The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1892-10-21
KICKERS WERE THERE
Annual leetin6 Of Holders Of Northern
Pacific Stock and Bonds.
1T IS MUCH OF A SNAP GAME
Resolutions Passed Regarding
Preferred Stock-What Some
OF the Interested Parties
Have to Say.

New YORK, Oct. 2o.-At the annual
meeting OF the Northern Pacific stock and
bondholders to-day there was q large at.
tendance.
A resolution was adopted providing that
s3.3a7, 900 Of the consolidated bonds shall
not be held below 30 and accrued interest.
In case all arc not sold the directors are
authorised to sell as many bonds as nee
essary to produce an amount OF cash
equal 10 the difference between tho
amount actually paid to preferred stock
holders in dividends In any year; IL less
than per cent. and the amount required
to pay 4 per cent. this to he paid as spe-
cial dividend. In case all are sold the net
proceeds to be ut once distributed as a
special dividend. II tho dividends equal
per cent. the bonds shall be sold to pro-
ducc an extra dividend Of 1 per cent. to
he paid at the end of the year. Preferred
stock dividends shall be paid semi-an-
nually instead Of quarterly In the future.
Reports submitted at the meeting show
q gross earning Of the Wisconsin Central
aud other leased and branch roads Of
Ss0. .205 Al, total net income of Sl3,60i,- =
fixed charges of $s3i,s and
after deducting t.3i, ,s62, represent
ing tho 3 per cent. dividends on
preferred stock, net surplus for the year
of $l03,025. Common stock remains the
same, but S9i .362 Of preferred stock was
cancelled during tho year with the pro-
cceds of land sales. The reduction in the
floating debt was 81 .i3l .63i. by tho pay
ment to tho Northern Pacific OF an adj
vance made to the Chicago q Northern
f,r "a, ,l<.sis .,f
terminal system. The floating debt now
amounts 10 %, ,3s5. .sa6, Of which 81 per cent.
has been borrowed on IL molths' time.
The balance sheets showed that at tho
close OF the year the total current obliga-
tons were $is,5l2 ,672, against S20,s54 GIG
in 1891. The total book value of bonds
and stocks owned by the company is sil,.
lls,4ls.
After the report was read tho chairman
suggested. on recommendation OF the di-
rectors, that q motion be made to appoint
q committee to investigate the MANAGE
ment, promising such committee every
facility to pursue its work. The
Clews, Brayton Ives. Frank Sturees,
William Solomon and Q. Cook, jr. The
meeting then adjourned.
AttcE ttte RtucEdt ulccttbk - ePCStot
meeting of preferred stockholders was
called, at which G. H. Vandergrift Of
Philadelphia said that all preferred stock.
holders had not been notified of the meet.
ing. and proxies had not been sent by
them. SO they might oppose the resolu.
tion regarding the disposition of s3.A1 200
worth of consolidated bonds. The meet.
ing, the speaker said, was packed SO that
the resolution might prevail. The man.
agement had no right to say that bonds
must be held until they reached ~. Ii
was evident that the director, was i'm a
hole of some kind aud is taking this way
of getting out.
&. II. Van Buren,. counsel for lgno ma
de varona Ago. offered an amendment to
the resolution adopted in the general
meeting to the effect that $4,000 OF the
consolidated bonds which was set aside
for. and are the property OF preferred
stockholders. bc delivered ,hem according
TO their interest therein pro rata. Prcsi-
dent Willard said he understood that
notices OF the meeting had been mailed
to all preferred Stockholders. II was sug-
gested that the whole matter be left over
until December, but the stockholders pro-
ceedcd to vote OH Van Burcn's amend
mcnt, which was voted down and the
original molten adopted. Vaniergrift of.
fered resolution charging the manage
mcnt with gross neglect and irrcgnlari-
ties. President Willard refused To read
the resolution or allow the secretary to dc
SO, and Vandergrift read IL himself. The
resolution was tabled and the meeting ad.
io,,rned