New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-19
RAILROAD INTERESTS.
NORTHERN PACIFIC,s FUNDING PLAN.

THE SCHEME FORMALLY APPROVED BY THE
DIRECToRS-MR vILLARD's STATEMENT.
The directors OF the Northern Pacific Railroad yester
day formally approved the plan for funding the floating
debt outlined In The Tribune. The early an
nouncement by one OF the Wall Street news agencies
that the meeting had not considered the resignation
Of Henry Willard concdent with sales of Northern
Pacific stock I'm the stock market. Prices reacted
sharply from yesterdays extreme advance closing
with Il net loss OF So per cent. at 80 3S, the
lowest point OF the day. The status OF Mr.. Wizards
resignation Is as outlined in The Tribune Mr. Willard
Yesterday approved the following statement official
ON March /, 1898, Immediately after the pubca-
ton of the reply of the Northern Pacific board of
holders in accordance with entertained inten
ton. Mr.. Willard addressed TO President Cakes a
Of reasons for This step President cakes in per.
Of his reasons to withdraw his resignation as the
company urgently needed s, his assistance in funding
his request With The qualification that under no
october next, OF his present three-years' term as a
director.
eona friends for long time that he would seek
reelection at the annual meeting of the stockholders
of the North American Company, but that he would
continue TO be interested in the company large
stOckhoder and to obtain, for it, If desired such
financial aid rs II may need.
The funding plan approved by the Northern Pacific
provides for authorized issue Of 81 00O,
900 collateral trust notes. to bear per cent In
crest. and to mature in five years. The Farmers
Loan and Trust Company will be the trustee The
security back OF the notes will be the consolidated
bonds and other assets now pledged for the floating
debt, and in addition the St. Paul and Northern Pacific
stock in the company's treasury and the Northern
Express Company's franchises. The ST. Paul and
Northern Pacific stock Is valuable asset. earning
about per cent. 1t is the intention Of the manage
ment to issue only Sl2.0OO,O0O notes at present.
The price at which they will be offered for sub
scfpton is generally expected to be about 90.
Mr.. Willard said yesterday that the subscription
list TO the underwriting syndicate had not Yet been
completed but he had doubt that ii would be
successfully organized. He said that there plenty
Of time TO complete the work, the debt did not
mature until September l.. Asked If Speycr Co.
and Kuhn, Loeb q Co. had agreed TO fund their ad-
vances. he replied that these firms had not yet been
approached 1t could not be learned yesterday that
any further pledges had been made 10 the undCr-
writing syndicate beyond those already published in
The Trbune John ID. Rockefeller and his friends,
S5,ooo'o00 Charles b. Wright, % Of Phi9delp4a,
firms of Kuhn, Loeb IL Co.. speyer d Co., OF this
city, stern Brothers. OF Frankfort, and the Deutsche
90 Of the oa ary aeSt the SoTihern Pacc it
Is not known whether these concerns will consent TO
collateral trust notes: 1t is considered doubtful that
kuhn Loeb Co. who r control ,1,, about win
is understood to be nnde ,,,., as, as yet
day TO complete details regarding the deed Of trust
and the syndicate plan.
opposed TO THE BILL FOR UNION STATION.
Boston, May 16.-The Legislative Committee on the
Treasury to-day reported fought not 10 pass the
bin for union station Of the Boston and Maine and
ficnburg systems.
EOSTON AND MAINE STOCK CHANGES HANDS.
BOSTON, May 13.-The Boston News Bureau says
The 81 O36 shares of Boston and Maine Railroad stock
recently held in this city for the account OF the
Philadelphia and Reading Railroad Company have
been taken al the prices we have already published,
by a syndicate OF Philadelphia and Ncw-lork capital
lists. whose names future plans cannot yet be
nounced, but there Is very likely TO be change In
the Boston and Maine directory shortly.
THREE PENNSYLVANIA ROADS CONSOLIDATE.
Columbus, Ohio, May Is (special).-Artcles incor
porating the Pttsburg Shenango and Lake Erie Rail
road Company, with principal Office at Meadville.
Penn, filed with the Secretary Of State today.
The company is a consolidation Of the Tittsburg,
ehenango and Lake Erie Railroad Company, the Erie
Terminal Railroad Company and the COnneaut Ter
minal Railroad Company The capital stock Of the
new company is 81. 100000. and the articles are
signed by the officers and directors Of the various
lines interested In the deal. The stock Of the new