The herald., 1896-10-03
Northern Pacific Stocks and
Bonds Ordered Sold
THE INTENDING PURCHASER
Is the New Corporation Now Controlling
the Road
A Southern Pacific Bridge Near Red
Bluff Burned by Tramps Who
Were Refused a Ride.
associated Press Special Wire

Associated Press Special Wire
MILWAUKEE,, Oct 2.-Judge Jen-
kins of the United States court today di-
rected the receivers of the Northern Pa
cific railroad to sell stocks and bonds
pledged as collateral with the Farmers
Loan and Trust company, amounting to
33275,OO0. The securities were depos-
tied as collateral for the collateral trust
indenture notes in May, 1893, and at that
time were looked upon as the cream of
the paper held by the Northern Pacific
railroad company.
The bonds and stocks ordered sold in
clude consolidated bonds of the North
ern Pacific company to the amount of
$6,S50, 900; Chicago and Northern Pacific
first mortgage bonds, s., ,O55 900; Chicago
and Calumet Terminal railway first
mortgage bonds, 4,2OO,0 600; ST. Paul and
Northern Pacific capital stock, Sc, 4S0,00
Northern Pacific Express company's
stock, $242, 5000. and Chicago and North
ern Pacific beneficial stock certificates
amounting to s15,010,00O.
Under the terms of the collateral trust
indenture it was stipulated that the
consolidaed bonds should not be sold for
less than 80 per cent of their par value;
the bonds of the Chicago and Northern
Pacific for not less than 95per cent, and
the terminal bonds for not less than S5
per cent. The purchase price offered is
the amount of the notes outstanding and
secured by the bonds. The new COM
pany owns 9,944,000 of the notes. One
note of $1,000 is held by an unknown par
ty and the balance is held in trust by the
Mercantile Trust company of New York,
but the new company has made arrange
ments to purchase these holdings The
sale, therefore, amounts to a surrender
of the trust notes for the securities.
The Northern Pacific company, the
intending purchaser states in it's offer
that the petition offered is in excess of
the market and actual value Of the Sc
curities, and the Farmers Loan and
Trust company and the receivers coin
eide in this opinion. In the sale the
rights and interests attaching to the
stocks and bonds under the foreclosure
decree of the Northern Pacific and the
Chicago. and Northern Pacific pass.
A BRIDGE BURNED.
RED BLUFF, Oct. 1.-The Southern
Pacific company's railroad bridge across
Hooker creek, about twelve miles above
this place, was destroyed by fire some
time during this afternoon. 1t would
have been the scene of serious accident
had it not been for a boy who discovered
that the bridge was gone and rode to the
city on horseback to inform the authori-
ties. An outfit train has gone to the
place, but it will probably be some time
before the trains can pass as the bridge
is about sixty feet long. 1t is thought
to be the work of gang Of tramps who
were put IF train near there this morn
ing.
VALLEY ROAD RATES.
SAN FRANCISCO, Oct. 2.-The San
Francisco and San Joaquin Valley road
today quoted a rate Of $4.O6 per ton on
wine from Fresno to San Francisco, and
the Southern Pacific company promptly
issued special rate meeting the Valley
roads figures. The new rate, which
take seffect today, is considerably less
than the existing rates Of both lines.
The old rate of the Southern Pacific was
$3.50 per ton, and the class rate of the
Valley road, recently issued, was $500
per ton. The new rate applies only on
Wine in wood and in carload lots.