St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-21
JUMPED ON WILLARD.
Sensational Session Of the
Northern Pacific Pre-
ferred Stockholders.
One Stakeholder HaulS Presi-
dent Willard Over the
Goals.
Method Of Division Of Surplus
Bonds the Bone Of Con-
tention.
After an Exchange Of Dis.
courtesies the Manage
ment Is Victorious.

New YORK, Oct. 2o.-Previous to the
annual meeting of tie Northern Pacific,
which was held today. the preferred
stockholders had quite a sensational
session, in which lizard, the president
Of the company, was drawn over the
Goals by an excited PhiIadelphian.
The meeting was held in the Mills
building. The chief business was the
consideration of the disposition to be
made of the 50. 347. 900 Of the CONSOLIDATE
ed mortgage bonds now held by the
Farmers Loan and Trust company for
the preferred stockholders. The Vii
lard party offered a resolution that
these bonds be not sold, but held for a
market price of 80 before disposal. Sew
eral vigorously objected to the resolu-
ton, and the point was debated with
much warmth.
George j. Vandergrift, who led the
opposition, in two speeches denounced
tire management, in which he expressed
il as his opinion that the meeting was
packed, and
Asked the President
why he did not send proxies to out-of town
stockholders and let them vote. Mr.. Willard
replied that this had been done. Mr.. Van
dergrift denied that this mad been done, and
said that he had been Informed by a number
of out of-town stockholders that they did
not receive any proxies. He asserted that
the meeting was packed and wanted TO
know why all the shareholders were not
given an equal chance. Mr.. Willard said he
was sorry that the gentleman was disposed
to indict the preferred stockholders. and
added that he did not know how much stock
Mr.. Vandergrift held. Before he could finish
the latter angriiy retorted: mo. You don't:
you hold. but you aolicited proxies where
YOU could get them Mr.. Vandergrift made
frequent breaks at other intervals
Finally an amendment was made to the
resolution seeking 10 divide the surplus
bonds at once and let the shareholders be
their own trustees. but it was lost by a vote
of 3.07l TO L. 92. A vote was then taken on
the original motion. The original resolution
was adopted after the amendment was
voted on.
Refused 10 Read Is.
Mr.. Vandergrift then offered a resolution
charging the management of the com pany
with gross neglect and irregularities. MIR.
Willard refused to read the resolution or al
low the secretary TO do So MIR. Vandergrift
read it himself. This resolution was laid on
the table, and the preliminary session ad-
journed.
The regular meeting OF the Northern Pa
cifc followed. The report submitted at the
meeting shows that the gross earnings of the
company. including receipts from the Wis
consin Central lines and other leased and
branch roads, were So. 2e5, 421.6 total net
income. SIS. 604 .074.91. The surplus over ex-
penses and fixed charges was SS34 S67. GA, and,
after deducting S13l,S62 reDresenting div1-
dends of . per cent Oh the preferred stock,
the net surplus for the year was SOB O225 81.
The total decrease in passenger revenue from
all sources was $685., ssD6.41, or 5. rs per cent,
F1oatin" Debt Reduced.
The common stock remains the same. but
S94 80. 40 preferred stock was Cancelled dur
ing the year with proceeds Of land sales.
There was reduction i'll the floating debt of
81, i3l. 634.97 by the payment to the Northern
Pacific of advances made 10 the Chicago &
Northern Pacific company for completion of
its terminal system; The floating debt now
amounts to 50. 3s5, $40. of which So per cent is
borrowed on twelve months time The bal
ance sheet Showed at the CLOSE OF the year
total current obligations of Sis, 512, Ga,
against SO. S54.6l6 in 1891.
"A number of bonds and stocks owned by
the company are given for the first time III
detail. They have heretofore been Jumped
in one sum as the assets. The total book
value of the bonds and stocks owned by the
company is Sl1,11S 41S. After the reading of
the annual report the chairman suggested3
on the recommendation of the directors
that a motion to appoint committee to in
vestigate the management be made, promis-
ing such committee every facility to push
the work. The motlop was unanimously car
ried apd the following committee was
namedA Henry Clews, Brayton Ives. Frank
Siurges, William Solomon and j. Cook Dr.
The meeting then adjourned.