The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-10-21
NORTHERN PACIFIC.
The Annual Meeting of Preferred
Stockholders Held.
EARNINGS OF THE SYSTEM.
Denouncing the Management Of
the System.

New YORK, Oct. pa large attendance
of the stock and bondholders Of the North
ern Pacific railway were present st the
annual meeting today. Willard presided.
A resolution was adopted providing that
the 50, 347, 600 consolidated bonds shall not
be held below 80 and accrued interest. In
case all are not sold the directors are
authorized to sell as many bonds as are
necessary to produce the amount of cash
equal to the difference between the amount
actually paid to the preferred stockholders
Tor dividends IN any year, Ii less than per
cent and the amount required TO pay per
cent, this TO be paid Rs a special dividend.
In case all are sold the net proceeds are
TO be at once distributed as a special
dividend. Ii the dividends equal
per cent, the bonds shall be sold to pro-
duce an extra dividend of per cent to be
paid at the emo of the year. The preferred
stock dividends shall be paid semi annual
ly instead of quarterly in the future.
Just before the meeting closed Wander
crest offered resolution charging the
management of the company with gross
neglect and irregularities. President Viii
lard refused TO read the resolution or allow
the secretary to do so, when Vandergrest
read himself. This resolution was laid
on the table and the meeting of preferred
stockholders adjourned.
Reports submitted at the meeting show
the gross earnings Of central and other
branch roads to be $50, 206, 42l; total net in
come Sl3. 603 075.9l; surplus over expenses
and fixed charges 1854, SS7 and after deduct
ing ST3l. S62 representing per cent. divi-
bends on preferred stock the net surplus
for the year is SOB, 025.
The common stock remains the same but
S94, 1862 of preferred stock was cancelled
during the year which with the proceeds Of
land sales made the reduction of the float
ing debt 81, AL GA.
A big payment was made to the North
ern Pacific of the advance made 10 the
Chicago and Northern Pacific company for
the completion of it's terminal system.
The floating debt now amounts to
SO. 1856, S26, of which 81 per cent. is borrowed
on twelve months time The balance
showed at the close of the year total cur
rent obligations of SlS5l2,67 against
$50, S5l. 4S6 in 1891. The total book value of
bonds and stocks owned by the company Is
S11. lis, AIS.
After the report was read the chairman
suggested, on the recommendation OF the
directors, that 8 motion be made to appoint
q committee to Investigate the man
agement, promising such committee
every facility to pursue the work The
following committee was named: Henry
Clews. Brayton Ives, Frank Sturges.
William Soloman and Q. Cook, lr. The
meeting then adjourned.
After the general meeting special meet
ing of the preferred stockholders was
called at which q. H. Vsndergrift of Phila-
delphia, said all the preferred stockhol ders
were not notified of the meeting and
proxies were not sent that they might OPP
pose the resolution regarding the dlspo 81
ton of the IS, 337, 900 consolidated bonds.
The meeting the speaker said, was packed
SO that the resolution might prevail. The
management had no right to say the bonds
must be held until they reached 80. 1t was
evident that the directors were in hole of
some kind and were taking this way OF
getting ont.
c. II. VanBuren, counsel for some OF the
preferred stockholders, offered an amend
ment to the resolution adopted in the gene
raj meeting to the effect that the 1851, 600
consolidated bonds which were set aside
for, and are the property of the preferred
ing to their interest in them pro rata.
President Willard said he understood that
notices of the meeting had been mailed to
all the preferred stockholders. 1t was sug-
gested that the whole matter be left over
until the December nesting. but the stock
holders proceeded to vote on Van Buren's
amendment, which was voted down and the
original resolution adopted.
Vandergrift then offered q resolution
charging The management with gross neg
lect and irregularities, but President Vii.
lard refused TO read the resolution or allow
the secretary to do so, and VanGergrifi
read it himself. The resolution was then
tabled and the meeting adjourned.