The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-07-24
tFrom the Boston Daily Advertiser.l
The Northern Pacific Railroad.

The decree of sale of the Northern Pacific
railroad, as amended by the court, provides that
the proceeds of the sale of August shall be
applied: first. for the payment of the court
costs and legal expenses necessary to the ad-
ministration OF the trust estate, subject to the
approval of the court: second, for balances due
employees, not to exceed $4,000; third, for
right Of way and land claims, not to exceed
SlO,OOO, fourth, for moneys advanced for in
terest on bonds, or for labor and materials. not
to exceed $100, 900; fifth, for payment pro rata
of the bonds and interest outstanding, as ap-
pear by the bond-books of the company and the
trustees, without individual proof BY bond
holders. The purchasers must pay In on the
day of sale $100 900 in cash, and the balance
within sixty days in cash, or in bonds at their
proportionate value, and the purchasers of the
lands and land grants shall pay Der cent in
cash at date of sale, and the balance as stated
above. 1t is evident that these terms of sale
will result in placing the property in the bond
holders possession immediately
The Livingston plan" for the reorpaniza-
ton OF the company received some important
amendments at the late general meeting Of the
bond holders, and was then unanimously
adopted 1t provides that Johnston Liyines.
ton of New York city, George Stark of Boston,
Frederick Billings of Woodstock, Vt. j. X
Moorhead of Pittsburg, j. N Hutchinson of
Philadelphia, and j. M. Denison of Baltimore,
shall constitute purchasing committee to buy
the property, take title and assume the man
agement of the road till a new board of direc-
tors shall be elected. No assessment shall be
made upon the bond holders, but all costs of
purchase of the property, foreclosure, etc., shall
be paid out of the assets aud income of the
company, and it Is left to the discretion of the
committee to determine the length of time
within which bond-holders may join and par
ticipate in the benefits derived from the pur-
chase of the property.
The basis of the new organization consists in
the conversion of the present 7-30 bonds into a
preferred stock, by adding interest to the prin-
ciple of the bonds, at per cent per annnm
from July 1, 1873, when the last interest wa,
paid, up to and including July l. 1878. thus
giving $14OO of preferred stock for each $1,000
bond. This stock shall be entitled to dividends
up to per cent, as the same shall be earned
after July l, 1878, and shall be receivable at
par for any lands belonging now or hereafter to
Delong 10 the company, east of the Missouri
river river IN Minnesota and Dakota lin all near
So,OOO0OO acres), and the proceeds Of all sales Of
these lands shall be applied to the purchase of
this stock. The common stock shall not be en-
Titled to dividends till per cent per annum is
paid on the preferred stock. and shall have no
voting power till after July 1, 1873, To raise
means for the construction and equipment of
the road first mortgage sinking fund bord
shall be issued, not exceeding $25, 600 per mile,
and shall be first and paramount lien on the