The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-09-30
A BIG RAILROAD'SNEW LIFE
THE NORTHERN PACIFIC'S FORMAL
REORGI
The First Meeting Of the Bondholders who
Bought Mp their own Debts The Pur-
cha sing Committees Flatterina Forecast.

The First Meeting OF the BondhoIders who
Bought mp their own Debts - The Pur-
chasing Committees PATTERNS Forecast.
The bondholders who bought the North
ern Pacific Railway. with all Its franchises and
property, for 100000, az the auction sale on
August ~, met yesterday In the companvs
room 90 choose directors and to perfect an or
ganizition. At the meeting were Mcssrs. j. ".
IIutchnsot, n. Houston. j. c. Built, c. Tower,
Edwin NJ. Lewis, G. H. Wright. and j. +. Smith,
Of Philadelphia; Judge Rice, OF Maine; Messrs.
Moorhead and Shaw, Of Pittsburgh Johnston
Livingston. +. A. Lane, and Samuel wlIkeson,
Of New York ana many poor men and women
who were there to vote upon their single bonds.
Mr.. Joseph Dilwcrth, Of the heavy iron firm
OF Dilworth, Porter Co., Pittsburgh, was
chosen Chairman. and Mr. Small Of Easton, SEQ
retary After which MIR. Stark presented the re-
port Of the Purchasing Committee. He re-
hcarsed In detail their proceedings In rurchas-
ing the road aud In perfectina the title, and
then said
"The patented and certified lands 81 the COM
pany remaining unsold amount To about G00,00O
acres. all In Minnesota and Dakota Their sale
Ia postponed to such future day ~ the Court
may heteaf er order. The decree for their le
p Divides That Ave per cent. OF the purchase
money shall be p'ld In cash, and the balance
may be paid In the first mortgage bonds Of the
company. To enable me 10 act efficiently in
the purpose OF securing to the bondholders In
eener the full benefit OF the entire property
of the company under the foreclueu the
committee has caused the surrendered bonds
To remain In the hands of the Farmers
Loan aud Trust Company, subject To the
control OF the committee for such further
use "a the interests OF tho bondholders
may demand. In compliance with our call Of
Farmers Loan and Trust COMPANY for exchange
into preferred stock, amounting. to this date,
to about f20W0,OOO. Large additions are being
daily made, and we believe that nearly all will
eventually come In. No time has vet been fixed
limiting their reception. Powers OF attorney re-
ceived by and authorizing the committee TO car
~ out the plan Of reorganization, foot up about
| S280O.On, or more than nve-sixths OF the whole.
and additions are being continually made. With
| out doubt the balance Will come forward, IA lit
| lie or no cash dividend eau be expected by any
who may stand out. Your mortgage OF t30OOO,-
| 0,O on the road has been quietly and speedily
| foreclosed Ia less than six months from the in
ception OF the undert aklng. The property Is now
| yours. You have $50 miles Of road IN paying
| operation, substantially free from debt. and an
land. With this Immense extent OF unncum-
bered property as a basis for future operations,
ana the 2j,ODO acres To be added for every mile
OF new road built there ought to tie little douOt
OF your ability to secure means Tor the early re-
| sumption Of work In extending and completing
| the road"
In connection with the report Mr.. Stark read
| letter from Mr.. Cass. the receiver OF the road,
who, in issing the propcrty over TO Inc purchas-
INC committee made the following suggestions
Erst-ihe question q assuming the lease Of
y Fiitn avenue should have Immediate atten-
| tipu. The rent has been pa i To date.
| Second-rhe JOINT interest which the COM
! pany holds with the Western Union Telegraph
| Company should ut once be utilized by a con-
| tract Tor the working OF the line.
| 1hird-Actou should be taken To secure some
| return from tho investments made IN the Taco.
| ma Lapi Company, aud the Lake Superlor aud
| Puget Sound Land COMPANY. the controlling in
| terest OF both those comp MES passing to the
! bondholders a. part Of their purchase.
| Fourth-'rhe bondholders should await fur
! Their suggest N from him "a to the management
| Of the = mile branch OF the Lake superior and
| Mississippi Railroad, connecting the Northern
| paclnc with Lake SUPERIOR, and Of which they
own undivided half.
| Fifth-A mpromi-e should he made with the
| bondholders Of the ~. Paul aud Pacific Railroad
| Company who have begun foreclosure suit.
| Nearly al Of the share capital OF the road Is
owned by the Northern \. cnc company. and
the AFFAIRS are In an exceedingly complicated
condition.
In conclusion. Mr. Ciss reported that the com.
| il free from debt except such as has been in
CURED during the present month, and that he
has cash TO liquidate that
| A set Of bylaws were approved by the meeting,
though they can he finally adopted only by the
incoming directors One provision, declaring
that the central once 81 the company should
remain In New forN, excited some interest, IN
tue face OF the fact that tue majority Of direct
! ora nominated we're Pennsylvalans.
rne regular nominees were Edwin NJ. Lewis,
! John y. Hutchinson. Chariemagne lower. &. II.
Wright, ana j. Fraley Smitn OF Philadelphia j.
| h. Moorhead, Geo W. Cass, and Joseph Dil-
| worth Of Pittsburgh Johnston Livingston OF
! New York, B Z. Cheney OF Boston, J. ~. Dent
| H. and Frederick Killings Of WoOd,tork VI
OF these Messrs. Livingston, Billings, MOOrnead.
HUTCHINSON, stark, and Denison were members
| of tue Purchasing Committee; Messrs. Cass.
| Wright, Cheney, lower and Billings were Of
the old DIRE ton; Sir. Tower was a trustee 81
/ the original mortgage; Mr. Lewis represents
| Jay Cooke Co. enormous interest, and Mr.. Dill
| worth Is a large manufacturer Of railroad iron.
Bonds amounting 10 $g,WO,OO were yoteu
| upon, with scarcely scratch on the lar
| ticket. Among the heaviest voters were T.. VI.
| Lewis. VINO represented ti.5O,OOj, Of which a.
5i.uOJ belongs to Jay Cooke Gus estate &C. B.
Wright, Philadelphia, $lOn01; Charlein ague
! Tower, PHILADELPHIA. S.sO,u0J; WIN. shaw,
| Pittshursh. SaU.VO ii. Houston, PHILADELPHIA,
| $l,5,ON: j. L. smith, Philad elphia. <l5l.eO
James Stin-on, Sl1iO,1; sarah Dyer Ss1.00
l.. /. French, ts,.uO ana Bowen Fox. SSuuOO
ms morning the new Board Of Directors will
meet To elect officers, ana they may accept one
OF the many schemes proposed for the financial
backing II the company.
A slight interruption OF the baloting yester-
diy WIS caused by MIR. Coudett, "A torney Tor +.
Carroll Brewster Of Philadelphia. loudly suopu-
naing the Pu' chasing Committee To appear be-
| fore Judge Shipman IN Hartford on saturday,
To show why his petition should not be granted.
lie paws the Court to set asne all the proceed.
ing Of the foreclosure anu sale ON the around
that he was not consulted IN the premises but
the company apprehend no trouble, As Judge
Snipman has siid that ne will do nothing to re-
tard the settlement, and all steps have ueen
carefully taken.
RISENTIII EIRIHIN