Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1904-03-26
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new PLAN OF, {
MERGER COMPANY
1t Includes a Stock Dividend OF
81 - SO Per Cent
OFFICIAL NOTICES SENT OUT

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day OF great excitement in the stock
market and numerous conferences
among the leading. financial interests.
the new plan of the Northern Secari-
ties company has been made public. In
substance 1T provides for a stock divi-
dend of 80 per cent, this to be effected
by reduction of that amount in the
capital stock of the Securities COM
pany.
The other assets of the Securities
company, consisting chieny of its Chi
cago, Burlington and Quincy holdings
and Northern Pacific coal lands. will
remain in the treasury OF the company
until some plan for their distribution
has been evolved.
Official notice of a new plan. which
is signed by President Hill. was sent
to Northern Securities stockholders in
circular letter, which says in part:
Since the formation OF your COM
pany, with a view of promoting. de-
veloping and enlarging the commerce
and traffic of the country served by thu
Great Northern and Northern Pacific
Railway companies and by the Chicago.
Burlington and Quincy Railroad COM
pany, the traffic and earnings of the
three railways have largely increased.
The rates paid by the public have been
materially reduced. The respective rail-
ways have been extended, and their
condition and facilities improved and
increased
THE company's acquisition of North
ern Pacific and Great Northern SHARES
were made in the full belief that such
purchases were in no wise obnoxious
to any law OF the United States. How
ever. the majority of the supreme court
of the United States, disregarding as ir-
relevant any beneficial increase Of
commerce. was of the opinion that an
matter of law your company's hold
ings of the stocks of the two railway
companies in itself constituted a re-
streint OF interstate commerce prohib-
itcd by the so-called Sherman act of
1890 Accordingly the railway COM
panies have been forbidden to permit
your company to vote or TO collect divi-
dend on the shares held by it,
Therefore. your directors have. I'M
der advice of counsel. decided that in
order to fully and promptly comply
with the decree in this suit. it is neces-
sary to reduce the capital stock of tho
company and to distribute to it's share
holders the shares of stock of said rail-
way companies now held by it.
TO this crd they have adopted reso-
lutions recommending to the stock
holders:
"First-That the capital stock of this
company be reduced from 1854. 600
ing reduction of 90 per cent
Is second That said 80 per cent. OF
the prescn outstanding shares be called
In for surrender and cancellation.
"Third-That against each share OF
the stock of this company so to be sur
rendered there will be delivered $50 81
stock of the Northern Pacific Railway
company, SS0.17 stock OF the Great
Northern Railway company. and pro-
portionate amounts thereof for each
fraction OF share of stock
"As required by the laws of the state
OF New Jersey. under which the COM
pany was created. special meeting or
the shareholders has been called for
April 81. 1904. at IL o'clock a. IA, at
the office of the company I'm Hoboken.
The collection of the May and subse-
3 quent dividend on such sahres being
forbidden by the decree until such dis
tribution has been made. the import
ance of promptly executing and for
warding proxies Is obvious.
The assets OF the company remain
ing in its treasury after the foregoing
distribution is made will consist of
stocks and other property in no way
. involved in the suit, producing income.
and conservatively valued at an amount
in excess of S3.954,O00 to which Ii is
proposed TO reduce the stock of the
company"
Settlement on Public Lands.
Washington, March 22.-In tHe sem
ate Mr. uoar introduced by request q
bill to organize q colonization bureau.
which, he said. was prepared by on
GERS OF the Salvation Army, for the
purpose of securing settlement on pub
lie lands lie said il was prepared
upon the advice of the late Senator
Hanna and had he lived would have
been introduced by him. The bill
was referred to the committee on
public lands.
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