The Superior times. [volume] (Superior, Wis.) 1870-1912, 1875-08-19

should be issued not TO exceed an
average of S25 900 per mile of road
actually completed and accepted
by the President of the United
States, TO be secured by a mortgage
or mortgages, which shall be first
and paramount lien on the who'll. line
Of road constructed and to be con
structed, and on the equipment,
property, lands aud franchises of
the company, acquired and TO be
acquired.
THE BIDDERS AUTHORITY.
The terms Of this plan were
agreed to unanimously by the bond
holder> who assembled on the 3Oth
day OF June, and have been up to
the present time ratified by the
holders OF over $24 900, 900 of bonds,
out OF the $50, O,5OO,O 900 in existence.
In rautylng the plan each bond
holder authorized committee,
known as the Purchasing Commit
tee, to attend the proposed sale
and bid in the road for him as
member of bondholders' associa
ton.
BY the terms of Judge Shipman's
dc cree of sale, the proceeds are to
be applied serlatlm to the pay
ment of court costs and legal ex-
penSeS, to the payment of balances
due TO employees, not to exceed
SO, 900; to the payment of right-ot
way and land claims, not to exceed
$40 0Oo; and finally to the payment
pro rata of bonds and interest out
standing.
Anticipating the possibility of
high bid, Judge Shipman ordered
that 100000 must be paid in cash
on the day Of sale, and the rest in
cash within sixty days, but at the
sale yesterday the first and only bid
was a bare 100000, and was Of
fered by Johnston Livingston, Esq,
Chairman Of the Purchasing Com
mirtee. The auctioneer called in
vain for larger bids, and after crying
100000 once-Sl00,O0O twice
Y ~, ,cCC Iili &C IllbCN. llC hliOChtl IL
down at that price. Mr.. Livingston
exhibited his credentials as the rep
resenative of S24, 100000 of bonds.
and then proceeded to the Mar
ShaI office, whe che paid the money
III SINGLE check upon the Farmers
Loan and Trust Company, and the
sale was cOnSummated.
Among those who attended were
Jay Cooke and Charlemange Tower,
trustees under the mortgage; Gen.
O W. CaSs, receiver of the road;
&. B. Wrigh, of Philadelphia,
President; Samuel Wilkinson, Sec
rctarN; Mr.. Ward, Judge Rice of
Maine, and the following named
members of the Purchasing Com.
mlttee: Johnston Livingston OF
New York; Frederick Billings of
Woodstock, Vt; George Stark,
Lowell, Mass; John X. Moorhead,
Pittsburg; J. n Hutchinson, Phil
adeiphia; and J. NJ. Denison Of
Baltimore.
FOURTEEN HUNDRED FOR A THOU
SAND.
Under this important step in the
reorganization the road Is now
owned by the boudholders, and
each person who owns bond of
s 900 can send it in and have it ex
changed for sl,40O of pre- erred
stock. The amount of 81, 400 is ar
rived at by its bearing the same
relative proportion to $1,000 that
the whole amount of So 100000 of
preferred stock bears to ihe entire
Indebtedness OF the road, which is
made up OF mortgage bonds, $780,
so 900; interest, S4,OOO,O0O; land
warrant bonds, S732,500; floating
debts, &c, amounting in all to about
s36,0OO,OO0. Each bondholder is
to decide within d certain time,
probably sixty days, whether it is
for his interest to take the preferred
stock or to accept IN final settlement
Of his claim his share of the pro
ceeds of the sale of the property.
As has been already SAID, the
SAFE yesterday OF the ROAD franchises
aud properly yielded only 500, 900,
but there remains a large section of
land In Minnesota, earned by the
completion of the road. and already
surveyed and patented, which is to
be sold whenever the Court shall
order, the final decree having
stopped the sale heretofore adver-
tlsed. This sale would necessarily
put an end to the conversion of the
outstanding bonds into the lands of
the company, aud would add some
what to the 100000 realized yes
terday, but probably not much
more than enough to pay the legal
costs and the payments preferred IN
the decree OF sale. Unless the
bondholder makes the exchang ge
for preferred stock, he will have TO
take cash dividend that will not
probably exceed one per cent.
GOING FOR 40,00O,00O ACRES.
The new first mortgage bonds, to
be issued at the rate of S25, 900 on