The New York herald., 1875-09-30
NORTHERN PACIFIC RAILROAD.

ORGANIZATION OF THE NEW coNrPANY-ELEc-
TIoN OF A BOARD OF DIRECTORS
In to a call published by Mr. Wkeson, sccre-
tary Of the Northern Pacific Railroad Company the
new corporation, comprising the original bondholders
met yesterday at noon in the Office of the company
No. % Fifth avenue, for the purpose of electing
board OF directors. Mr. Joseph Dilworth was elected
chairman and Mr.. David Small secretary.
The following report of the committee appointed to
buy in the road the foreclosure sale then sub
mitted to the action OF the meeting
The undersigned, committee chosen by the bond
holders at their general meeting held in the city of
New York the 3Oth day of June last "to attend the
sale of the railroad and other property of the company
with view TO purchase the same and take title there
for the benefit of all the parties asserting and
complying with the conditions of the plan of reorganza
ton; to assume the management of the railroad and
property when they shall have acquired title thereo
attend the issuing of bonds and stock perfectng
the ttle and generally TO do all things necessary for
the complete execution of the plan and to place the
railroad again under the control and management of
board Of directors to be elected hereafter by the pre-
ferred stockholders" having attended to the duties
assigned to them beg leave briefly to report their pro-
ceedngs 10 date:-
The foreclosure Of your mortgage initiated on the
10th of april last in the United States Circuit Court
and receiver was thereupon appointed and in con-
formity to subsequent DEGREES OF the court all the
property of the Northern Pacific Railroad Company
Except the patented and certified ands together with
all rights, liberties and franchises including the
franchise To be corporation, was put up at public
tion the 18th OF August last and purchased by
for the SUN OF 100000 And on the 25th day Of
August last the sale confirmed by the court The
preparation of deeds of the property and franchises
so purchased and the papers incident thereto under
such sale and confirmation has been attended to with
great care under the advice of experienced counsel
and their final execution has been delayed until now
We have this morning into full possession OF the
property purchased your behalf and propose
to Immediately place 1t under the control and manage
ment OF the directors you are assembled to elect
The patented and certified bonds Of the company
naming unsold amount to about 600 900 acres all in
Minnesota and Dakotah. Their sale is postponed to
such future date the court may hereafter order The
decree their sale provides that five per Of the
purchase money shall be paid in cash, and tho balance
may be paid in the first mortgage bonds of this company
To enable to act efficiently in your behalf when such
sale may occur and for the purpose OF securing the
bondhoiders in general tho full benefit OF the entire
property OF the company under the foreclosure the
committee, acting under the advice Of counsel has
caused the surrendered bonds to remain in the hands Of
the Farmers Loan and Trust Company subject To tho
control of the committee for such further the
interest of the bondhoIders may demand.
In compliance with our call issued on the 18th OF
August last bonds have been deposited with tho Far
mcrs Loan and Trust Company for exchange into pre-
ferred stock and for otherwise carrying out the objects
of of reorganization, amounting 70 this date
about $50 O00, 600 Large daily additions are being
made and have and reason TO expect that
nearly all will eventually come in No time has yet
been fixed limiting their reception. The committee
feel inclined to make the time ample for all reasonable
emergencies and would advise holders to send In their
bonds at the earliest practicable time
The powers Of attorney received by and authorizing
the committee to carry out the plan Of reorganization
the whole, and large additions are being made daily
Without doubt the balance will come forward as little
cash dividend can be expected by any who may
stand out
In transferring the road and properties acquired TO tho
management your directors take occasion 10
gratuate the rapid success with which we have
been enabled carry thus the purposes of
appointment and TO thank you for the confidence you
have shown in us by promptly responding to calls
for your powers attorney and the surrender OF your
bonds II augurs well for the ultimate success of your
magnificent enterprise that your confidence and
1la1a Of
substantially orecosed and reorganization completed
less than six months from the nitatory step, with
any of the usual attendant and consequent litga
tion.
You have $50 miles OF road in paying operation,
substantially free from debt and an attaching domain
of nearly 10000 900 acres OF land With this immense
OF unncumbered property as basis for future
operations and the % and odd to be added for
every mile of new road built there ought be little
doubt OF your ability 10 secure means for tho early
sumption OF work on the extension and completion OF
the road.
JOHNSTON LIVINGSTON,
FREDERICK BILLINGS,
JAMES X. MOOREHEAD, coorni,,ooo
J. n. HUTCHINSON, oonuie'e
GEORGE STARK,
j. NJ DENlSON,
NEW YoRK, Sept 20 1875.
Together with this report were submitted commu-
ncaton from the receiver and form Of new bylaws
for the company The receiver, Mr. G. W. Cass, stated
in his letter that he delivered the road to the committee
good condition when be appointed over IT,
and all the running expenses of the road during his
administration OF It's anarS had been promptly paid
After slight discussion in regard TO the in
which the bylaws were TO be understood by the
directors, motion of Mr.. Charles Tower, of Phia-
delphH the report of the committee unanimously
accepted
Mr. Shaw, of Pittsburg, then moved that election
be held for the directors. This motion being
riod Francis Jordan, Of Harrisburg; James Williams,
Of Connecticut and Joseph Potts Of Philadelphia were
elected inspectors OF election The meeting then went
into executive aud the polls ordered to DO
kept open till four O'Clock Just as the regular meet
ing broken up clerk from the law hrm OF Condert
Brothers entered and served notice upon one Of the
committee and exhibited an order TO show cause from
Judge Shpman, Of tho United States Circuit Court,
Hartford, Conn, In behalf Of f. Carroll Brewster OF
Philadelphia The case Is TO come of next Saturday,
In Hartford
AT hour last evening the inspectors Of election
finished the verhcaon OF the votes and found that the
following persons had been elected directors Edwin
NJ Lewis of Philadelphia Johnston Livingston Of New
York J. X. Moorhcad, OF Pittsburg; John n. Hutchn
son. Of Easton, Pa George Stark, Of Boston; John NJ
Dennison Of Baltimore; George W Cass, OF Pittsburgh
c. b. Wright, OF Philadelphia; Joseph Dlworth, OF
Pittsburg; B. p Cheney, OF Boston; Charlemagne
Tower Of Philadelphia; Frederick Billings, Of Wood
stock Vt, and J. Fraley smith, of Philadelphia
The number " aud the amount of stock repre-
sented in the election were, however, impossible TO be