The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1875-06-25
NORTHERN PACIFIC r. r.
The Present Status of the Road, and
the Plan Submitted to the Bondholders
Looking to their Protection and Com
pletion Of the Road.

Looking to their Protection and Com.
pletion Of the Road.
The following is the plan of re-organiza-
tion of the N. P. r. r., submit I'D to the
bondholders:
To the bondhoEders Of the Northern Pacific
Railroad Company:
The undersigned, a committee appointed
at general meeting of the bondholdcrs of
the Northern Pacific Railroad Company,
held on the 18th day OF March, 1915, re-
spectfully report
The committee have carefully considered
the matters referred to them, and after
full conference with the company's direct
or's and officers, they recommend to the
bondholders the following plan as the best
possible method of llarmonizing all
interests and insuring the early completion
of the road-the vital point, to which all
energies mast be directed.
On the 10th day Of April last the United
States Circuit Court, for the Second Judi
eial District of New York. appointed a
receiver for The Northern Pacific Railroad
Company and all IT'S property.
The order making this appointment was
given under proceedings brought by your
trustees, in which bona fide holders of
bonds to large amount united. This suit
was commenced, and the receiver appointed
with the full approval of the members of
your committee.
An order has been made by the court,
which maintaining the former system of
selling the compauy's lands, aud the con-
| version of bonds into lands continues to he
made. subject to the approval of the re-
ceiyer
On the 18th day of May the trustees and
the bondhnlders united with them applied
10 the court for final Decree which was
granted.
The wisdom of this action, when explain
d to your committee at its next Subsequent
meeting, was apparent, and has received
lis unanimous approval.
| Under this decree the Company's road
and all its property are to be sold FOR the
benefit of the bondholders. Yonr commit
lee feel that this benefit will lie best secured
| 10y an arrangement between all parties in
interest which shall satisfy every equity,
avoid tedious litigation and secure the
| extension of the road. This extension is
indispensably necessary to restore value to
| your investments.
Your road incompleted is wholly unremu-
erative, but completed it becomes one of
lie great highways of the nation. The
'r"blem must be met by you at the outset,
now can capitalists be induced to invest
thew i'll this enterprise? ? This is the only
pr"blem that the road will pay when COM
pleted (,r even completed into Muntana)
experience amply demonstrates.
The Union Pacific Railroad was bnilt
.hrough an uninhabltcd section Gf the
country. supposed to be almost valueiess
but in the year eighteen hundred and
,eventy-four. and within five years after
It's completion, its surplus earnings amounts
ed TO $5,9o7,565. Seventy percent of this
.mount was derived from way traffic.
When this surprising and gratifying sue
cess Of the Union Pacific Railroad is con-
sldered, and but yet partially developed, |
how can anyone familiar with the country |
and it's resources question the ultimate |
success Of the Northern Pacific Railroad.
With this statement the committee,
asserting thereto themselves individually, |
recommend to the bondholders the imme-
dlate adoption of the plan below set forth,
and respectfully request them to sign the
power of attorney accompanying this re-
quest, and return the same without delay
to any member of the committee, care of
the Northern Pacific Railroad Company,
No. % Fifth avenue, New York City.
A general meeting of the bondholders
will be held at the office of the Northern
Pacific Railroad Company, No. 23 Fifth
avenue, New York City, ON the 3oth day
of June next, at noon, to take such further
,ciion as may seem proper to promote their
interest.
JOHNSTON LIVINGSTON,
J. N. HUTCHINSON,
VIM. MCKNIaHT,
JNo. III. DENIsoN,
ABNER CoBURN.
WILLIAM WINDOW,
GEO. STARK.
New YORK, May Goth, 1875.
PLAN.
It is proposed that the following named
persons, say Johnston Livingston, New
York City; Frederick Billings, Woodstock,
Vermont; George Stark, Boston, Massa-
chusetts; William Thaw, Pittsburg, Penn;
J. N. Hutchinson, Philadelphia, Penn;
John M. Dennison, Baltimore, Nd; shall
constitute committee to attend to the
sale of railroad and other property of the
Company, with view to purchase the
same, and take title therefor, for the benefit
of all the parties asserting to and comply
ing with the conditions of this plan to
assume the management of railroad and
property when they shall have acquired
title thereto; to attend to the issuing of
bonds and stock, perfecting title, and
generally do all things that may be neces-
sary to the complete execution of this plan,
and to place the railroad and property
again under the control and management
of Board of Directors, to be elected here
after.
In case any difficulties shall arise in car
rying out this plan to consummation, the
Company shall take such measures and
employ such counsel as in their Judgment
will most effectually carry out this plan or
the general purposes thereof.
CAPITAL STOCK.
The capital stock Of the Company shall
be fixed as in the Act of Incorporation.
and shall be divided into Preferred and
Common.
On the sale of the railroad and other
and the acquisition of title thereto
by the Committee above named, the present
stockholders shall surrender their certifi-
Gates OF stock into the hands of the SAID