New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-25
NORTHERN PACIFIC FINANCES.
THE AMENDMENT TO THE LEASE OF THE ST.
PAUL ACKNOWLEDGEMENTS FOR
.
NEW DEAL"

NEW DEAL.
Announcement was made yesterday by Henry Clews.
chairman Of the committee Of stockholders Of the
Northern PaciHo Railroad which was appointed ut
the last annual meeting Of the stockholders that a
proposition had been submitted to the management
OF the Northern Pacific for u comprehensive refundlng
u the floating debt The scheme has been outlined
IN The Tribune. involves the issue OF &l2,OOoOOo
collateral trust notes, 10 for five years at per
cent Interest, to take up tie present noang Obnst-
lions Of the company The boating debt Is said TO
amount to $9.OOO,OOO and the difference between
that sum and the gross amount 0f the proposed notes
Is 10 be expended iu future improvements the surplus
being provided In order 10 prevent The necessity Oh
continual borrowing by the company. Mr. Clews sald
that the syndicate underwriting tue notes would Insist
upon an important change In the board VI directors
in order 10 protect the creditors. II Is impossible
TO ascertain what changes asked for by tile stock
ladders committee. But 1t is more than probable
that any banking syndicate which would raise fresh
funds for the Northern Pacific would demand some
thing close majority Of tie board of directors In
order TO see how the money would be spent. Inc
PROPOSITION OF the stockholders committee is said 10
contemplate a consolidation OF all existing collateral
pledged and the Inclusion of the express business
assets Of the company and the 81. Paul ana Northern
Pacific stock now held ia the treasury OF the Northern
Pacific.
That the Northern Pacific directors are prepared to
make a new deal" even If II should Involve the
retirement .. several members OF the board was con-
sidered to be indicated by the announcement MADE
lately TO the effect that the board having decided 10
withdraw the proposition for the amendment OF Tue
leas. Of the ST. Taul and Northern Pacilc the call
for the specl meeting OF the Northern Pacific stock
holders on April 20 withdrawn ana the transfer
books would be reopened on March - THIS news
was decided surprise for after the regular mohlhis
meeting of the Northern Pacific board on TUESDAY
II WAS officially stated that no action had been taken
ON this question. Rullors at once became current,
inter the late announcement yesterday concerning me
reopenng Of the books, that Henry Willard had decideu
| TO resign These rumors cOud not be confirmed,
and IL IS not considered probable by weliinlorIned
ner,ons that Mr. Willard will retire for ut least a
few weeks.
One OF the stories in Wall Street was to the erect
TINT Mr. Willard had been induced to agree to re,ire
because of an offer by syndicate TO relieve the NORTH
American Company. the successor OF the oregon
Tronscontincnta Of its holdings OF Northern PACING
common stock and bonds. The rise IL North Amer
lean stock was thought Icy some hrokers 70 lehu e'io
I'm bi, theory. Sat II disposed OF by t'eOrec D.
ZONES vice president Of the North American Company.
u ho said that the company had nothing for sale except
ahout ~ OOO Fj.OOO,OOO securities Ot the NIL
Yankee street railways. which would b. marketed
only ON n favorable OCCASION. Other men lntcrescu
In Tho situation declared that the speculative move
nnont in North American stock had no relation To the
Situation of the Northern Paciiic ana It's noauho
debt.