National Republican., 1875-07-23
Synopsis Of Amended Decree Of Sale of the
Northern Pacific Railroad.

Northern Pacific Railroad.
The court having found the legality of the issue
Of the bonds has ordered sale of all the property
Of the Northern Pacific Railroad Company, Au-
gust ls75, and directed that the proceeds Of the
sale of the property shall be applied:
First. To the payment Of the court costs and the
legal expenses necessary to the administration Of
the trust estate such costs and expenses to be
Second. To the payment Of balances due to en-
ployees for twelve months previous to the enter
Ing Of the order-such amount not to exceed
Third. Tothe payment of right-oEway and land
claims, not to exceed $4,000
for interest on bonds or for labor and materials,
T t6 % Of the bonds
bond books Of the company and the trustees, with
cut Individual proof by bondholders.
in cash. and the 6slsnce within sixty y days lays
In cash or in bonds at their proportionate value.
The lands and land grants must be sold under
States and Territories. The order Of court pro-
yioes that five per cent. in cash shall be paid In
on the day Of sale, and the balance within sixty
days either In cash or bonds at their proportion
ate value.
The decree, as now amended, was entered on
the application of the counsel for the trustees and
upon full hearing Of all the parties TO the sut,
who appeared before the court by their counsel,
and OF all those bondholders who appeared to be
All the parties to the bill, and all the bonihold-
ers who appeared to be heard, withdrew ali objec-
tions to the original decree, and assented to Il as
amended.
NOTICE.
In answer to numerous inquiries from bondhold.
ers IL may be said:
/. The sale Of the lands under decree of court
will necessarily put an end to the conversion into
lands Of the present outstanding bonds of the
Northern Pacific Railroad Company.
2 Under the adopted plan OF reorganization,
preferred stock Will be Issued TO each asserting
bondholder at the rate Of 81 400 Of preferred stock
Tor each 81 600 Of ISo bonds bearing accrued inter
). The preferred stock will be receivable at par
in exchange for any Of the sompsnys lands east
of the Missouri river, (some 1900 900 acrea)
4. Bondholders, by assenting TO the plan Of pur-
chase and reorganization, incur no expense what
ever, and no liability 10 assessments or tbs pay.
ment Of money for any purpose.
s. Under the decree Of court, as modified, bond
holders are not required to make proof OF their
claims against the company. This viii be done
Of the mortgage. All that Is required Of bond
holders is to sign the power Of attorney attached
to the plan, send II TO the Purchasing Committee,
and when notified, send their bonds to the proper
trust company in New York, and receive In ex-
change the preferred stock.
9. The Livingston plan"-tde only one proposed
protects the interest OF all bondholders by o
purehase Of the road and property, and rsor-
holders as owners. This plan, as now presented,
was approved unanimously by the general meet.
ing OF bondholders, held In New York June 90,
1875.
!. Each bondholder can decide whether Il ia for
his interest 70 take preferred stock under the plan
adopted, and thus his present proportionate
interest In the road and lands, and their future
development or accept, In hnal settlement Of his
claim his snare of ne proeeeds Of the sale Of the
20 PuRoHAsrSe COMMITTEE.
..1E q Elth avenue, New York.