The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1895-05-20
THE NORTH PACIFIC
Confirmation Of RumOrs Re
garding Reorganization.
HILL HAS A FINGER IN THE PIE
The United German Committee Have
Approved the Plan Prepared by
the Adams Committee.

New York, May 1S.-Among the pas
sengers on the steamer New York today
was President J. ]. Hill, of the Great
Northern, who has been talked of very
much of late in reference to the pro-
posed control of the Northern Pacific.
He said:
'The reorganization committee of the
Northern Pacific has majority of each
class of bonds, and is ready to push the
reorganization of the road quite vigor-
ously.''
"Are the Great Northern people in
terested in the matter?'
"I am one of a number of gentlemen
who are interested in the Northarn Pa
cifc reorganization, and our company
will be ready to do anything it can to
facilitate the matter. We shall be glad
to see the Northern Pacific reorganiza-
tion on basis which can carry Its finan-
cial burden. The three failures of the
Cooke, have marked three financial
crises or panics in America, and think
the placing of the company on a sound
financial basis, as at present proposed,
will do as much to restore the credit of
the security holders here and abroad as
anything that could be done anywhere"
"Will the Great Northern take part
in the reorganization?
''I am not prepared to say what the
Great Northern will do, further than to
state that you may depend on the Great
Northern looking out to the best of its
ability for its own interests. 1t will be
most glad to cooperate with the bond
holders of the Northern Pacific to secure
the results have stated, and thus put
that company on sound basis. I do
not care to go into the matter any fur
ther at this time for reasons that must
be apparent to you."
Did you meet ]. Pierrepont Morgan in
London?"
NO, there is absolutely nothing in
that story at ALL" replied Mr.. Fill. CT
did not even see him, much less talk to
him."
"What are your relations with the
Vanderbilts, present and prospective?'
"We have very pleasant relations with
them," answered Mr.. Hill, ''but our re-
lations are also pleasant with the other
lines, ane we have no desire TO make
any closer alliances than are at present
existing"
The Reorganization Committees Plan.
BERLIN, May 1s.-For the past four
days meetings of the united German
Northern Pacific committee have been
considering the reports of Ed Adams,
the representative of the Deutsche bank
of Berlin. for the reorganization of the
Northern Pacific and they have finally
authorized him to carry out his plan,
which the bondholders will be recon-
mended to accept.
The first point of the Adams reorgani-
zation plan is the foreclosure of the old
company end the formation of a new
company under special arrangements for
this purpose.
Secondly, the new company is to issue
shares to the amount of 500, ,OOO, 900, and
a maximum of $500, ,oOO, 900 gold bonds,
free of taxation. A sufficient amount OF
these bonds is to be reserved in order to
replace the present first mortgage bonds
later, and So, 100000 bonds are to be re-
served in order to acquire independent
branch roads, and for new construction
at maximum charge of $4,000 per
mile. The new bonds will be secured
by a mortgage lien on the Northern Pa