The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1905-04-27
TO CARRY OUT HILLS PLANS.
distribution Of Northern Securities
Stock to Be Effected,

distribution OF Northern Securities
Stock to Be Effected.
Trenton, N. j., April 2O.-The North
ern Securities company yesterday
filed with the secretary of state arti.
cles providing for the reduction of Its
capital stock from 1895, 100000 to 49,.
$4,000. The new capital is just 1 per
cent Of the original outstanding CAPT
tai.
Accompanying the papers, and as a
part thereof, is a resolution of the
board of directors providing for the
reduction of the capital stock and the
giving to the stockholders stock Of the
Northern Pacific and Great Northern
companies in return for the surrender
of 80 per cent of their holdings of the
stock of the Northern Securities com
pany.
Exchange Of Stock.
1t is provided that for each share of
stock of the Northern Securities com.
pany of the par value of $500 each the
stockholders shall receive stock of
the Northern Pacific road of the par
value of 1927, and stock of the Great
Northern railroad OF the par value of
S3O.17.
The certificate sets out the resolu-
ton adopted by the board of directors
On April 81, 1904, providing for the re-
duction of the capital stock and the
distribution of the stock of the North.
ern Pacific and Great Northern rail
ways, two of tn, surrendered holdings
of the Northern Securities company.
This is really the final distribution
that was attacked in the courts by E.
ting in a victory for ]. j. Hill and the
interests which he represents.
Stockholders Consent.
The New Jersey corporation laws
provide that increase OF decrease of
capital stock must have the consent of
the stockholders of two-thirds of the
company's outstanding stock. Accom-
panying the certificate filed yester.
day is the consent of the holders of
stock aggregating $294,474,000.
Among those who have given their
consent and the number Of shares of
stock held by each are:
J. J. Hill, $4,000 shares; John S.
Kennedy, $4,000; Lord S%trathcona,
14S, $500; Moore e. Schley, 1910; AL
bert Smith, 5O,245; John w. Sterling,
44,S63; Charles Arthur Ellis, 35,3S7;
Lord Mount Stephen, 1894; Samuel
H. Miller, 31.3S1; John w. Sterling,
trustee, 31,342.
To Pay Back Dividends.
New York, April 2O-In a circular is
sued late yesterday the Northern Sc
curities company requests stochhold-
ers to deposit their shares without de-
lay and announces that Immediately
upon transfer to the books of the re-
spective railway companies, Northern
Pacific and Great Northern, back divi-
dends amounting to 7 per cent in each
company, will be paid. 1t is also stated
that no dividends had been declared
by the Northern Securities company
since that Of Feb. 1, 1904.
Break in Prices.
A violent break in the price of
Northern Securities in the curb stock
market yesterday awakened the fears
of a forthcoming disappointment Of
the many speculative hopes built on
the plans for the dissolution of the
company. The stock sold at 1S1 at the
opening, compared with 1S9 Is as the
closing price the previous night. 1t
then appeared that there was no sup
port for the stock, and sellers offered
it down to 1865 before meeting effective
buying. A rally of rel ten points fol-
lowed. st. Paul broke 2 So and Union
Pacific . 3-S on the stock exchange in
sympathy. 1t then rallied 2 and Is
respectively. At the close Northern
Securities was quoted at III bid and
Ill IL asked.