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Show NORTHERN! PACIFIC DIVIDENDS. Some of tho Prefrr-il Stockholders Keg isle is-le r a Kick. New York, May 21. Passing dividend on Northern Pacific preferred generaliy mcets w th approval on Wall street. From Philadelphia, however, come whispers of dissatisfaction. One prominent brokerage house summerizod the complaint in the following circular to its customers: "Under the old reorganization plan it was provided that, all sums diverted from the earnings spent on property should be re-imbursod to preferred stockholders who were original bond holders. This policy or right recognized in script div.deiul 11 per cent in 1SS2, again in 1889 or ISiSH), when $;J,o47.0,K) new consolidated consol-idated 5 per cent bonds were set aside for thf hi-netif nf nr crri'l strips- At -i lufr time Villard persuaded preferred stoek-ho.d-crs th it it would lie wise to allow that $H,347,OO0 bonds to remain as reserve against a possible- deficiency in earnings. earn-ings. I'his promise was not kept as the dividend is now passed. That $2,317,010 is due lo the preferred stock, not ns a favor but as a right, and we think it is due them at once. It would be siugul ir if not broug t i to ci m cl the im rued. ate distribution of t:ie i bonds. If successful, and failure is unlikely, un-likely, there would b- a dividend of about 10 per cent to present to preferred stock: only it woul I be paid 'n bonds and not in Stock. The bonds sell s ound 77 per cent, niMking a possible casii dividend of ?770. There is no use waiting until Oe ob or to settle some of these matters. It is unlikely the Northern Pacific stockholder stock-holder wiil ever again permit a three years' election of directors. |