The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1875-07-09
VI 1E3EJ ! !5ts5 Isktt "a s.
The, ,N0rtA0ln Pacific,


Northerrnf { :Pscihc Railroad met Yesterday:
tol discuss; tho plan Of Reorganization,
BY the committee appointed at
s.meeting gof; March 18th. The assem-.
bisee contained some Of the 1wealthiest
railroad men in the country, but the
poorest stockholders Of sths| bursted ebuh;
BILE sent only : meagre representation,
One old: d:gentleman,s the holder Of : single
$1,000 bond, sat near William Thaw Of
Pitteburgh,5 whose interest in the North:
ern Pacific amounts to millions, and an
other whose whole savings, probably; not
over, S., 600, were sunk in; the Cooke
maelstrom, was seated opposite Gem Cass,
the former President and present. tlreceiver
of the company, who boasts Of q bank
account that allows Of his drawing a
check for. . million dollars = 's5Ess .'s:t 80;
The Hon. E. d. Sweat Of Maine, pre-.
sided, and Mr.. Sam Wilkeson was Secre=
tary.. Mr.. Sweat congratulated the bond.
holders upon the gathering Of representa-
tive men in their interest, and introduced
Mr., Johnston Livingston of New York.
As this gentleman voice was weak he
requested Mr.. Wilkeson to read his re-
port as CHAIRMAN of the committee .ap.
pointed March 18th. t.. 's.i' &,...-
THE COMMITTEES PLAN.
The plan laid before the meeting by
the committee proposes: -1
That Johnston, Livingston, New York city
Frederick Billings, Woodstock, Vt; George
Stark, Boston, Mass; William Thaw, Pitts
burg1, Pa; J. N. Hutchinson, Pniladelplza,
Pa John Dennison, Baltimore, Md. shall
tn fho Ia ipsa
railroad and other property OF the company,
with a view to purchase The same, and take
title therefor, for the benefit OF all the parsses
asserting to and complying with the condi-
tiOns OF this plan to assume the management
Of the railroad and property when they shall
have acquired title thereto to attend to the
issuing Of bonds and stock, tperie citing title,
and generally to DO. al things that may oe
plan, and to place the railroad and property
again under the control and management Of =
board of directors, to he elected hereafter.
In case any difficulties shall arise in carry
ing out this plan toconsumma,ion, to the commit
tee shall take such measures and employ such
counsel as in their judgment will most effect
a,ally carry out this plan or the general pur:
i ioses thereon. -ss
The capital stock of the company shall be as
fixed in the act OF incorporation, and shall be
divided into preferred and cOmmon. H.
On the sale OF the railroad and other prop
erty, and the acquisition of title thereto BY
the committee above named, the present
stockholders shall surrends:. their certificates
Of stock into the hands OF the said committee,
to be held by them either as con1irmatorY
evidences or muniments Of tie. to be used &C /.
cordlngly by them
Preferred stock shall be created and issued
to the amount of SOL ,OU0, 600 (being majority
Of the share capital) for the following pur-
poses; To retire the principal Of the out
standing 10 bonds, and the interest there
July l, 1878, at the rate OF eight per cent cur
rency,. .per aDnum. And also to retire the
principal and interest, to and including Jan.
r. ,H187t, of the land warrant bonds; to paysthe
floating debt, not protected under the existing
orders Of the court; and, generally. for the
purpose OF carrying into effect THIS plan.
This preferred stock shall have I'LL the rights
and privileges of the common stock, includ-
ing voting power, and the holders thereof
shall be entitled to dividends, not exceeding
eight per cent. per annum, as the "net earn
ings" hereinafter defined, in each calendar
year. may suffice 70 pay, and tetore any, divi-
dends shall he paid on the common stock.
"' - PROSPECTIVE DIvIDzNDs. = p
After and during the time the income OF the
road shall be sufficient it to pay eight per cent:
stock, the surplus shall be divided on both
alike per share, according to the number Of
: This stock shall be convertible at the par
value into any lands belonging to the COM
pany, or hereafter to belong to It, east of the
Missouri river in the State Of Minnesota and in
cur in some OF the provisions Of the new frs;
mortgage bonds, and such conversion shall he
an extinguishment OF such stock. The pro-
ceeds Of all sales 'ot such lands, until such de-
fault, shall be used likewise in extinguish-
ment Of such stock. ',Y;%~ J.
The words ''net earnings" ss used above,
shall be construed to mean such surplus earn
ings of the said lailroad as shall rcmain, alter
paying all expenses OF operating the said rail-
all taxes and assessments and payments on in-
cumbrances, and includi ,g the interest and
sinking fund on the first mortgage bonds, the
expenses Of completing, repairing or replacing
the said railroad, it's appurtenances, equip
ments or other property, so that the same
shall be in high condition, and Of providing
such additional equipments as the said COM
pany shall deem necessary for the business Of
said railroad. -, - '.# 3
/ Common stock shall be issued to the amount
authorized by the charter, less the amount o
$5l ,OO0, 600 of preferred stock.
TIE holders OF this stock shall be entitled to
dividends in each year, only at the discretion
OF the board of directors, when the net earn
tngs, as heretofore defined, excee an amount
the mortgage debts. aud eight per cent on the
Certiacates OF this stock shall be issued L
holders of; or to those now entitled to oertih,
Gates, share for share !; and the residue ratabll
to those originally entitled thereto, orsfheil
assigns. 49, zf''4
70 provide the means to- complete and euuii
the road there shall be issued first mofteacsy
bonds rot to exceed an average Of $25, ,0Opel
mile uf road actually completed and accepted
by the President of the United States, to b.
secured by mortgage or MORTGAGES, which
| shall be q first and paramount lien OnSS Sths
whole line OF road, constructed and to econ
struoted. and on the equipment, property
lands, and franchises, acquired and to bes q
ration, subject only to the right Of the holder
Of the preferred stock to convert their stooi
into the lands OF the company, now owned d
thereafter tn be acquired. east OF the MtEsour
Eriver, in the State Of Minnesota and Tetlitor,
Of Dahota, and also the right to the proceed
Of the sales Of: said stock 9ntil.ant detanli 81
made in the provisions Of this mortgage IS
:! The principal Of these bonds shall besnay
able forty years alter date, and the interest &,
sinking fund may be made payable in cold
| There shall be provided . sinking t1nd& rs
the redemption OF the, principal Of thess III
mortgage bonds, at or before their maturity
which shall be accumulative md shalt ia
menoe FIVE years after the date Of the isue q
each series The first mortgage bonds shlllt
and said trnst company or5oonpantes slnal q