The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-04-04

liberty to the Circuit Court to proceed
to execute the decree as circumstances
might require.
DO Not Like the Plan.
1t is next set forth that the indi-
vidual defendants to the suit and the
Northern Securities Company, without
waiting the next order of the court
in execution of the decres. decided to
and by vote of the directors of the
Northern Securities Company on
March %, 1904, passed a resolution
which after reeiting that the Securities
Company holds 1881, 594 shares of
Northern Pacific stock and 1,181,242
shares Of Great Northern stock, and
that the Northern Securities Company
has outstanding 3,S54,000 shares II it's
own capital stock, provides for the re-
tirement OF 80 per cent of the Securi-
ties Company stock and reduction of
its capitalization to $3,954, 600, this re-
duction of capitalization to be effected
by assigning to each shareholder who
surrenders a share of securities stock
1927 of the stock of the Northern
Pacific Railway Company and $30,17 of
the preferred stock Of the Great
Northern Railway Company.
1t is stated that this resolution was
passed by the Northern Securities
directors, Notwithstanding that the
petitioners WHO ldu DtGIl JlliOItlltQ VI
their purpose had notified the direct
ors that petitioners had submitted the
matter to counsel and had been 'ad-
Yised that there were serious doubts
as to the legality of the proposed
plan," and had requested an adjourn
ment of the Securities Company's di-
rectors' meeting for a few days in
order that petitioners and their counsel
might consider the matter further.
| OGer to Restore.
1t is stated that a meeting of North
/ ern Securities stockholders to act on
! the Recommendation Of the Securities
Company directors. has been called to
meet at Hoboken. N. j., April 21, 1904.
Petitioners then tender themselves
"able and willing and hereby offer to
restore to the said Northern Securi-
ties Company, all the original certlfi-
Gates of stock of the Securities Com
pany so received by Hartman and
| Pierce, and to repay the money paid
! them by or on behalf of the Northern
! Securities Company in such sum as the
| court shall fix in restoration of the
status quo in exchange for and upon
| the return of the common stock of the
Northern Pacific Railway Company so
exchanged, and the common stock of
said railway company representing the
preferred stock converted" and aver
that the plan of distribution adopted
by the board of directors of the North
! ern Securities Company, If consum-
mated, would vest a ajority of the
stock of both the Great Northern and
the Northern Pacific Railway Com
panies in the same individual stock
holders of the Great Northern Com
pany, who originally co-operated in
the promotion and organization of
the Northern Securities Company and
who are still cooperating and acting
in concert and common, and would
continue the common management and
direction of said two competing rail-
way companies, and render the decree
of the court Intellectual and defeat or
evade it's true intent and purpose"
The petitioners, therefore, pray leave
to intervene, and that the Northern
Securities Company be required to
transfer to them stock of the Northern
Pacific Company of the same
kind and amount, whether common
or preferred, that the Northern Securi-
ties Company received from the petit
TONERS instead of proDortionate
amounts in both the Northern Pacific
and Great Northern companies, and
that meanwhile the Northern Securi-
ties Company be enjoined from pro-
ceeding in their proposed plan of dis
tribution.