Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1889-03-07
TWO GREAT ROADS LHAsE 4
THIRD.

" NSSs
The directors Of the Northern Pacific
company, at their regular
meeting yesterday, approved an
arbitration contract" with the Union
Pacific Railway, which will result prac-
.ically ina joint least Of the Oregon
Railway l. Navigation Company's prop
erty. The Union Pacific leased the
Oregon line 10 April. 1887, on the basis
Of six per cent yearly dividends on the
stock. Negotiations to admit the
Northern Pacific to joint control have
been continued from that time, but legal
and other objections have prevented a
successful accomplishment. 1uiunctions
in Oregon and fears Of adverse action BY
congress have been serious obstacles.
The present arrangement avoids these
questions and makes the joint lease an
assured success.
The arbitration contract" provides
for board Of five sIbitrators two each
for the Union and Northern Pacific
companies, and fifth arbitrator agree.
able to both sides. 1t 10 understood that
the presidents Of the two companies will
be members Of the board BY virtue Of
their positions. r. Suydam Grant and
Charles Merriam have been selected
temporarily for two other places, but the
fifth arbitrator, who will be the control
ing power, has not been named. The
contract provides for an equal division Of
expenses and profits in the management
of transportation lines in district em.
bracing Oregon and parts Of Washington
and idaho.
The Northern Pacific turns in its
Spokane and Pslouse, Spokane Falls and
Idaho and Occur d'Alene brarches, and
the Union Pacific its Washington and
Idaho and Oregon extension lines. The
stocks Of these companies, or an absolute
| majority Of them, are to be placed in The
hands of the arbitrators, who will VOTE
On the stocks according to instruction.
from the Union and Northern Pacifi'
companies. In case OF a dispute tn
arbitrators will settle it. The prrpos'
Of the agreement is to secure absolute
impartiality in the building and working
of branch lines in the territory it covers
In furtherance Of the project, the Uniol
Pacific agrees to transfer it's lease Of tn
Oregon Railway and Navigation and tn
stocks of the branch lines previousl
named to trust company to be selected
while the Northern Pacific agrees t
share the expenses and profits of th
lease Of the Oregon Navigation property
The only important condition is tbs
control Of the stock Of this company shal
be lodged 10 the hands Of the arbitratio
} board. This will be accomplished b
the transfer of the stock held by tn
Oregon Il Transcontinental company t
the arbitrators, who will issue come kin
Of negotiable certificates for it. Tn
voting power, however, will be reserve
By the arbitraters. A meeting Of til
executive committee Of the Oregon ,
Transcontinal company has been Gale
for Monday to authorize the sale. A
the committee il composed Of director
of the Union and Northern Pacific com
pauies, who have already voted for th
arrangement, there can DO no dout
, about the result.
Ofthe thirteen directors Of the Nortl
ern Pacific only three were absent fro.
the meeting. Of these President Oaks
and Frederick Billings had signi6e
their approval, but the position {
Colgate Hoyt was not clearly defined
The only vote against the plan w
thrown by John u. Brookman, who
said to have opposed the joint lease fro'
: the earliest suggestion. A director {
& the Northern Pacific said after I'll
meeting:
"The Importance Of this action CO
hardly be over estimated. We hsv
solved, after a long time, the problem {
the joint lease in way that has bee
approved by the counsel Of both con
panies. The settlement will insul
: harmony in the extreme Northwest ft
, many years and end the reckless built
ling Of branch lines. The agreement b.
, not been signed, OF course, and cons,
quently nothing has been done, but th
letter from President Adams, of tn
e Union Pacific. and the nearly compile,
A unanimity Of our vote are plain sigr
8 that the proposed arrangement will b
carried through"
The above VIC recopy from the ". "
Union taken from the N. Y. Tribun,
The editor of the Union, in writin
from Philadelphia, says that this pla