New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-26
FINANCIAL INTERESTS.


NORTHERN PACIFIC REORGANlAAliON.
REPORT OF THE COMMITTEE APPOINTED ~ -
TIKI INTERESTS OF OBSERVATION-DISCLOSURES fo"
p.,s,Nc MEANS FOR COMPLETING THE ROAD
cov,ysrs ON THE LEGAL PROCEEDINGS.
Johnston Livingston, j. N. Hutchinson, WIN.
uovr,,bt John NJ Denison, Abner Coburp' William
window and Geo. Stark. the committee appointed 70
look after the interests OF the bondhoders OF tne N
ern Pacific Railroad. have made report wi'.h sum
ar,ses c legal proceedings already TAKEN ana cohun-
ues as follows:
The order making tho appointment of receiver was
gwen under proceedings brought by your trustees; nt
which bona Jde holders OF bonds 10 large aino an
united This suit was commenced aud the receiver mp
pointed with the l approval OF the men eoust which
urainains the former system OF selling the onHes
lands and the conversion of bonds INTO as eeiyer On
he 1ath day OF May the trustees and the
united with them applied d % ls OF this action
explained 20 your committee al its hH an
ing was apparent and has receiver It's
Under this decree Comranys road ana All ,ss
Sy are 70 ~ feel that this benefit will be best secured
by an between al parties IN and
secure The extension OF the road This extension Is IN
ments Your road incompleted is wholly unrSmSnera,
five but completed II becomes one OF the great az
Of the nation The problem must he met by you AZ the
ontsct How can be induced to invest anew IN
Ills entersel This the only problem; that tne yIaa
Will pay when completed Tor even completed mo n p
ana experience amply demonstrates me Union n, ta,
riho Railroad built through an uninhaDeu sec1
~ tho country supposed I've almost vaueess put vi
The wear si within five years after it's completion,
Ms u sT s ,ncn %as derived We from rac
win This statement the committee, asserting thereto
we i%m"dac adSpoS Of the plan below forth. and
respectfully request them to sign the power OF attorney
3v 10 a;v member Of the committee general meet
ne Of the honihOlders will be held at the Office OF the
NeWYoTk city, on the 5Oth day OF june next at noon
take such further action as may seem proper pio
ACCOMMODATING the report is the following proposed
plan OF congratulations
1t is proposed that the following named persons say
Johnston livingston New-York City; Frederick Billings
Woodstock Vermont; George Stark, Boston, Mass.
William Thaw rtsPnTgh Penn Sni:o D. Ha h5Se Md
shall constitute "A committee TO attend the sale OF tne
Go and Shs rop pSa a g s s c9 tgp the
INT al tho parties asserting 10 and complying WIN the
Sn rosS and roTeriy when they Shall have acquired
title ihnrco attend TO the issuing of bonds ana stock
BE- necessary the complete execution Of tins plan and
to place idilroad and property again under tne con-
trO and management OF Board OF DHectors, W Dc
The ctpal stock Of the Company shall he fixed in
the act Of incorporation and shall be divided into pre-
frrcd and common On the sale OF the railroad ana me
commit, e above named the present stockholders shau
surrender heir eertcass OF stock mo ne anrmatory
evidences muninens OF Title to be USED accordingly
'Prefcircd stock shall he created and issued to the
amount OF S5l 900 bcing majority OF the snare
a iU 7so bonds aud the interest thereon due
and 10 become up and including Ju 1873 at tne
the prncpai and interest 10 and including January
1875 of the land warrant bonds; to pay the floating dept
AOt protected and under the existing orders OF te cost
a aas pnn This G preferred shall have al the
rights and privileges of the common STOCK, mcluuihg
Vetng power, and he holders thereof shall be entitled
70 diydens not exceeding per per annum as the
met caTnlnes 81 hereinafter defined in each calendar
year may suffice to and before any dlvdends sha
thc income of the road shall be sufficient 10 pay per
cent dividends both the preferred and ne common
share according to the number shares issued of each
S shan s Sa at on heeaer to Sog
to H. east OF the Missouri River i'll the State of Minnesota
ana IN h Q" e pSvons Of the new first mortgage
bonds and such conversion shall be an extinguslnent
OF such stock The proceeds OF all sales OF such lands
until such default shall be used likewise in extngsh
The words net earnings" used above, shall be
strucd such surplus earnings OF the SAID railroad
he said railroad and carrying its business including
all taxes ard assessments and on lncunDrances
gage bonds completing repairing or replacing the
said railroad its appurtenanees s or otnef
VI providing such additional equipment as the SAID Com,
pany shall deem necessary Tor the business Oh said
Common shall be issued to the amount authorized
y the charter s o g az hG % s cy H be p e
titled dividends in each year at the discretion OF the
Sod Of or o wmG ts uen to Day interest and
sinking fund the mortgage debts and eight per cent on
Ire preferred
issued 20 holders of or to those now entitled to certificates,
share for share and the residue raaty " those origin
ally entitled thereto, or their assigns
To provide the means 10 complete ana coup tne ROAD
there shall issued first bonds not 10 exceed
an average of $4,000 per mile OF road actually
petcd accepted by the President of the United states,
10 secured by mortgage or mortgages which snail be
first and paramount lien on the whole line OF road, con
sIucted to De constructed, and on the equipment,
property lands and franchises acquired and to be &c
dued including the franchise to be corporation, sub
acct only TO the right holders OF the preferred stock
10 convert their stock into the lands OF the Company now
owned or hereafter 10 be acquired east OF the
Missouri River, in the State of Minnesota, and
Territory of Dakota, and also the right to
the proceeds of the of said lands TO be used in the
extinguishmcnt said stock until any default made
in the provisions Of this mortgage The principal of
these bonds shall 40 years alter date and the
interest and sinking fund may be made payable III gOd
There shall be provided sinking fund for the redemp-
principal Of these fret mortgage bonds at or
before their maturity. which shall be accumuatve. and
shall commence five after the dte Oh the Issue OF
each series. The first mortgage bonds shall DE counter
signed trust companies, and said trust
company companies shall deliver 10 the railroad com
pany bonds the amount of $4,000 per mile OF each
mile Of road already completed, and shall continue TO de-
liver bonds the Company not 10 exceed $4,000 per
nile OF road constructed or for which the materials may
have been furnished.
Provisions shalt he made in the first mortgage mort
Ccctuay the holders Of the bonds issued
under them the event of any and every default. No
shall he issued except vote of at least
tlreefourhs of the preferred stock. at meeting espe
days by advertisement in two newspapers published in
the cities Of New-Y York, Philadelphia, aud Boston.
INSURANCE TOPICS.
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