New-York tribune., 1875-07-01
Tie NORTHERN PACIFIC RAILROAD.
MEETING OF BONDHOLDERS.

LARGE AMOUNT OF BONDS HEPRFsENTEp-PLtN or
REORGANIz iTioN PREFERRED AND COMMON
sroCK-nOrrFCL ANnClPATIONS CONCERNING
THE RoAD--TnE BONDHOLDERS' COMMITTEE.
A receiver Of the Northern Pacific Railroad
and al iis property appointed by the United states
Circuit Cont in Apr last ard decree issued TO
SCI, the road and property for the benefit OF the boNu-
holders general meeting Of the bondhoders was held
Yesterday at Tie Office Of the Company at No
% Fftliavc.. for tie purpose of adopting meas
urcs to rcorganiZc tie Company. About LOO
persons were present, representing a capital of
SoOOOOO0O. Among them were Col. L. d. NJ. sweet
and Jndgc r. d. Rice OF Maine, c. Il. Wright, Pre- dent
Of the North Pacific road GEN Cass, receiver OF me
road Rrooas Brothers of Connecticut the Hon. L. l."
Ashurst H. d. Houston. Gen. N,ttleioi, and George :
Fox OF Philadelphia; William McDougal and Tie Hon.
C. Tower Of Penn yyania. Tie Hon william ThnW Of
putsmT-b frederick Billings ~ Vermout, Gen. George
SflIk OF Massachusetts, j. j. MoorcheaJ, j. k'Lnedy
Moorclrad. Charles f. Sanford Ncw-Nork; C. J. smith,
c. Graves OF Easton, Penn The Hon Pa' F"fh 'Jo'ih
ston Livingston. Chairman of The BOudho!eis Conint
tee G. W. I1ls.ccr, ard FrcdcrickA Laue cOuhscl IO3
trustees and bondhollcrs.
Col Sweet occupied ihc chair II was stated ~ The
counsel for planiGs in the foreclosure suit that with
the assent ali parties, the Court hal been asked to
modify the of sale 40 as 10 remove AL o9'ct"n
able pre- rcnccs Of floating creditors The notifications
thus AZ ed for were approved by the meeting and ac
Ccptcd d. satisfactory.
Folown are the proposed arrangements o' the Com
u,it.c in =, crenrc TO the yaIio,s kinds o. stock;
The canital stock Of the Company shah bc = fixed IN
the set a. incorporation. and shall be divided into irc-
fcIIe nJ On the 3'r of the rilroln ana o."
other pop ~ ana Ito atqns On 0 ttIe tHCi' y" ~
tnc Comm rc above name l. the pr sent soc ckhocfs
the said nunteo 20 held by Them ol her as c0uir"
atory c1 crs or munmcnte of title to "e uSd accord
PiefrIr,d stock shall he created anl issucd TO TIC
amount CT @'l,OoJooo lbrhP hil3tN vi lnr snatr @
..n fpilt
ti,o, ,c o,J to heromc d1c M tc arI including July
lS7~ the IT,c Of per nj, currency. per ahnlm
anj a'io retire the principal ana lHtcr~i 10 AM III
cludnt Jan 10 oi tno ia9l wtrrma n"hIt 10 M
in, ' ot Liz niln Yhis preferred stoca shall have all
vntiu. OVtr AMI tIc holders Thereon Fidi ne 'hlIh 7"
dvidon :. moi rNcredinL per cent per annui1 The
nrt c9 nr.,s in each calendar year may sriiice -
uav . al fore Any dividends shall he raid on iho
common SILK.
Common stock shall hO issued TO the amount author:
ized by H.. charter less the amount Of S"l"'mHO "f
preferred stock The holders of tins stack sI" only he
emitted t. dvd year, at ire discretion ot the
Bunrd of Directors, wnrn the net earnings exceed an
amount sulcicn, .0 pay interest and sinking iun on lie
mortgage debts aud per G1 on IN. Ine,criod siu,k X
those now entitled certificates, shlrc for smr aud
the residue raaby to those originally entitled tneie'"o or
their assigns.
AT this point discussion in reference to the
leugh of time within which the bondhodcls might par
ticipae in benefits he derived from the purchase
~ the nroplrty SIR Thaw and Alr. Hasselcr were of
opinion that sufficient time should br allowed t1oD one
to three yearNl to all the b0ndhodcrs possible
chance of recovering their stock the pooT widows and
clerpylncn who lad riskrd THEW savings, as well as
the wealthy ecHtJOr. II vs. hhd} lc>jN'd thdt thr
lime b, loll To fle discretion of tie Committee.
Gen Cass AMI others spoke in vrry encouraging terms
Of the future prospects Of the r'ad
IA" fullONug resolutions were offered ny D. N mOofe
Ees@ircd. Trt t}c holders Of the common ~tor: shall
have no vnfin- nuv until and after JHly ] 1878.
Flo IA win was .. Y,
adopte T. -,
deere 'o sale o Iay m' 'Ys adVnc Il since Ire driah'
Of the hst rolt-..c MS We paid pro rata 10 TIC par
ties vino have made tlr advances.
The fo1Wiu is INC method proposed TO complete ana
n, provide the means to coinulao and equip the road
there shall BE- issued ti- ui" bonds nos 10 EXCEED
pleed and accc|r l'y TIE President Of I e Crlirl
States lr secured lay Il Woi &c or niultrJH~ W Htl
shall he 81 AM paramount E,n on the WlO'' me p
road constituted ana 10 DE- con .iuci"i. ! n lht
equipment property. nG-. d Franchises nc lmcl ANA
to he acquired, ucnl, the frnrmse to he corpora
ton. subject only 10 me rSit of he hOlcls llc Pc
farrrA sOck convert thr stock into thr @nd. oi -c
Company. owned OF hereafter 10 be arqur Ell; Of
In. N.,Dur River in the Safe OF VI nHcsot and Terri
tory % Dakota and also the night 10 Tie 0rc ds Of oc
sales sad land. Ia ie used in t"c cNnuSincnt Of
said STOCK, until any default ~ mad III the r"Nlsios "i
this murtggtg The principal Of tncse b"''is shalI he
nyahe forty after date and tc Interest dnd snk
| ns fund may he made payable in gold
The following additional resolutions were 0n'iod hy
Mr. Hassrler, and unanimously adopted:
ReSgiUcd. That assessment shall bc levied u"n bond
holders but that the cost OF purchase ami AlTnsc oi
foreclosure and other proceedings Shall he PAID OFT 0i
the assets and tie income % the Company.
ResOlred, That tls me- ting accepts and adopts the
renort of fhe Coiunc appoined the Sib of Mach
meoting and approve of the legal proceedings taken.
including the amendments Of the decree Proposed
The names Of he Bondhoicrs C"mnte are johnston
Denison Abner CchufH. William WINDOW, aud George
stark.