The herald., 1896-04-29
ALONG THE RAILROAD LINES
A Sale Ordered of the N0rthern
Pacific
A TREMENDOUS BOND DEBT
Farmers Loan and Trust Company the
Probable Buyers
Valley Road Manager Toss Completes nlo
Pirst Freight Tarih-Anethsr Assesss
ment 10 Called for
Associated Press Special Wire.

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Associated Press Special Wire.
MILWAUKEE,, Wis, April zS.-Tho
decree ordering the sale of the Northern
Pacific railway and all of the properties
of the company was signed by Judge
Jenkins in the United States court this
morning. The decree 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 dis
tribution. The reservation OF the court
gives the creditors of the Northern Pa
cific, outside of the bondhOlders, 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 supple
mental 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 parcels in North Dakota,
Montana, Idaho and Washington.
The total indebtedness from the issu-
ance of bonds alone by the company
Is found by the decree to be $152, 1896, 155.13.
This, however, does not include the issu-
ance of receivers certificates, the COLI
lateral trnst indenture bonds amount-
ing to more than $4,000, 900 and the back
interest on bonds amounting to $4l,051,-
500 which includes the general first
mortgage bonds and those issued under
the mortgages on the MisSoula and
Pend dOreille division. The sale Is to
take place in West Superior, Wis.
within sixty days unless Judge Jenkins
sees fit to interfere in the meantime.
Specia Master Carey is to sell the
road in three parcels, covered by the
general second the general third and
the consolidated mortgages. The gen.
eral second mortgage is adjudged to be
a lien on the entire railroad property of
the Minnesota line and subject to the
general first mortgage and the Missoula
and Pend d'Orielle division mortgages
The third mortgages cover the proper
ty not covered by the general second
and the consolidated mortgage and il
secured mainly by stocks and bonds.
For the first parcel the bid must not
be less than $10.000,000 for the second
not less than 81, ,0OO, ,000 and for the third
parcel not less than 100000. A deposit
| is to be exacted from all bidders.
| The court reserves the right to set
| the sale aside.
A special provision is inserted giving
| the Farmers Loan and Trust company
| the right to bid If it desires This leads
| to the belief that the Trust company will
be the purchaser.
| Ex-senator Spooner moved for an or
Messrs Payne, Oakes and Rouse, for
all liability on the bond, and asking that
their accounts be approved and their
compensations fixed. Mr.. Turner of the
Farmers Loan and Trust company and
Col Petit both said they had no objec-
tions.
Judge Jenkins signed the special or
der and took the matter of compensa-
tion under advisement.
AS soon as copies of the decree can ba
- -.
to file them with all the courts along
the line.
THE VALLEY ROAD
SAN FRANCISCO, April 2S.-TraffiC
Manager Moss of the San Francisco and
San Joaquin Valley company. has cont
pleted the first freight tariff for the new
road. 1t pertains to rates on grain
shipments from points along the line to
tide water. The tariff was submitted
to the directors for their approval to-
day. The meeting was held with closed
doors, and at it's conclusion the direct
ors stated that it had been decided not
to print the rates or make them public
until shortly before they are ready to
haul wheat. They expect to have the
road in operation as far as Merced on
June 1st next. Probably by that time
they will announce the road open for
wheat shipments, but for nothing elses
because they do not want to take busf-
ness to the extent of interfering with the
construction of the road to Fresno by
August 18th.
The directors decided today to issue
| another call to the subscribers for a 10
Fer cent assessment. This is the seventh
call for 10 per cent, and it will become
delinquent on June l. Each of these
| assessments have amounted to 1924. .450,
| so by June 1 next the stockholders will
have paid in $1,571, $50. The total SUBJ
! scriptions when the road was COM
menced amounted to $2,224,4 ,450. After
| next June the remaining sum of $685.
| $50 will be called for in quick succession
| in three 10 per cent assessments. The
| directors feel fully convinced that they
have enough money to build and equip
| the line to Fresno. Regarding the pro-
| posed bonding of the line for $6,000,O0o
to complete the extension from Fresno
| to Bakersfield and from Stockton to
| Oakland and San Francisco, they can
after the legal meeting of the trustees
as the trust representatives of the
stockholders, on June 49,
Some 100000 worth of bridge contracts
were awarded today. Cotton Bros. OF
| this city were given the contract to
| build the big bridge over the San Joa-
quin river. The structure will cost
| about SAC, 900. The company will furnish
good deal of the material. 1t will be
about 1000 feet long. Darby, Laydon &c
Co. were given contract amounting to
100000 to build some fifty or sixty trestle
| bridges between Merced and Fresno.
| They will vary in length from 16 to 800
I feet.
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