The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-16
N. P. SALE CLOSED.
FinaI Order Made by Judge jenkins
t... 1T Milwaukee.

MILWAUKEE. Wis, Feb. 15.-The
sale of the Northern Pacific Railroad
company's properties and the transfer
to the Northern Pacific Railway COM
pany, the purchaser has been finally
completed, Judge jenkins having en-
tered an order in the United States
court confirming the actions Of Master
Cary, in executing the deeds transfer
ring the property and Sanctioning the
disposition of the proceeds as made by
the master. This is the last act in
the disposition Of the property, but it
will be years and years before the
court is done with the litigation and
which bids fair to outrival Dickens
celebrated suit of Jarndyce, verses
Jarndyce, at least the lawyers say So
The order Of the court is founded on.
the report Of Master Cary. The three
parcels, in which the property was
sold, brought $18, los, 200 nominally, 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 was Obliged
to assume in complying with the con-
ditiOns of the decree. Outside Of this
amount. the company, it appears, has
laid $440, $50 into court to satisfy the
bondholders who did not come into the
reorganization scheme. Outside of this
sum, the new company paid all the eX-
penseS of Master Cary in connection
with the sale. The new company was
not obliged to pay one penny in cash,
but instead it has turned over bonds at
par value with interest added to the
amount of 500, 372, 8S0.91, of this amount
$21, 104, 8S0.91 represents the unpaid in
tereSt. The bonds have been stamped
as partly paid and returned. All but
the holders of 1880 Of the general
second mortgage bonds came into the
reorganization agreement, the holders
of $159, 900 of the general third mortgage
bonds and the holders Of $685. 900 of the
consolidated mortgage bonds and the
holder of one collateral trust note, and
it is for the benefit of the holders of
this amount that the company has paid
$440, $50 into court. The bonds were ex-
amined by the master, and the amount
they were receivable at stamped on the
face as partly paid, and then all were
returned again to the new company.
For the balance, that unpaid, the COM
pany has put in its claim to go with
the other creditors of the Northern Pa
cif1c Railroad company, and 10 share
with them if anything remains out Of
the land in Dakota. and described as
the lands east Of the Missouri river
The general second mortgage bonds
of 81 1000 par value were credited at
$602.2312, and with $49.33 for interest.
The general third mortgage bonds
were received at S44Z per DonQ OF
$1,000, with interest included. and the
consolidated bonds were received at
.$39. % per bond of 81 900.
Judge Jenkins in the order confirm
ing the report finds that the new COM
pany has fully satisfied the amount of
it's bids and DEGREES that there remains
unpaid upon the bonds which 1t holds
the sum of $7S,257, 1901. together with
interest dating from July 27,1S97. This
amount has been filed as a claim
against the lands. In confirming the
report the court again reserved the
right to enforce the decree at all times
with respect to all unsettled matters
whether of claims. costs, expenses,
compensation allowances or disburse-
n1ents, which should have been made.
but may not have been paid out of the
purchase price by enforcing payment
thereof out of the property purchased"