The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-10-21
THE NORTHERN PACIFIC.
The Annual Meeting Of the Stockholders
Of the Road.

NEW YORK, Oct. I'll mere "1o 'so
attendance of stockholders ana pona-
holders of the Northern Pachc RAILROAD at
the annual meeting to-day. rfesideh.
Willard presided A resolution was adopted
nrovidinp that SO. 347, 900 consolidated bonds
shall mt be sold below 80 and accrued
interest In case all are not sold the
directors are authorized to sell as many OF
the bonds as are necessary to produce an
amount in cash equal to the difference
hetwsen the amount actually paid 10 pre-
ferred stockholders in dividends In any
wear. if less than per cent, and Inc
amount required to pay per cent. Ihis Is
to be paid as a special dividend. In case
all are sold, the net proceeds are TO DC az
once distributed as special uiVidenu. =
the dividends equal per cent the oonus
shall be sold TO produce an extra DIVIDEND
of l per cent, to be paid at the end OF the
wear, Preferred stock dividends shaii De
paid semi-annually instead OF quarterly III
future.
Just before the meeting closed G. ID.
Vandergritt of Pittsburg offered resolu-
ton charging the management OF tue GGn,-
pany with gross neglect ana irregularities
President Willard refused to read the reso-
luton or allow the secretary to DO so, so
Vandergrift read it himself. The resolution
was laid on the table and the meeting
Willard stated the reports which bad been
current that the company was In financial
difficulties were all exaggerated newspaper
talk and without foundation.
The reports submitted at the meeting
show that the gross earnings OF the COM
| pany, including the Wisconsin Central and
| other leased and branch roads, were $780,
205, 421 total net income. S13.6 O74 81 sur
| plus over expenses and fixed charges. 1884,
| SS7. and after deductng S73l, S62, represent
| ing the per cent dividend on the preferred
| stock, the net surplus Tor the year is Slo5,
| OBS. The common stock remains the same,
| hut S94. 362 preferred stock has been can
celed during the year with the proceeds OF
| land sales.
The reduction in the floating debt is 81.
| 49,, ga, by the payment 10 the Northern
Pacific of the advances made TO the Chicago
and Northern Pacific Company for the com.
pletion Of its terminal system. The ftoatlnG
debt now amounts TO 50. 1856 326. OF which 81
per cent was borrowed on twelve months
| time. The balance sheet showed that at tn
| close of the year the total current obllga
tions were SlS.512,67 against $40, S54 SIG il
| 1891. The total book value OF the bond
and stocks owned by the company is Sll,
11S,4lS.
After the report was read the Chairman
suggested, on the recommendation OF tn
directors, that a motion be made To ap
| mint committee to investigate the man
agement, promising that such COMMITTEE
would have every facility to pursue II
work. The following committee was named
Henry Clews, BraytoB Ives, Frank Sturges
William Solomon and Jay Cooke Jr. Th
meeting then adjourned.
After the general meeting special meet
| Ing Of preferred stock holders was called, a
which G. II. Vandergriit OF Pttsburg sal
that all preferred stockholders had not bee
notified of the meeting. Proxies had no
been sent them so they might oppose IN
resolution regarding the disposition OF tn
1914, 900 consolidated bonds. The meet
ing. The speaker said, was packed so tina
the resolution might prevail. The man
agement had no right 10 say that IN
bonds must be held until they reached y
1t was evident that the directors were In
hole Of some kind aud were taking this wa
of getting out. c. Ii. Van Buren, offered
amendment TO the resolution adopted in gel
eral meeting, TO the effect that the IS, 81, oO
bonds which had been set aside for and al
the property Of the preferred stakeholder
be delivered TO them according to their II
terest therein pro rata
President Willard said that he unde
stood that notices OF the meeting had bee
mailed to all the preferred stockholdeT
1t was suggested that the whole matter
left over until December, but the stool
holders proceeded 10 vote on Van Buren,
amendment, which was voted down and tt
original resolution adopted. Adjourned.