New-York tribune., 1899-07-16
VOTING TRUST DISSOLVED.
ACTION OF THE EXECUTIVE COMMITTEE
OF THE OREGON RAILROAD AND
NAVIGATION COMPANY.

The Executive Committee of the oregon haii-
road and Navigation Company on Friday dis
solved the voting trust which has controlled the
property and which, II not so dissolved, would
have continued until May l. 1906 The Central
Trust Company, voting trustee, VIII receive the
voting trust certificates assigned TO II, ana give
temporary certificates until the original stoch
can be restored to the owners. about August l.
The trust agreement provided that hoiders Vi
81 OOOOO of Oregon Navigation common STOCK
could terminate the trust by providing an ac-
ceptible guarantee of payment OF ~ per cent
dividends on the preferred stock at per cent
a wear Ten per cent has already been palu'
leaving only 10 per cent to be guaranteed Inc
dissolution was based on the application OF the
Oregon Short Line owners of more thah SUM-
cient stock, which company furnished accep'a-
bIe bondsmen to guarantee 10 per cent dNl-
'dends TO be paid In the next two ana q man
years. ..
7, is odded in the semi-oficial announcement
., o., Executive Committees action that "the
,,.o,,.ior or the trust has no direct connection
with tho Clearwater territorial controversy WITH
the Northern Pacific" but Wall Street was IN
clired Yesterday 10 take the contrary view
The Union Pacific is practically the sole owner
of the Oregon Short Line, having few months
AGO exchanged its own stock for stock or the
short Line to the amount of S2G,O23, 100 the
total authorized stock of the latter company
being $27 AGO 100. The Dregon Short Line III
turn. owns a majority (Sl6,2Sl, ioO OF the $-f'-
100000 common stock of the oregon Ralroau
and Navigation Company. The Northern racine
owns 81 391. $50 Of the Railroad and Navigation
nrefarred stock the controlling interest In this
class being held jointly by the Northern Pacihc
| Great Northern and Union Pacific Whlle the
voting trust has been in existence the common
| stock has had the right to nominate hve d.
rectors and the preferred stock ten directors
The Union Pacific. through its ownership of the
Short Line, controls the election OF the hve
directors allotted to the common stock, and it
is understood that it owns the major part or the
preferred stock now held in escrow for the joint
! benefit of itself, Northern Pacific and Great
| Northern Thus the influence of the Union Pa
| ciic is predomin ant and, the voting trust hav-
| ing been dissolved the Board of Directors TO be
| elected at the annual meeting of the Oregon
| Railroad and Navigation Company In September
| will be fully representative OF Union Pacinc IN
! tereSts.
| The dispute between the Oregon Railroad and
| Navigation Company and the Northern Pacific
| Railroad Company which began with the pur
| chase by the latter in 1897 of the so-caed Hunt
system of railways in Eastern Washington and
| Idaho in alleged violation of written agree
| ment between the two companres, and which
| was intensified by steps taken by the Northern
| Pacific looking to the construction of new lines
| In the Clearwater country in Idaho, terri
! tory which theiOregOn Navigation regarded as
| its own peculiar field, has not yet been settled
In this controversy, the Oregon Railroad and
! Navigation Company has been sustained by
! the Union Pacific and the Great Northern.
| President Mellen and Vice-President Lamont
| of the Northern Pacific at present directors
| OF Oregon Navigation but 1t is understood that
| al the coming election Of the latter company
the Northern Pacific interest will be eliminated
from the Board. while representatives OF Great
| Northern will continue in the directory