St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-18
HIS ENEMIES ROUTED.
Henry Willard Is at the Top
Notch Of Power Once
More.
Preferred Stockholders Of
the Northern Pacific Adopt
His Financial Plan.
In Authorizes the Issue OF
$16O,00O,O00 New S Per
Cent Bonds.
Chairman Harris, Brayton
Ives ct AL. Get the Grand
Bounce.

New YORK, Oct. I7.-The Northern
Pacific railway preferred stockholders
held meeting at the Office of the COM
pany in the Mills building to-day.
Chairman Harris presided. The only
other directors present were Henry
Willard, G. l.. Colby and Brayton Ives.
A large number Of Wall street men and
heavy holders of the stock were preS~
ent. The only business before the meet
ing was voting on what is known as the
Willard plan. 1t authorizes the issue Ok
S160.000,000 new S per cent bonds, paya-
BILE 100 years hence. Voting on the plan
was begun at 1880 o'clock. 1t soon be-
came apparent that the Willard party
would win. Johnston Livington offered
the following resolution, which was
adopted, and which is in direct sympa-
thy with circular issued on Sept. l,
1889, by Chairman Harris. The resolu-
t1On was seconded, much to every body's
surprise, by Henry Willard. The res0-
luton was as follows:
Resolved, That the holders of the preferred
stock represented here, suggest to the incom-
ing board Of directors TO take under consid-
Grafton the distribution of the whole amount
due to the preferred stockholders as soon as
the company should be in a proper position
to do so.
Not a negative vote was received.
Just before noon James B. Williams an-
nOunced that the financial plan had
been carried. Owing to duplicate pr0x-
les having been deposited he could not
announce the exact result. An adjOurns
ment was therefore taken until Monday
morning next at II o'clock. Henry
Willard voted majority of the stock.
Rnhprt nf
company for many years. and
who last year acted as chair
man of the board of directors,
is dropped from the directory and
so are Brayton Ives, j. G. Built, Fred
Billings, John U. Brookman. The new
directors al e George A. Morrison, James
b. Haggin, G. III. Leland, Charles G.
Beaman and j. b. Williams. A slender
minority Of the stock was voted by
Robert Harris in favor of re-eleeting the
old board. The annual meeting of the
stockholders was held after the adjourn
ment of the preferred stockholders
meeting, at which the annual
REPORT OF THE COMPANY -
was presented and new board of .di-
rectorS chosen. The annual report,
which was approved by the board of di-
rectOrs yesterday. shows the total re-
celpts for the year ending June 30 as
Sl9,707, ,467, an increase of 81. .s61, 40; net
earnings, 1881 ,523; increase, S942, ,0SO;
surplus, $481,277. 1t shows large in
crease in both freight and passenger
traffic, and at generally maintained
rates. Land sales amounted to 573,214
acres, which, together with sale of town
lots, coal royalties and timber. realized
S2,2l7, ,O44. The total land sales to June
80 aggregated 7,l07,947 acres. The
company still holds 39,72O.010 acres.
About 10000 immigrants were carried
into Washington territory during the
year by the company. The ratio Of
gross earnings to operating expenses
was co., per cent. The extent of the
road increased 1873 miles, and the addi.
tions to the equipment include ninety
two locomotives, forty-nine passenger
cars and 2.409 freight cars.