The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-10-21
ACKNOWLEDGMENT CHARGED.
But Horny Willard Refused to Let the
Resolution he Read.

hut Horny Willard Refused to Let tn
Resolution Be Read.
NEW YoRK, Oct. 20.--There was a larg'
attendance of stock and bondholders of the
Northern Pacific railroad at the snnua
meeting to-day. Henry Willard presided,
A resolution was adopted providing that
S3,34I.O 900 of consolidated bonds shall no
be sold below 80 and accrued interest. In
thorized to sell as many bonds az necessa ~
to produce TN amount of cash equal to tn,
difference between the amount actually
paid TO preferred stockholders in dividend,
in any year, if less than four per cent ano
tne amount required to pay four per cent
this to be paid as u special dividend. In
case all are sold the net proceeds are to be
at onoe distributed as a special dividend.
II the dividends equal four per cent bonds
shall be sold to provide an extra dividend
of one per cent to be paid at the end of the
year. Preferred stock dividends shall be
paid semi-annually, instead of quarterly,
in the future. just before the meeting
closed Vandergrist offered a resolution
charging the management of the company
with gross neglect and Irregularities. Pres
ident Willard refused to read the resolution
or allow the secretary to do so. Wander
grist read it himself. This resolution WAS
laid on the table and the meeting OF pre-
ferred stockholders adjourned.
Reports submitted Mt the meeting show
the gross earnings of the central and other
leased and branch roads, were $50, 205. 421;
total net income, $l3. 604, 075,ll; surplus
over expenses and fixed charges, SS34.SS7
and after deduoting 1871. S62, representing
three per cent dividends on preferred stock,
the net surplus for the year is over $1O3,-
OBS. Common stock remains the same, but
$94, 362 preferred stock was cancelled dur
ing the year, with the proceeds OF land
sales. The reduction in the floating debt
was 81. 43l, 635, by the payment to the
the Chicago u Northern Pacific company
for the completion of the criminal system
The floating debt now amounts to $3.50, :
S26, of which IS per cent was borrowed on
twelve months time. The balance sheet
showed at the close of the year total cur
rent obligations of $ls,512.672. against
$50, S54, GIG in 1891. The total book value
of bonds and stocks owned by the company
is $11. 11S. 41S. After the report was read
the chairman suggested, on recommends
ton of the directors, that a motion be
made to appoint a committee to investigate
the management, promising such commit
tee every facility to pursue the work. Thu
following committee was named: Henry
Clews, Brayton Ives. Frank Sturgis, Will
liam Solomon and Q. Cook, Jr.
After the general meeting a special meet
ing of preferred stockholders was called, at
which G. II. Vandergrist. of Philadelphia,
said all preferred stockholders were not
notified of the meeting. Proxies were not
sent them SO they might oppose the resolu-
ton regarding the disposition of $3,347,0 900
consolidated bonds. The meeting. tbs
speaker said, was packed SO that the reso-
luton might prevail. The management
had no right to say the bonds must be held
until they reached ninety. 1t is evident
the directors are in a hole of some kind,
and are taking this way of getting out.
G. II. Vanburen offered An amendment to
the resolution adopted in the general meet
ing to the effect that the consolidated
bonds. which were set aside for and are the
property of preferred stockholders, be de-
livered them according to their interest
therein pro rata.
President Willard said he understood that
notices of the meeting were mailed to all
preferred stockholders. IL was suggested
that the whole matter be left over until
December, but the stockholders proceeded
to vote on Vanburen's~ amendment. which
was voted down and the original resolution
adopted.