The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-03-23
DAY OF M UGH EXC XClTEMENT :: N
IN THE STOCK !. MARI I 1
APPARENT Morgan & Tit Interests rests
Bryiing Union Pacific, &, EIt Heavily y,.5
Large Amounts Sof So:utlElie'ri Sou, err s.5.I
Pacific Chang gcd Hands. 81
Morgan Interests son oll 5
y. u T. 4 Directorate 5S

.fBy. Associated Press.) ]

rs 4 BY Associated Press.) s5
a N I; OlaK !, March ". .- =. Followir 8 " 4
day of great excitement he stock N arket = t
and SS numerous differences among
the leading finacial Interests. the new W
plan 81 the Northern Securities Company y y
was made public t.is evening. IN sub l'-
stance it provides for took diyidend a
or ninety-ntne per cent this to be effect,
cd by 4 reduction of that amount In y the
fcapitn l$stock or the Securities Company.
SsS For every share OF Northern Securities Les
stock SURRENDERED, the con,pan 3 VIII de-
liyer ssg.s7 stock Of tic tflern5iP Pacific
Railway Com lpany. and $40. 4 Sof the Great m
Northern Railway Company. q he shares
nf$ the Northern Pa ci,c csompary Which 3.
were tt ken over by n ortflcrn s'ecuri ties
at lis and thpse 81 Great Northern at
$50. will be8distribute Cd on Z his t'nsis.
N Official notice OF a new plan, which is
signed by President Hill. under this @ date,
5wan sent to Northern Securities stock
holders In a circular r letter !, Which So 3
Stn& part I'D AZ:
S,5.Thcs company's 's acquisition OF Northern
Pacific and Grea II 4 Northern shares was
MA Je fIr he full belief tina such p1r-
ascs were IN sliJ Wise Obnoxi IS to y
sla. a.My {: :of Tie United statcasa II II Tion
Which fis 81 recelSesl 11pre,vsIt TOUT
Justices or the Supreme Court of t1e
sUnitad States In the suit bro,lg p by inc IN
United States a ga Inst the ri Z nc
company to hold and vote t he slla res
However. The ma iority OF the court 3 dis
regarding as ,irreleva ant any beneficial ( In
crease OF commerce.. was OF II le$ opinion
that as a matter D ofS law your. & oInpanys's
holdings al tile stocks OF he two ra IL
wa accompanies in itself Reconstructed sa re-
straint of interstate commerce prohibited
by the so-called Sherman act Of 1890. Ac-
cordlngly the ailway companies have
been forbidden to permit your company
TO vote orr to collect dividends on the
shares held by it.
Plan Decided Upon.
.4Thcrefore, your directors. at meet
Ing held this. day. have. under the advice
or counsel. decided that In order to fully
and nromptly comply witll2the decree In
this suit. 1t is necessary 10 reduce the
capital stock Of $the com pany. and @
sdfstribntcSto to It's shareholders the shares
of stock Of said RAILWAY companies now
hold by it.gs
-5ssSS...ro this end theyrt have adopted reso-
buttons recommending TO the stockhold- \
ters: ,s i5 d 45si6
First, that the capital stock OF this
company he reduced from 3. nd 600 IS fares
nov, ,outstarding.t to- q, $40, being q reduc-
stlon8of % per cent. III 55
Second. that said 'n pcr:# cent. of the
present outstanding shares be called in
cor 3surrend derf and cance Ia ariu,,.; $jSl /.
# #,"Third.f that against each share the
stuck OF this com pany Is so to + he sur
rendered Is there 5wil n be delivered s39.27
stock OF tlle5 Northern Pacific Railway
Conipary;5 $50 n S tock OF lie Great N North-
serli2 railway Com pan u and proportions