New-York tribune., 1901-11-14
THE n. P. CONTEST SETTLED.
confp4NY FORMED WITH s4O0O00,0OO CAPITAL TO TAKE
OYER G. ~ G n. p STOCK.
pppEERRFD STOCK OF THE LATTER TO BE RETIRED:

The lo2g-expected announcement of the plan
=, se-+1ar,ent Of the Northern Pacific contest
was virtually made yesterday. II came piece
-,ea, and from different quarters, but all the es-
san-ial points were found 10 have been sup
nlied The Northern Pacific directors resolved
nv unanimous vote 20 retire the preferred STOCK
exchanging it for bonds convertible into com
mon stock At Trenton q company was incor-
rorated under the style of the Northern SecuT1-
ties Company, with S4o0000Go0 capital stock
all common stock. TO take over the stock OF the
Great Northern and the Northern Pacihc' AS
for the Burlington, II was announced on the pest
authority that that great property-the acquisl-
ton Of which 0y the Northern Paclnc ana llle
Great Northern, with the resulting menace TO
the welfare Of the Union Pacific, led to the 81
gantic stock market struggle which eliminated
.n the manic of May 9-would be leased to the
chicago. Burlington and Quincy Railway Com
many recently incorporated in Iowa with capt.
+el of s1n1 GOO 600 the stock Of the new cor
marathon 10 be equally divided between the Great
Northern and Northern Pacific on the one SIDE
and the Union Pacific interests on the other.
TherH was 2 full representation at the North
GIN Pacific directors meeting, those present
being George f Baker, E H Hartman, James
: Hin. Rrayton Ives, D Willis James, John ;
Kennedy, Daniel s. Lamont Charles ) MeIIeh'
Samuel Rea. William Rockefeller. Charles Steele,
lanes StiIlman Eben r Thomas and H Mex
Twornbly Samuel Spencer, president Of the
Southern Railway Company, was elected mem
her of the board in place of Robert Bacon. OF
: p Morgan & Co. resigned President Nellen,
vice-Frest5ent Lamont and the other officers of
1he cor73arIv were re-eIected- The executive
committee consists CT President Meilen Tor IN
his absence Vice President Lamontl, George r
Faker. E, Il Hartman. James J. Hill, John 3
Kennedy and Samuel Spencer.
ACTION OF THE DIRECTORS.
After the meeting this statement Of the action
taken by the board was issued:
Resolutions were unanimously adopted that
the Northern Pacific Railway Company, IN ex-
ercse Of its rights specifically expressed in each
and every certificate Of its stock, has determiied
retire the preferred stock at par uTon the
first Gay Of January, 1902. and ii was provided
(anong other Lhings),
That the necessary funds be proyided. by a
sale at rot less than par. Of S15toWD OF
per cent bonds. convertible into common STOCK,
each holder Of common stock now outstanding
being entitled TO purchase at par IN atIlot,nI an
equal TO I3-S)ths OF the amount o. ms
present holding. that from ana after De
oemher 81. 1901. all Of the S15JUO0,Ooo OF the
company's capital stock shall be OF one klflo
4 further resolution declares a dividend Of l
Der cent on the preferred shares for the perloo
ending December II. 1901. in ADDITION 10 liLe
dividend payable December ,. 1901
Following the meeting of the directors MI
Hill and Mr.. Baker went to Mr. Morgan's office
and Tad conference with him. Later Mr. Schl11
and Mr. Hartman also called. All declined to
talk for publication. A representative Of the
Hartman interests said that the action Of the
directors had their hearty approval. and that
IRON his time on no step would be taken by the
Northern Pacific interests which would not have
me most hearty cooperation of the Hartman
interests
representative Of the Hill-Morgan interests
sad the Northern Pacific meeting had resulted
n the most complete and absolute community OF
interests ever established among great railway
eorporations
mere was much speculation in the street as
y what were the other things" referred TO IN
ne Northern Pacific statement, but no informa-
"en on that point could be got from any re
f-ohsible source.
ihE NORTHERN SECURITIES COMPANY,
ne certificate Of Incorporation of the North
securities Company filed in the office
ne Secretary Of State by lawyers represent
s .. r Morgan & Co. The capital is given as
''oVt"o The company is formed TO ac-
'e Stocks, bonds. securities, etc. of corpora
S Inc corporators are George F Baker. jr-.
u lhe President Of the First National Bank;
ldFo Irimble, secretary of the United States
ei corporation, and Abram NJ. Hyatt. vice
rsoent Of the New-York Security and Trust
pany In the charter advantage is taken
u'e new law allowing the holders Of two
os OF the stock of company to manage the
BUSINESS rather than two-thirds of the stock
eis as formerly prescribed
certificate sets forth that the objects of
e Incorporation to acquire by purchase,
description, or otherwise. and TO hold as in
i'ehIr any bonds or other securities of in
eohess. or any shares of the capital stock
e1 OF Issued by any other corporation or
iporatons association or associations of the
e OF New-Jersey. or any other State, Terri
ery or country"
special provision in the charter sets forth
liie company is to laid In any manner any
"tioh or association OF which any bonds
er securities. evidence Of Indebtedness
are held by the corporation and TO