New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-20
NORTHERN PACIFIC AFFAIRS.
PRESIDENT oAKES TO STOCKHOLDERS.
HE ASKS THEM NOT TO HAND OVER THEIR
PROXIES UNTIL THEY HEAR FROM


President r. F. Cakes, of the Northern Pacific
holders of the company:
Northern Pacific Railroad Company.
NcN- York. Feb. ~. 1893.
To the Stockholders Of tie Northern Pacific Il. r. co.
Ny attention has been called to il, following cir
cular extracts Of which have appeared In ia" news
papers signed by three member, of the committee oi
10 the stockholders Of the Northern Pacific Rail
New. York. Feb. Il. 1903.
"The accompanying report hn> been ready for dis
tribuion ior several day. but the committee have
northern Pacific Company ~ furnishing li>t OF stch
holders. THIS list Was asked for pr"vion, 10 January
secretary. Later. however the Company attempted
10 make condition for furnishing IN" list, III"
u reply simultaneously with #, publication. This de-
mand the committee naturally refused, ana then tn
company agreed 10 furnish the NAMES The delay i
D,rine Ihr tine which has. elapsed since IN,
completion OF III" report ia" directors have made
public plan. subject TO the approval of the sto'k
holders for liqudating great part "f To" hoaiing
aud Northern Pacific Railroad. while the committee
rraiizc that 1t Is delicate matter I" INTERFERE WIN
the action OF the board In tins respect, and While
they hesitate 10 oppose movement which Is favored
by the directors. IN whose ability ana Integrity they
important proceeding should not b. taken just
now without great d,ibcrnton. and the assurance
which has proved To De- 81 Injurious I" ia" company
D." In the first place it Is not by any means clear
that 10 l. wise step. except IN cnN" OF extreme
necessity. for the Northern Pacific Company to part
with s II. Paul aud northern Pacific Stock 1t has
that the latter road should be- Under ia" cohIlrte
and undispued control of the Northern Pacific; and
the possession of this stock. v" 40 s0oh'r il'
been acquired ,hI ,hn n, l. d IN ,H "r ~
the plan. and assuming TINT II will be- h dyed aon
win many s"irsnnri, IT r'nn" be- d'-n iha' our ,
Northern Pacific To retain this took in its treasury
the exception OF 100000 all Of the Heating debt Is
borrowed ON dine loans. none Of which mature Ice
fore the latter part Of July. and the bulk of them
, In September. Consequently II cannot LIE rlalhi'u
that undn" haste is ju,iihnbie.
Again the SALE Of THIS stock Will take from the
Northern Pacific treasury itS most important remain
Ing asset 1t will also set free Ia" bonds which are
now pledged for thu. floating debt and leave them at
the disposal of IN" present fnanci@l innnasmeIu,
u..d as others hay. been. promote schemes which
wnl Involve loss to the Northern Pnclhc COMPANY.
In other words. by this sale the present manage
ment can continue their previous course and incur
fresh liabilities that at the expiration OF Their
term Of office they turn TO their successors
! a road with an embarrassed treasury and weighed
down with additional nnproitrbc leases We believe
that q careful reading Of the Enclosed report VIII con.
vino. stockholders that the record OF the prr>,nl
managers Is not such as 10 justify an eStrh>ion mmrn
less increase. Of cont i"ncc ~ thr saim, UNI
We are aware Of tho danger of giving thcn Jus, r'l
son for saving that their efforts IA behalf oi , Ine
company have been unwiSey h"nprr'N iher,lVr',
for the purpose OF ginning an oppression OF opinion
the ,tockhoder, a. to lhr cXl'Ing stat OF
guarantees ~ conservative action hereafter can be DC
/ usndpd the board. tllr committee nave h'old"l
,n nal, thr Stockholders TO sign the ncOsed proxy ana
| return IL TO either oil the undersigned.
' " HENRY CLEWS
"lJ Broad ST.. New \ DIRK.
BRAYrON IVES,
"1o0 broadway, NcwioTk.
Jay CODhE. JR.,
acc South rourth-st., Philadelphia, PENN
II appears that this circular has been sent ont with
copies Of the report TO the stockholders signed by the
same parties
The contents Of this circular will. feel sure. de-
feat IFS object without any specific riutatlon or
reply from the company.
AZ the circular + made the OCCASION however, l"r
te rrgn,st for proxies In favor OF the three sieherS
I deem II my duty president Of The company 10
recommend TO all the stockholders not to act nntii
,hov have received a statement OF the reasons for
offering AT this time to the stockholders III" company
holdings Of the -. Paul and Northern Paclhc Halfway
compauys stock and until the board OF directors shall
have had an opportunity TO expos" ia" astonishing
mistakes I'm facts and figures which the committ""
| has made These mistakes might have been avoided
I, the committee had accepted the boards invitation
IA verify these facts and figures before publication
| +. +. DAkES, President.