, 1889-10-17
NORTHERN PACIgIo's ANNUAL.
The Coming Meeting Occasions Much
Gossip Among Those Interested.

The coming Meeting occasions MuCh
Gossip Among Those Interested.
The annual meeting of the Northern
Pacific will be held In New York Thurs
day of this week, the 18th inst. Here
tofore the annual meetings have been
held in September but last year the
date of the coming meeting was changed
to the third Thursday of October. The
coming meeting will be of more than
usual interest because of the action to
be taken upon the reorganization plan
prepared by Mr., Willard, This provides
for the creation of q $lG0, 900, 900 mort
gage, with which 1t is intended to wipe
out all other indebtedness. The plan has
been approved by the board of directors,
but before 1t can be put into effect must
preferred stockholders. This is rendered
necessary by the fact that the preferred
stock is lien upon the road and prop
crty owned by the company in Mime.
sofa and Dakota east of the Missouri river.
When the road was first organized there
was no preferred stock. This was then a
general mortgage, amounting TO $751;
0O0, 900. The holders of these bonds, to
prevent n foreclosure, agreed to accept in
lieu of the bonds held by them like
amount in what was to be known as pre-
ferred stock, which virtually should be
a first lien upon the property described
Now to put general mortgage upon the
entire property OF the company the con-
sent Of these preferred stockholders, or
rather two.thrds of them, is necessary.
BY giving this consent these preferred
stockholders surrender their right of q
lien,
They are, however, guaranteed an 8
per cent dividend, non-accum ulatiye
upon their holding whenever the same
is earned by tho company. So far as
can be learned the consent of the neces.
sary number of preferred stockhoiders
has already been assured. The only oh.
lection comes from those who have
small holdings. Their objection is to the
Immense amount of commission ($1O,-
0OOOO0), which somebody will quietly
pocket. The amount of preferred stock
now outstanding Is $37, ,000, 900, 1000.
900 having been retired by purchase from
land sales. This leaves the common
stockholders in possession Of the proper
standing 100000 of such stock. The
fact that three requests for proxies have
been made, by Mr.. Willard, Wright and
Harris, has created the impression that
there would bc fight over the new
mortgage Mt the annual meeting. But
such will not be the case. Advices re-
ceivcd in st. Paul during the past few
days state that Messrs.' Willard and
Wright arc acting In perfect harmony so
far as the new mortgage Is concerned.
The call of Mr. Harris Is said to he for
the purpose of his securing enough stock
to retain his official position in the
board. It is said Mr.. Willard is strongly
opposed to his reelection, and will pre-
vent it if possible. The directory con-
sists of thirteen stockholders. OF the
men and four Willard mon. At The
coming meeting It is expected that these
figures will be reversed. The talk that
Willard will return to the presidency Is
given no crcdonce whatever In ST. Paul.
Every one who knows anything at ali
about the road COMEDIES that Mr.. Oakes
will continue to draw his salary of $25,-
900 year as president Of the company.