The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-21
OPPOSITION TO IVES PLAN.
Led by . Firm of Attorneys in Phila-
de ,phia. who Solicit stock.

New York, April 2n.-The Philadelphia
papers Of recent date contained adver-
tisements requesting the names and ad-
dresses OF holders Of Northern Pacific
preferred and common stock. These ad-
yertisements were signed by Biddle &
Ward,c ounseIiors at law and prcctors in
admiralty. Philadelphia. The advertise
ment also contains the name of John J.
johnson. counsel acting for Biddle K
Ward. counsel,ors at law and proctors ins
& Ward they say: I'VE feel that under
existing circumstances the stockholders
Of the Northern Pacific Railroad Company
will have TO cooperate for the protection
of their own rights without relying upon
the company"
The following correspondence between
Biddle Il Ward and Brayton Ives, prssi-
dent of the company, forms the basis for
the call. The correspondence opens with
a letter dated Philadelphia, April s. 1896.
signed by Biddle & Ward and addr1sed
to Braytou Ives president OF the Northern
Pacific Railroad Company. chairman or
the protective committee. etc inis let
ter calls attention 10 She circular OF the
protective committee. addressed 10 the
stockholders of the company, dated March
Is, 1896, and signed by the committee and
general counsel of the company. which
recommended that the preferred and COM
mon stockholders become parties to the
1896. Biddle & Ward then say: The
shareholders seem to us 20 be asked 10
sacrifice very valuable rights and inter-
ests without sufficient cause or adequate
consideration. beside being required TO
pay the respective assessments made by
the plan. or be deprived Of al! interest in
the properties OF the company. We pro-
ceed TO state these objections and sacr.-
fees in general terms, and would be fAad
to have them:
s'Ffrst-Do not both classes Of share
holders who shall become parties 10 this
plan thereby surrender .rrevccaoie rights.
on the part of the company primarily, on
their part seeondarlly. to a violation OF
the position and the defenses Indicated in
the circular dated September II, 1894,
signed by yourself as president and by q
proxy committee. AMI addressed to the
stockholders Of the company. and which
have recently been presented on the part
of the Wisconsin Central Company ia the
pending consolidated suit In the case en-
titled the Farmers Loan ard Trust Com
pany ct al VS.. the Northern Pacific Rail-
road Company. in the United States cir
cut court for the Eastern district OF Wis
cousfn? And Is rot the same true in re-
gard 10 the jurisdictional questions lately
presented by the company In the same
cause in The United States circuit court
for the district Of Washington and sus-
ta'ned BY that coGrtr
..Secona-Do rot the shareholder OF the
rreferred stock thereby surrender all their
rights and interests as beneflctaries In tal
the unsaii lands of the Missouri river.
commonly known as preferred stock land.
amounting by recent estimates OF the
company to about 2.ss4 go acres OF an aver
age value Of sl per acre. sfIa9.0re as dem
onstrated by the records OF the company's
land department. the representatives OF
the cor1pany. and by the circular and
prospectus dated January Is. Isss. and
signed Brayton Ives & Co, fiscal agents, IN
connection with the Minnesota Land AMI
InproveTnent Co. and in tbl the S.SfI.vo
in amount OF the consolidated mortgage
bonds Of the company deposited with the
Farmers Loan and Trust ca as trustee OF
the preferred shareholders in ard about
March. fsss. and row held hy that COM
rary and Of current market vslue of
about 81 s.5esa and also i1 tcs the casa
proceeds OF said preferred stock land,
amounting 10 a large sum-
.sThiry-Assurning the amounts q the
preferred stock outstanding to be Saen
shares what benefits are likely 70 accrue
to the holders OF the stock to compensa e
them fer the payment OF an assessment
OF sss,a 40 and the surrender OF the values
estimated above az si27eSe1. IN all -S".-
80 exclusive OF said cash proceeds. their
alternative being to hs forever barred and
forecIosei OF al interest n the property
Of the company Wherein lies the equity
or advantage TO them Of such treatment
under the plan. vhieh IN reality constitutes.
IN addition TO the cash assessment. q re-
linqusshnent by them OF vested property
rights ard interests Of much greater value
than the assessment being n effect sec-
oni and much larger assessment which the
plan does not disclose TO thezng
-FourTh-N.at dispos.tion = eonEeinpl2s-
ed by tire plan Of the great amount OF as
sets OF the company "a covered ~ the
conpalys mortgages an! which Will b