, 1875-07-24
NORTHERN PACIFIC RAILROAD.

there was a meeting at New York
Of parties interested in the resus-
citation Of the Northern Pacific
Railroad, or ifnot in its resuscita-
ton, in saving as much from that
great wreck as may be possible.
As has also been stated, that meet
ing united very harmoniously on
what is known as the plan recon-
mended by the Livingston com
mittee. This plan, which is Of in
terest to the public, in brief, was,
First to foreclose the general
mortgage of the company immedi-
ately, and sell at auction the road,
land, land grants, rolling stock
and all franchises of the company,
including the right to be a corpo-
ration; second, to have all the
above property and franchises bid
in by a committee for the benefit
of all the bondholders; third, to
reorganize the company under the
old name and charter, with the
present bondholders as preferred
stockholders, each bondholder re-
ceiving s1400 Of preferred stock
for each $1,000 offrst mortgage
bonds, the said stpck to be emit.
tied to s per cent. annual divi.
dends before the common stock
shall receive anything, the com.
mon stock to have no voting pow.
er until 1873, the preferred stock
to be e1changable at par for any
of the company's lands east of the
Missouri; and, fourth the re-or
ganized company, thus freed from
debt, to place a light mortgage on
the property, with which to raise
funds to extend the road into
Western Montana, where the ac-
cession of traffic is expected to
render the company able to pay
dividends, besides taking care Of
the interest on the new bonds. II
is proposed that the capital stock
shall be as fixed in the act of in
cooperation, and shall be divided
into preferred and common. On
the sale of the railroad and the
other property, and the aoquisi-
ton of title thereto by the COM
mittee named, the present stock
holders shall surrender their GER
ti6cates of stock into the hands Of
the said committee, to be held by
them either as confrmatory evi-
dences or muniments of title, to
be used accordingly by them.
Preferred stock shall be issued to
the amount of s51, ,oO0, 900 for the
following purposes: To retire the
principal and interest of the out
standing Z $40 bonds up to July
4 1878, at the rate Of 8 per cent
currency per annum, and also to
retire the principal to. January l,
1875, of the land warrant bonds;
to pay the floating debt, and, gen
erally, for the purpose of carrying
into effect this plan. This prefer
red stock shall have all the rights
and privileges of the common
stock, including voting power, and
the holders thereof shall be enti-
tied to dividends, not exceeding
g per cent per annum, as the net
earnings in each calendar year
may suffice to pay, and before any
dividends shall be paid on the
common stock
The following is the method pro
posed to complete and equip the
road: The issue of first mortgage
bonds not to exceed an average of
$25, 900 per mile of road actually
completed and accepted by the
President of the United States, to
be secured by a mortgage or mort
cages which shall be first and
paramount lien on the whole line
of road, constructed and to be
constructed,and on the equipment,
property, land and franchises, ac-
quired and to be acquired, subject
only to the right of the holder of
the preferred stock to convert their
bonds. into the lands of the
company. The principal of
these bonds to be payable forty
days after date, and the interest
and sinking fund may be made
payable in gold. No assessment
is to be levied upon bondholders,
the cost of purchase and expense
of foreclosure to be paid out of the
assets and income of the company.
The names Of the Bondholders'
Committee are Johnston Living