The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-03-25

New York. March 22-Following a
day OF great excitement in the stock
market and numerous conferences
anon the leading financial interests,
the new plan Of the Northern Securities
Company was made public this even
ing. In substance it provides for 4
stock dividend of 80 per cent. this to
be effected by a reduction of that
amount in the capital stock of the Sc
curities company.
For every share Of Northern Securi-
ties stock surrendered. the company
will deliver 1922 stock of the North
ern Pacific railway company, and
s3O.17 Of the Great Northern railway
company. The shares of the Northe:n
Pacific Company which were taken
over by Northern Securities at lis n
those of Great Northern at $50, Will
be distributed on this basis
Official notice of q new plan, which
is signed by President Hill. under this
date. was sent to Northern Securities
stockholders n a circuldr letter, which
says in part:
The company's acquisition Of North
ern Pacific and Great Northern shares
was made in the full belief that such
purchases were in no wise obnoxious
to any law of the United States-an
opinion which has received the APPROX
al of four justices of the Supreme court
of h United States. in the sull
brought by the United states against
the right of the company to hold II
vote the shares However. the major
ity of the court disregarding as irrsv-
Giant, any beneficial increase of conf
merce, was of the opinion that, as q
matter of law. your companys hold
ings of the stocks OF the two railway
companies in itself constituted a re-
straint of interstate commerce., pro-
hibited by the so-called Sherman act
of 1890. Accordingly. the railway CON-
panies have been forbidden to permit
your company to vote or to collect div
idends on the shares held by 1T.
Therefore, your directors. at a meet
ing held this day. have under the ac-
vice of counsel decided that in order
TO fully and promptly comply with the
reduce the capital stock of the COM
pany. and to distribute to its share
holders the shares of stock of said rail-
way companies now held by it.
Ito this end they have adopted reso-
buttons recommending to the stock
holders:
IL That the capital stock of this COM
pany be reduced from 1854. 900 shares,
o outstanding. to 9.540, being a re-
duction of SO per cent
80. That said SO per cent Of the pres
ent outstanding shares be called in for
surrender and cancellation.
"3. That against each share of the
stock of this company so to be surren-
dered. there will be delivered 1927
stocks of the Northern Pacific railway
company; s3O.17 stock Of the Great
Northern railway company and pro-
D~ortionate mounts thereof for each
fraction of a share of stock.
LAS required by the laws of the state
of New Jersey. under which the COM
pany was created, a special meeting of
the shareholders has been called for
April 21st 1904. at the office of the
company in Hoboken.
1.-The assets Of the company remain
ing in it's treasury after the foregoing
distribution is made. will consist or
stocks and other property in no way
involved in the suit, producing income.
and co~nservatively valued at an amount
in excess of 1854. 600 to which it is pro-
posed to reduce the stock of the COM
pany.'
The new plan was formally adopted
at a meeting of the directors which be-
gal in the morning and lasted until
we'll into the afternoon. There Were.
present at this meeting President Hill,
George F. Baker. William Clough, Ed
ward II Hartman, D. Willis James