Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-02-20
TRANSFER OF THE N. P.
JUDGE JENKINS CONFIRMS WORK
OF MASTER IN CHANCERY.
No One Will Ever Know the Exact
Amount Paid for the
Property.

Milwaukee, Feb. 15.-The sale of tn
property and transfer to the Northern
Pacific Railway Company, purchaser, ha
been fully completed, Judge Jenkins hay
ing entered an order in the United States
court confirming the action of Maste,
Cary in executing the deeds transferring
the property, and sanctioning the dis
position of the proceeds as made by the
master. This is the last act in the dis
position of the property, but years will
elapse before the court is done with lit-
cation, which bids fair to rival Dickens
celebrated case of Jarndyce vs. Jarndyce.
| The three parcels in which the prop
erty was sold brought s1S105,2 200 nominal
ly, but no one will ever know the exact
amount that the company was and will
be obliged to pay for the property, owing
to the many obligations it will be obliged
to assume in complying with the con-
ditions of the decree. Outside of this
amount the company, it appeared, has
paid S440,O5O into court to satisfy the bond
holders who did not come into the reor-
ganization scheme. Out of this sum the
new company paid all the expenses of
Master Cary in connection with the sale,
So far as the purchase price as repre-
sented by the bid goes the new company
was not obliged to pay one penny of the
cash, but instead it turned over bonds
at the par value, with interest added, to
the amount of $96372, ,SS091. Of this
amount, 71,1O5, ,SSO.91 represents the un-
paid interest.
The bonds have been stamped as partly
paid and returned. All but the holders
of $l3S,O0O of the general second mortgage
bonds came into the reorganization agree
ment, the holders of S150000 of general
third mortgage bonds, the holders of $579,-
900 of consolidation mortgage bonds and
the holders Of one collateral trust note
and it is for the benefit of the holders of
these amounts that the company has paid
$44O,450 into the court. The bonds were
examined by the master, and the amount
they were receivable at stamped on their
face as partly paid, and then all were re-
turned again to the new company. OF
the balance then unpaid the company has
put in its claim to go with the other cred |
ltors of the Northern Pacific company, to |
share with them anything that remains
out of the land in Dakota and described |
as the lands west of the Missouri river.
The second mortgage bonds of $1,000 par |
value were credited at $602.23k and at |
1888 for interest. The general third mort
gage bonds were received at $44.24 per |
bond Of $1,000 with interest included and
the consolidated bonds were received at
S9923 per bond Of $1,000.
Judge Jenkins in the order confirming
the report, finds that the new company
has fully satisfied the amount of it's bids
and DEGREES and that there remains un-
paid upon the bonds which it holds the
sum of s7s,258,s ,s1O.91, together with inter-
est dating from July 27, 1887. This
amount was filed as claim against the
lands. In confirming the report the court
again reserves the right to enforce the
decree at all times with respect to all
unsettled matters whether of claims.
costs, expenses, compensation, allowances
Or disbursements, which should have
oeen but may have not been paid out of
he purchase price, by enforcing payment
hereof out of the property purchased.''