New-York tribune., 1901-11-14

5o o,x- acts or things DESIGNATED to protect. pre-
serve improve or enhance the value of any such
bonds or other securities or evidence of the in
debtedness or stock"
The corporation is empowered to conduct It's
business in other States and in foreign coun-
tries and to have one or more offices out OF the
State. The charter Is perpetual. Provision is
made that the number of directors may he fixed
from time to time by the bylaws but where the
number is fixed at more than three il shall be
some multiple Of three
The directors are to be divided into three
classes. each consisting of one-third of the whole
number Any officer elected or appointed by
the board of directors may be removed 1t any
time by the affirmative vote Of majority Of
the whole board. The board is also to determine
The amount of working capital and &c declare
the dividends
In its discretion the board may apply any of
the surplus accumulated profits In purchasing
or acquiring its bonds stock The charter
contains this proviso as a guard against pub
ljcity: "A board of directors from time 10 time
shall determine whether and TO what extent
and at what times and place, and under what
conditions and regulations the accounts ana
books of the corporation. or any Of them. snail
be open 10 the inspection of the shareholders
The check for $4,000 TO cover the fees is
signed by j Pierpont Morgan personally
There Is high authority for the statement that
Great Northern stock is TO be taken over by the
Northern Securities Company. at lSo ana
Northern Pacific at 10. The Northern racine
Will have after December 81 1,.Jfp.Oco shares OF
stock all common. and this at 10 amounts |"
Sl1S 10000 The Great Northern had out
standing at a recent date III l6' shares "hIch
at $50 would figure S222.69o0o. These two
SUMS added together. make only Few huhdlea
thousand dollars in excess Of the SfvoupoVtV
for which the new proprietary company IS capl-
talized. 1t is known that no unQer"IlIhg - II
dicate viii be formed ooo,
Great Northern closed yesterday at 1894,
nearly 90 points above the figure at which II Is
scheduled to go into the new company; put II Is
understood that the difference probably repre-
sents a coming distribution OF certain assets
among the shareholders prior TO the exchange OF
the stock Northern Pacific preferred SoId at
lOiL at the close of the market, but : per cent
will be paid in dividends next month before the
stock is retired at par.
Union Pacific advanced when II became known
that the new proprietary company had fhally
been launched. and that the Union racine IN
terests in the Northern Pacific Board had ac-
crlieeced in the decision retire the preferred
stock of the latter road. Just how advantageous
is the position of the Union Pacific. however, mas
not vet been clearly established The I'M inter
ests assert that the Union Paclhc parry VIII loIt
NOT much more than 90 per cent Of the stock or
the new proprietary company, which may De
true since they have little if any Grea |
Northern stock, and, although they hoid
most of it is the preferred When this Is
converted they Will be able 10 SupscFipe
for only their pro rata share as holaerS
of the common stock of which they CoIlto Vi
less than do the f1il-Morgan party Never
theless If the statement be accurate that con
troll Of the Burlington is TO be divided equaIly
between the two interests, or perhaps vested N
a voting trust, the Union Paclfc VIII nave
the struggle for supremacy in Northern Pa