The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-09
DELAWARE AND HUDSON.

ANNUAL MEETING OF THE DELAWARE AND HUD-
SON CANAL NEUTRALITY-SUSPICIOUS. IN
THE MANAGERS.
/ The annual meeting Of the Delaware and Hudson
| Canal Company's stockholders was held yesterday
| afternoon. and acquired added Importance from the
| prominence into which that corporation has been
forced OF late by the circulation OF calculated
TO affect its credit and impair tho value OF It's stock
Mr. s. b. Nash presided and Mr. Henry, she auditor Of
| the company, was secretary. When the meeting was
organized Mr. Dickson said 1t s customary for the
officers Of the company to submit their annual report
at the regular meeting OF the stockholders In May but
owing TO attempts to impair the standing and credit
| Of the company Is was submitted this year In
| advance, In January. The managers had in
| tended 10 make fuller report 10 print
TO the stockholders at this tme but he doomed II
sufficient be there and any inquiries that the
might put TO him. Tho law provided that
the report should be submitted noon, but he pro-
posed that the polls were opened in the next room
ne should defer his report until halfpast twelve
O'Clock.
A STRING QUERIES.
A stockholder, Mr.. H. L. OLxsrRD, said:-Mr. Chair
man, We should prefer to know something to what
the managers have to support before
undertake TO elect them their present posi-
nons There many things that require cxplana-
tion, and have written down number Of questions
we want know the cause Of much OF the trouble
which has been source oil anxiety to stockholders
BY what authority did the managers undertake 70 ac
quire leased linesS
Mr.. DIcKsox-By a special act OF the Legislature
which. think. was passed in 1867, authorizing tho
company TO lease purchase, &C., ROADS Of this de-
scripton.
Mr.. ULMsrED-Were those leases necessary at 80
great cost TO the business Of the company?
Mr.. DIcKsoS-ln my judgment they were.
Mr.. OLMsrED-Were they approved OF by the STOCK
holdersY
Mr. DIcKsox-l can only say they were always sub
mit,ed TO the annual meeting. l think they proved
| advantageous 10 the company. IL should be remem-
bcred that at first our only outlet was through tho
canals, which shut large portion OF winter bust
ness from tide water, and Tor this acquired
possession OF the Albany and SusQuehanna and other
roads 10 give US . more extended market
Mr.. OLMsrED-W you state II It Is true that there
was loss last year OF 100000 on the New York and
Mr. DicksoS-No sir; to the best OF my recollection
and belief the loss was about 100000
Mr. OLMsrED-ln your last annual report did you
and tear on oarges. boats, &C., or did you put them
down at Hrst costY
have It's inventory taken by experts, who reported
that they noted ut their present value; that, In
including all appliances, than they put down at
| Mr.. OLMsrED-How does your floating debt show
Mr. DicksoS-It certainly is not larger. So far as
the concerned when the canals opened this
Honesdale which had bsen paid Tor We cannot DO
held responsible for the depreciation in the price OF
coal as many people pretend to believe that are
Our report stated the cost OF mining this coal and what
II would probably bring We have been selling coal At
abou, So 10 ton which cost US from 50 so TO 50 ID
per ton. think may say that at present prices We
Then tho question asked ''oi the 200, 600 shares
of stock how much has been transferred August
26g" and Mr. Dickson rcplicd THAT question seems
scarcely come within my duty here to-day, as am
of wall street to know how they can deal
in SO large an amount as they do. but
think the amount Of stock transferred was about
/ 1
have been connected with the company some
s23, 900 and $4,000 900 in stock, or Tx
and az per respectively have been paid dlvi
dends. This should not be considered water In the
CITY Of our mines was only about $4,000 and be.
eve tho present capacity Is from four millions TO
four and a half millions OF tons year ! should DC
too to go over and inspect the property We are
producing and manufacturing company and we
think producing an article Tor. as u gentleman
suggests, overproduclngt for the time being which
must ultimately increase In value"
ANOTHER STOoKHoLDER-Who authorized you to &C.
qulre the 100000 worth OF bonds on tho Rondout
| liner
necessary outlet tor 10000 or 10000 tons OF coal
year. besides enabling them 10 acquire depot at
RondouL
standardization about salaries; have you
duced salaries
Mr. DIcKsoS-wo havo not reduced salaries but we
have reduced tho force about ten per cent, which
leaves II the same as reduction
srocKHoLpER-Wha. are your office salaries
Mr.. DcKsoN-The President has $25. 900 year;
Assistant President MIR Olyphant, $40 600; General
Manager tMr Young, $4,000; Treasurer, $1,000;
sales agent (Mr Mouton), $4,000; general agent OF
real estate (Mr westonl, $4,000; secretary (Mr.
Haight, $4,000.
ANOTHER SrocKmoLDER-S,ate in q lump sum what
you pay Tor salaries outside OF labor.
A number OF un important questions followed and
all hud been answered another stockholder SAID
"What about the mortgage Tor $1,000 900 on coal
landsy"
Company covering tive or SIX million dollars WORTH
including the Baltimore and Union Railroad Company
~ (tnr itpll-
oale und from which transport per hips one-iocrh h
OF our products The mortgage IS not perpetual. II
1887
With reference TO the bonds falling due in November
Mr. Dickson stated In reply to anoh quesoner that
In case disaster oehils tho company he hoped TO
make satisfactory arrangements Tor their renewal &C..
change in tho condilion OF AFFAIRS there would be no
difficulty in completing the negotiations.
A SrocKHoLDER-Wer the leased lines a loss or
gain 10 The company last Year,
allowance viii be made-lhat the whole OF the Albany
ana Susquchanna tracks, and great portion OF those
tho Rensselaer, and saratoga have been changed 70
steel out OF current expenses ana 80 charged on our
books 10 tho extent OF 81. loo, 000that the leased
lines resulted in an absolute loss to the company.
would much rather sell you coal at "a % per ton be-
cause in that / could pay you ten per cent. In.
decd would prefer to sell il you at So or So but
then you would grumble because you would receive a
ON these lines the price OF coal was higher than at
tidcwater. Thus you can place one evil against Inc
When this cross aro OF questioning had ceased Mr..
J. " L. Pruyn offered the following resolution, which
was Adopted
Resolved. That the meeting cordially approve Of the
In their endeavors TO protect the
interests OF the against resent unjustihabe aud
attacks made upon It's credit and eharaer and
these efforts will end In bringing tie guilty
parties to punishment, which they 80 richly deserve.
Judge Amasa J. Parker thcn moved that the stock
holders accept us entirely satisfactory the reports
made by the President To this was offered AN amend
ment that they express ut the same time thclI
confidence the Intrinsic value Of the STOCK. Both
motions were adopted.
At the suggestion OF President Dickson the follow
ing committee OF five were appointed 10 inspect the
companys properly and draw up their report IN CIR
euler form for the benefit OF those inerestcd:-J L.
Pruyn Adolphus Hamilton, Henry y. Barnum, Il. l.
Olmsted and f. b. Grant
All OF the managers, except Mr. W. }. Hoppin, who