The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1902-01-16
lIrED STATES OF AMERICA,


on all of the ports of the filed herein,
WI, upon all the files, proct' dines "drs aud DEGREES
by their counsel. G W. Krr,z niger and n F Gallagher;
the liver being present and by his counsel
Horace S. Oaklty; the American & Foundry Company
h,erv he, ~ by A. t. Sanborn and NJ +. Watts; aud
the First Nato al Bank Of Madison ntervenor herein, BY
Robert Bashford, It's counsel and A W Mcleod coun
SCI repres ming certain int rvencrs and James herr
counsel for tire Norh Pacific Railway Company holder
of cates of the and Peyton m
bail Barber, nrrvenors herein by their COUNSEL William
W. Bison aud the court having heard the arguments OF
counsel and neng fully advised in the premises doth FIND
ORDER. ADJUDGE and DEGREES az follows
First: That the decree entered herein on July
5th 1901 be set aside and annuled so far as 1t or
derS and DEGREES the sale OF the WaShburn, Bayneld
& Iron River Railroad, and of the property in the
hands of the receiver herein entirety and for
the upset price of two hundred ndtwent five thous
and six hundred dollars ($225 6OOOO and decree,
except herein modified shall remain in full force
and effect.
Second: The court expressly finds that it is i'm
possible to sell the property OF the said Washourn,
Bayfield, q Iron River Railroad Company an en-
trety; that the said railroad has been constantly
lnSolvent and losing venture from it's Inception; that
although every possible effort has been made to oper
ate said road economically and advantageousy , yet 1t
has been impossible to operate the same Tor any
length of time as to pay operating expenses;
that the deficit arising from operations during the
receivership is fourteen thousand three hundred
twenty two dollars and eighty four cents S4 322 04
exclusive of interest certificates of receiver; that
there is prospect of decrease in the losses incl
dent to the operation of said rarOad that the mber
along the main line of said railroad and its branches
has been substantially cut off, depriving the SAID
road and it's branches of any value, except the val
ne of the rails: that there funds available to
continue the further operation OF said ralroad that
no will loan money to the receiver for that pur
pose; that the rails motive power rolling stock and
equipment are constantly deprecatng III value and
that the longer sale Of the delayed the less
will be realized therefor; that there is no such pub
lie interest or business IN the territory through
which said road passes to support railroad or TO
justify any in advancing any moneyto operate the
same and that if SAID railroad property is held intact
it will simply absolute loss of the capital there
in already invested
That it is impractcable and injudcious to at
tempt to sell said property of said railway company
at public sale at the court house of the county IN
which the property, or the greater part thereof is
located or at public sale upon the premises of said
Railway Company, for the court to decreeany pub
lie sale of all of said property and that is the opin
ion OF the court that such sale should be ordered
Wherefore, said special MASTER Albert G. Frost,
is authorized and directed forthwith proceed to
take up all of the rails and fastenngs of the Wash
burn, Bayfield, & Iron River Railroad and get the
same ready for immediate sale, and he is likewise
authorized and directed forthwith and with all rea-
sonable diligence to sell for cash all of the rails,
tive power rolling stock, equipments, machinery,
tools, furniture and fixtures and all other personal
property of every kind and now in the hands
OF the receiver excepting the property heretofore
ordered to be turned over to the r. ID. Pike Lumber
Company and the American Car & Foundry Company;
that all of said property, with theexcepton aforesaid
may be sold in parts and parcels in such quantities as
the special master, according to his Judgment, may
determine, at public private sale according to the
Judgment and in the discretion of the special MASTER
for the best prices that be obtained the same
and the proceeds derived from sale or sales shall
after paying the necessary expenses Of getting said
property in shape for sale and selling the same be
deposited by said special master in the First Nation
al Bank of Madison Wisconsin, to the credit Of A. G..
Frost, special master, to be held by said bank and
not to be disbursed by said special master up
the order Of the COURT that after all said property
has been sold the special shall report to the
court all his acts hereunder
Third: The court hereby reserves full iurisdic-
ton hereafter to direct the sale of any real estate
now in the possession of the receiver herein
Fourth: That the receiver Albert c, Frost is
hereby authorized and directed to discontinue the
Operation of said Washburn, Bayfield, & Iron River
Railway after the entry Of this decree as in
his Judgment is practicable.
Fifth: That out of the moneys now on hand the
receiver SHALL pay forthwith all accrued and accru
ing operating debts and expenses including current
abor and supply bills personal advances OF the re