The Providence news. (Providence [R.I.]) 1891-1906, 1902-01-02
NO MORE
PREFERRED
SHARES
Notice 10 That Effect Issued
by the Northern Pacific
Railroad Company.

New York. Jan 2.-The preferred stock
OF the Northern Pacific Railway company
has ceased TO exist. A formal notice 10
that effect was issued by the company at
a late hour last evening.
This ends the Northern Pacific episode
which has koenly interested the financial
world for tho last eight months and which
has caused Wall street many days Of an
xiety. The right which the company re-
served to Itself to redeem It's preferred
stock OH Jan I, 1902 has been sustained
by everyt court to which the issue has
been submitted. and the dissolution on
Tuesday night Of the last temporary in-
junction obtained against the company
found it's officials ready 60 carry out AT
once the details OF the redemption.
The offices OF the company were open
for business early this morning with
Vice President Daniel s. Lamont in
charge of the interesting and enormous
days work before the clerical force For
days past they had been preparing the
details for the retirement Of the S55,Op.-
O00 Of preferred stock and tonight it was
possible TO make the announcement that
upward of $50 00o 900 Of the stock had hoen
surrendered. paid for and cancelled. This
amount does not include the stock re-
ceived and redeemed abroad
In consequence OF this action the capi-
tai of the Northern Pacific Railroad COM
pany stands at Sl65 00O.000 OF one Kind oi
stock. simultaneously with the retire
ment OF It's preferred stock tho company
has ISSUED notice 90 the holders OF It's q
per cent convertible bonds dated Nov. Is.
1901 informing them that the company
has elected 90 require the holder Of ev-
cry such certificate 10 convert the same
IA =
railway company at the rate Of one share
OF 800 for each 800 of the unpaid princi-
pal OF the certificate. and upon presenta-
tion and surrender OF such certificate at
The office Of tho company the holder Will
be entitled 20 receive therefor common
stock OF the company At the rate afore
said No interest viii acrue or be paya-
BILE upon any such certificate from and
after Jan. I. 1892.
IL ds plain from the foregoing that the
program devised by the management OF
ruTTTaTT- 1-yEr yTTTTT=
mer has been virtually carried out 10 the
letter, notwithstanding the many obsta-
cles that have been interposed As Is well
known. practically All or the common
stock has been held by the Hill-Moreau
and by the Union Pacific interests and
they did not wait until today TO avail
themselves Of the right 10 subscribe 20
the ( per cent convertible bonds and thus
provide the funds for the redemption OF
the preferred stock.
One check for over s3l 600. 0o0 In payment
OF subscriptions TO the convertible bonds
was turned over 10 the company last
Monday and II is known that when the
alleged holder OF 100 shares Of the com
mon stock tried 10 block the program by
obtaining temporary injunction I'm a
state court I'm Minnesota Monday after
noon. more than - per cent OF the pre-
ferred stock had been deposited with the
company for redemption
IL is understood that the exchange Of
the convertible bonds for the new stock
OF tho company Is already well advanced
ana IT would not be surprising n large
majority Of the slb5 cocoon OF Northern
Pacific stock had already been exchanged
for stock Of the Northern Securities COM
pany, thus placing the company i'm con-
troll of both the Great Northern and tho
Northern Pacific Railway company. and
also putting the plan for simplifying and
unifying the railway situation I'm the
Northwest beyond the attacks Of snecu-
lative injunction hunters