden-
ture bonds amounting to more than
Sl5, 900, 600, and the back interest on
bonds amounting to -, 051, 500, which
includes the general first mortgage
bonds and those issued under the mort
cages on the Missouri and Pend
d'Oreille divisions. In addition to this
there is a large amount to which refer.
ence is made, but no specific figures
are presented.
The sale is to take place from the pas
senger depot Of the Northern Pacific
railroad in West Superior within &C
days. unless Judge Jenkins sees fit to
interfere in the meantime. Special
Master Carey is to sell the road in thres
parcels, covered by the general second,
general third and the consolidated
mortgages. The general second mort
gage is adjudged to be q lien on the en-
tire railroad property Of the main line
and subject to the general first mort
gage. and the Missouri and PEND
d'Oreille division mortgages. The gen
eral third mortgages cover the property
not covered by the general second ant
the consolidated mortgage is secured
mainly by stocks and bonds.
For the first parcel, the bid must no
be less than $40. 600, 900; for the second
not less than 81. 600, 900. and for tn
third parcel not less than $500, 600. Th'
master must exact a deposit from al
bidders and he is to deposit all money
and securities received by him in tn
First National bank Of this city.
There was q general rejoicing whel
the court signed the decree, and just >
O as copies can be made, the law
yers will leave for the West to fill
copies with all the courts along tn