The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-07-26
UNDER THE HAMMER.
The Northern Pacific Railroad
Sold at Auction.
BID m sy THE NEW COMPANY.
Ten Million Dollars Accepted for the
Main Line-sales 70 Take Place
In Other States.

West Superior WIS. July Especial
Master Carey this morning. at Superior.
Wis. sold the entire lire Of the Northern
Pacific Railroad Company. It's bonds.
stocks. leases and branch lines. under the
decree o. Judge Jenkins. Of the United
States Federal court TIE sale was inzer-
rupteG by but two formal notifications.
ard the property was bin In BIZ Edwin w.
Winter. for the Northern Pacific Com
pany. a. reorganizec. on behalf OF that
corporation The prominent railroad offi-
Gals and represeutasz OF the bon<fhoid-
ers arrived this morning on . special
train In the party we're Edwin w. Win
ter. president OF the reorganszed North
ern Pacific, Charles II. CoSter. Of New
York. Of the firm OF j. Paerpout Morgan
f. Co, the reorganization managers: Ed
ward Adams Of New York. chairman OF
the reorganization committee; Special
Master Alfred E Carey, who conduct ed
the sale; Francis Il. S.ctson and DIR. Mar
swetz. OF New York. counsel for the reor-
Ranszation managers: William Nelson
Cromwell. of New York. counsel FOR the
reorganization committee: Herbert l..
Turner. OF New York. counsel for the
Farmers Loan and Trust Company. COM
plainants In the foreclosure suit: Ssias w.
Petit. OF Philadelphia. counsel for the
old company: George W. Gardiner and
Land Commissioner William Phillips. of
the Northern Pacific. and Receiver Nc
Henry. Of St. Paul.
Special Master Carey announced that
the sale was ready to proceed. when Gen
eral Counsel ~ d. Grover. for the Great
Northern. entered a formal notice 10 pre-
serve his rights He notified prospective
purchasers that they would be held liable
for the lease OF the ST. Paul < Manitoba
tracks which the Northern Pacific uses
between st. Paul Il Minneapolis. and for
the carrying out OF that contract. After
him Charles Ciahin. OF this city rave no.
tIce that the purchasers would be held
subject 10 contract mado with the St Paul
and Tacoma Lumber Company. by which
the latter purchased 500 acres OF land in
Pierce county. Wash. and has the right
to have logs transported to Tacoma
Special Master Carey then read tho de-
cree Of sale. He offered for sale the first
parcel. consisting of the line from Lake
Superior TO Portland. Or. and all the ap-
purtenances and property. He also In
Guided In the first parcel all property to
which the receivers had acquired title,
and asked for bids. Edwin w. Winter.
for the Northern Pacific railroad, bid the
least amount that could be offered. $ie.-
e0o.eca Master Carey asked IL anybody
else in the crowd desired to bid on the
road. and. receiving no response. sold 1t
20 Mr.. Winter for the Northern Pacific
railroad and received the report OF the
Farmers Loan e. Trust Company, show
ing THAI the bonds necessary to bind the
sale were IA their possession The sec
ond parcel. containing the stocks and
bonds OF the branch lines held under the
consolidated mortgage. were then offered.
and, as before. Edwin w. Winter bid for
the Northern Pacific railroad and offered
ST. 600 at which II was sold. Tho third
parcel. containing contracts of branch
lines and releases. was offered at $3.50, 600,
and bid in By Mr.. Winter, who got it
without opposition.
AT noon. at the door of tho county court
house. were offered the company's lands
tn the state OF Wisconsin, in three parcels.
The first contained thirty-one patented
sections in township 10. range Is west. and
President Winter bid 500 for one section.
with the option of taking the remainder.
lie got *. and exercised his option, de-
r,osfsfuv he rertisfr3fp of the guarantees.