New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-19
date back to 400 B. c. But what docs B. C. mean.
MR.. WILLARD ON NORTHERN PACIFIC.
ABOUT THE RECENT CIRCULAR AND THE CON.
soLIDATED MORTGAGE

ABOUT THE RECENT CIRCULAR AND THE CON-
soLIDATED MORTGAGE
Mr. Willard was interviewed yesterday by a reporter
OF The Tribune regarding the circular Just published
by him and others with reference to the special meet
ing of Northern Pacific preferred stockholders and tho
annual meeting Of all stockholders.
"Do you expect Mr.. Willard was asked, TO secure
the necessary threequarters majority at the preferred
stockholders meeting for the consolidated mortgage -
We already sure OF favorable vote OF more
than two-thirs Of the required majority and we feel
certain that far than the requisite number viii
support programme
You claim that the signers of the circulars repre-
sent absolute majority OF the preferred and com
mon stock Do you mean that they themselves hold
personally such maiorityl'
NO that is not the meaning. represent large
number OF owners, will appear at the two meetings
of stockholders
Doubtless you expect the stockholders 10 be well
impressed with that programmed
Why should they not boz It is certainly strictly
conservative, and all the proposed are mainly
In the interest OF the stockholders
The programme differs greatly from all the alleged
disclosures of your plans that appeared in tho press
Did you entertain any of the other schemes
attributed to you ~
No. They had their origin entirely in the magma
veness mendaclty and stupidity Of certain writors
for tho press. 1t was suggested 10 me Tune ana
again those inventions when they appeared
But determined all along that the publication OF
our programme should be the only answer made to
thcm.T
Are you the author Of the programmed"
alt is the result OF careful elaboration with coun-
sell business friends and the executive and accounting
officers OF the Northern Pacific Railroad Company
Have yourself and friends decided upon the COM
position Of the next Board of Dircctors!'
Not yet. We have not considered It formally at
all so far and for this reason There has been very
extensive change OF ownership in the preferred and
common stocks in consequence of the recent rise In
them. We are determined that tho Board shall DO
strong, harmonious and truly representative, and
hence we intend to find out first, from the stock
ledger who the leading stockholders besides ourselves
and friends, are.'
" DO you expect the company to be able to keep
IN the proposed per cent dividend the preferred
stock!n
There cannot be any doubt about IT, in my
opinion. The earnings of the road have been growing
since July / at such rate that by January l they
WILL doubtless show an aggregate gross increase OF
- 100000 and net surplus for tho preferred stock
Of from per cent There is every indication that
the growth of tho business of tho road Will cont nuo
right along Then there will be the dividend reserve
fund to fall back on II the net surplus should not
equal per cont at any time. But do not hesitate
10 express tho belief that the road will moro than
4 per cent next year. This Is the more certain as wc
expect a considerable reduction in the operating cX-
ponses from 81 per cont in 1esS.'s0. a practically
limited supply of good and cheap steam coal that
has been secured to the company from the immense
coal fields newly opened In Central Montana, VIII
enable # to effect saving Of fully go per cent In The
cost of nearly onc-thn OF the fuel used, equal to mora
than per cent OF the operating expenses