The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-10-21
Willard WINS HIS POINT.
Northern Pacific Has Lively neetinl
Inv estiY ating Committee.


New YORK, Oct. 20.--There was a sarge at
tendance OF stock and bondholders of the North
ern Pacific railroad at the annual meeting to-
day. Henry Willard presided.
Airport was submitted which shows the gross
earnings OF the Wisconsin Central and other
leased aud branch roads to have been 81, 205 i2l;
total net income, $1,000 1881; surplus over ex-
penses aud fixed charges, SS3f,SS7 and after de-
Quoting $13l,e62, representing per Cent. diyi-
bends OH preferred stock, ne: surplus for the
year of sl03025 The common stock remains
the same, tut s9i.362 of preferred stock was
cancelled during the year with the proceeds of
land sales Deducting from the floating debt
sl,S3l,oSi, being the payment to the Northern
Pacific OF an advance made to the Chicago &
Northern Pacific Company for the COMPLETION
OF It's terminal system, the floating debt now
amounts to $9,3s5S-6, OF which 50 per cent was
borrowed on twelve months time. The balance
sheet showed at the close of the year total cur
rent obligations OF ss,5l2,672, against s90,S5i66
IN 1891. Tho total book value of bonds and
stocks owned by the company is S1l,IlS,4lS.
Alter the report had been read, the chairman
suggested, on the recommendation of d tors,
that raotlon be made to appoint a comm ittee
u investigate the management, promising such
committee every facility to pursue the work
The following committee was named: Henry
Clews. Brayton Ives, Frank Sturges, williams
Solomon aud O. Cook, ir The meeting then
adjourned.
Alter The general meeting spec! al meeting
OF the preferred stockholders was called, ut
which a resolution was adopted providing that
the s3,3E,o0 OF consolidated bonds to secure
dividends shall not be sold below % and
accrued interest. In case all are not sold, the
directors are authorized 10 sell az mary bonds
as necessary TO produce an amount n cash
equal TO the difference between the amount ac-
tuslly paid 10 preferred stockholders in divi-
dends IN any year, if less than 4 per
cent, aud the amount required to pay per
eeat ms is to be paid as special dividend.
In case all are sold. the net proceeds are 20 be at
once distributed as special dividend If the
dividends equal per cent, the bonds shall be
SOLD 10 produce an extra dividend OF ger cent
TO De PAID 81 the end of the year. Preferred
STOCK dividends shall be paid seni-annually, in
stead OF quarterly IA the future.
u n al Dyke, OF philade phia, said that all
the preferred stock holders had not been notified
oil the meeting Proxies had not been sent them
so that they might oppose the resolutions regard
Ing the disposition Of 1854 900 of Consolidated
bonds 1he meeting, the speaker said, was
packed 50 1nat the resolution might preyaii
The management had no right 10 say that the
oohus must be aeld until they reached 90. Ii
was eVldeat that the directors We're IN f. hole of
out S
I H. van Buren, counsel for Ignons dc Va
roAago. ohsFei an amendment 10 the resolution
s'op'ea IN general meeting TO the effect that
F'o''eto OF consolidated bonds, which had been
ss' as'ue Tor and are the property Of preferred
stockholders, be delivered 20 them according 10
'heIF interest therein pro rata
tfesideat Willard said he understoot that
hot.ee OF the meeting had been mailed 10 every
preferred stock holder
~ was suggested that the whole matter be left
over uhtii December, but the stockholders pro-
ceeied 10 vote on Van Buren's aneudment
which was voted down and tne Original resoIu
! ton was adopted
~ Ntnfer-ri:t offered resolution Charging