New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-22
RATIFY ]. J. HILL Plan.
". S. co.'s MEETING.
No Shares Voted against Pro Rata
Distribution Scheme.

a. she .ner,al r,eet'nr OF stockholders Of the
Northern Securities Company, held yesterday In
TIoboken the plan proposed by the directors lasf
month for the distribution pro rata OF the Northern
Paciec and Great Northern stocks held by the
Northern Securities Company was ratified, 2e4i.I+o
OF the total $3.50 shares being voted in favor Of
e. and none against IT. The Oregon Short Line 3
holdings were not voted.
officials Of the Northern Securities Company who
were present Included President James J. Hi.
Colonel u. p. Clough. the general counsel; Z. ]
Nichols. the secretary. and Nicholas Terhune, a
director. Among the others present were winston
s. Pierce and Judge r. 6. Lovett the Legal repre-
rentatfves % the Hartman interests. Less than
hair a dozen stockholders attended the meeting
One Of these George L. Richards. Of washington
\. C.. said he owned 100 shares Of stock. and de-
clsred himself In favor Of the pro rata hquloauon
plan President 7iu presided. and Secretary Mich
OILS read tho call for the special meeting lhefe
was then a brief whispered conference between
President IIU and Mr. Pierce, after which the lat
ser read a formal protest, IN which he said that
she Northern Securities Company is not now. and
never was the owner OF the stock sold by z. n.
Hartman and Wlnslow s. Pierce and that the
Northern Securities Company had no right 20 dis
fribute the stock under the plan proposed After
another conference between President Hi and the
r-nion Pacific Representatives Pierce and Iyovett
retired from the meeting and Secretary Nichols
then read the minutes OF the last annual meeting
End OF the several meetings OF the executive com
see OF The Northern Securities Company These
were adopted without a dissenting voice Ny
Richards wanted to know by what process Of cal
uletioa the figures $50 2 for Northern Pacific and
$50 Il FOR Great Northern had been arrived at
BY ratabe distribution - said Vice-Presioent
riough, and Mr. Richards was satisfied. M Rich
ards then voted his 100 shares for the announced
plan Of distribution No other outside stockholder
appeared 10 have any interest IN the matter. The
polls were closed a little before noon. and soon
nfte-xard the vote was announced, as already
given
The meeting adjourned soon after the vote was
counted President Hin said the result was as he
had expected il would be.
The notice presented by the Union Pacinc IN
forests reads follows:
Notice is hereby given to the special meeting Of
stockholders OF the Northern Securities Company
company delivered bv Edward H Hartman and
Winslow s Pierce 10 The Northern Securities Com
pany about November Is. 1901, and consisting
railway company and 4lOS5.090 par value Of the
preferred stock Of said railESy COMPANY alld the
common stock 'nto which said preferred stock has
been converted. belong TO the oregon short Line
thereof that the Northern Securities Company is
not now and never became the owner thereof but
entitled to the return and delivery to them of GER
tifcstes for said stock of the Northern Pacific
$3.50 81 par value Of the capital stock Of the
S.sl562s in cash received by them such delivery
of said Northern Pacific stock 10 the Northern Sc
curiues Company as aforesaid.
Notice is further given that the said Northern
ssid Northern Pacific stock pro rata among the
stockholders OF the Northern Securities Company.
rhe same 10 the undersigned.
Then follows the formal notice OF the suit begun
before United States Judge kirkpatrick. in New
Jersey. TO prevent the Northern Securities Com
pany from proceeding TO carry out its proposed
plan OF pro rata distribution OF its Great Northern
and Northern Pacific stock. Argument this case
viii be heard next Monday.
The bin OF complaint flied on Wednesday IL the
United States Circuit Court at Trenton by Mr.. Har-
fiman and his fellow complanants alleges among
other things that wherever there have been trans
fers OF Northern Securities certificates TO third
parties the origin OF each certificate so trans
ferred be traced and shown IN and by The res
ords and books OF the company, and its transfer
Hrent, and register OF transfers, so that the
signs OF the original holders Of the stock Of the de-
identified and the stock Of either railway company
originally exchanged by their sssignors can be de
holdings Of stock OF the defendant Northern Securl
tics Company"
effect OF the pro distribution plan is not en-
coined the Northern Pacific stock belonging 20 the
petitioners VIII he lost TO them. and they viii
81 5a-1ares a. iaf rbey viii MOI h. q he a pur-
chase anywhere the amount Of Northern PaCids
stock 70 which they are entitled. Another allega-
ION Of the complaint is chat the proposed 5istr-
button pro rata would represent . loss OF more
rhan S.o00000 Ia annual income 10 the petitioners
representing the difference between the dividend
sum on The Northern Pa cic stock originally TUNED
tu by the Oregon Short Line and OF the Great
Northern ana Northern Pacific stock which It
-,e~os--e no-, -ata division
5her. that the value Of the Northern Pacific Rail
way stock 10 which your orators are entitled great
e3are Of the holdings Of each Of the said railway
euck proposed pro rata distribution
Il is understood that the Northern Securities
sfth the pro rata distribution CT the Northern
Securities and Great Northern shares whatever BE-
she outcome Of the hearing before Judge hrA-
5latrick next week.