lands in bonds. 21. The mortgage shall also provide that the bonds, Payment for issued under and secured thereby shall be receivable in payment for lands of the Company at par, with ten per cent. added thereto, and accrued interest to date of payment, and also that any cash received for the sale of lands, and also any funds derived from the payments on account of the sinking fund, shall be invested by the Trustee in the said bonds at the best rate at which they can be obtained, but if they cannot be purchased below above price of par, with ten per cent. added thereto, and accrued interest, then a drawing shall take place as is usual in the case of sinking funds, and the bonds so drawn shall be paid at par, with ten per cent. added thereto, and accrued interest, and then canceled by the Trustee. The bonds shall be so purchased or drawn only out of the bonds previously sold and then outstanding, and no bonds shall afterwards be issued in the place of those so paid and canceled, whether paid for lands or purchased or drawn as above provided. 22. The mortgage shall provide for the application of Extinguishment of preferred the proceeds of the sales of lands east of the Missouri stock. River, in the State of Minnesota and Territory of Dakota, to the extinguishment of the preferred stock in accordance with the plan of reorganization. But if the holders of the preferred stock will not receive the money and surrender their stock for cancellation, then some proper provision shall be made for investing the money in the bonds of the Company, secured by the mortgage. A restriction shall also be inserted in the mortgage, whereby no dividend shall be made upon the preferred or common stock at any time, until the funds have been provided out of the "net earnings" to pay the current interest and sinking fund on the bonds as provided in the plan of reorganization. terests of bank 23. It is further distinctly understood, that in entering Respective ininto this agreement, the parties of the second part are ing firms. acting severally, and each is bound only in the proportion of the respective interests as set out below, viz.: Drexel, Morgan & Co., 100 100, Winslow, Lanier & Co., 25 Two Directors to be named by bankers. and that the Company can only hold each one responsible for the fulfillment of the contract to the extent above stated-no one of them being responsible for either of the others, and there being no right on the part of either to call upon the others for contribution. 24. The parties of the first part further agree and bind themselves, that for and during the period of five years from this date, they will procure the stockholders of the Company to elect as Directors of the Company two persons, who may be named by the parties of the second part, year to year, for that purpose. from Accrued inter- It is understood by and between the parties to the fore est-how puted. com going contract, that whenever the words "accrued interest" are used as regards the options therein provided for, that said accrued interest shall be computed until such time as (owing to completed road being accepted by the President of the United States) the Company shall have the right to deliver the bonds called for; and from that time the interest accruing on the bonds shall belong to the purchaser. (Signed) NORTHERN PACIFIC R. R. Co., President. The originals were also signed by the three firms. THE MISSOURI DIVISION MORTGAGE. This Indenture, made the first day of May, A. D. one thousand eight hundred and seventy-nine, between the NORTHERN PACIFIC RAILROAD COMPANY, a corporation created and existing by and under an Act of the Congress of the United States of America, entitled "An Act granting lands to aid in the construction of a railroad and telegragh line from Lake Superior to Puget's Sound, on the Pacific coast, by the Northern Route," approved July 2d, 1864, party of the first part, and the FARMERS' LOAN AND TRUST COMPANY, of the City of New York, Trustee, party of the second part: Whereas, the party of the first part, by the aforesaid act and the joint resolutions of Congress supplementary thereto, is authorized and empowered to lay out, locate, construct, furnish, maintain and enjoy a continuous railroad from a point on Lake Superior, in the State of Minnesota or Wisconsin, thence westerly, by the most eligible railroad route as should be determined by the party of the first part, to some point on Puget Sound, via the Valley of the Columbia River, with a branch from some convenient point on its main trunk line across the Cascade Mountains to Puget Sound. The second section of the said act is as follows: "SEC. 2. And be it further enacted, Citations from that the right of way through the public lands be, and Acts of Congress the same is hereby, granted to said 'Northern Pacific Railroad Company,' its successors and assigns, for the construction of a railroad and telegraph, as proposed; and the right, power and authority is hereby given to said corporation to take from the public lands adjacent to the line of said road material of earth, stone, timber and so forth for the construction thereof; said way is granted to said railroad to the extent of two hundred feet in width |