New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-09
DELAWARE AND HUDSON.

MR. DICKSON ANSWERS QUESlIoNo'
HIS VIEWS ON THE LEASES, FLOATING DEBT PROP
ERTY, STOCK, AND sALARIEs-rHE MANAGERS
REELECTED.
At the annual meeting of Delaware ana
Hudson Stockholders in this city yesterday about 10 per
sons were present President Dickson said that owing
to attacks upon the companys credit the annual report
had been issued m advance Of the usual time Nothing
had occurred change the facts as therein set FORTH but
any person present had any questions to ask lie would
answer them II. L. Ohusteld then read a series OF
questions to which Mr. Dickson replied substantially ~
follows:
The leased lines were acquired under a special act Of
the Legislature authorizing the company 20 lease pur
chase &C. any railroad under certain conditions These
deemed necessary TO the business OF the com
pany They were always Submitted to the action OF the
stockholders at the annual meetings lie thought they
had proved advantageous to the company Al hst 'he
only outlet for the company was by way OF the canal
and consequently large portion OF the WINTER business
cut of from tide wafer For TINS reason me com
pauy acquired possession of the Albany and susque
hanna ana other railroads 10 give II more extended
market The loss last year on me New-fOrk ana Sahaua
Railroad only about 100000 according TO bis best
recollection and belief He thought the value Of the
barses, boats etc. held by the company was about SUI
600 greater than that given IN the last annual report on
the estimates Of experts Ihe n0atng dent was ce,-
tainy no larger than on Jan l. 1871 When tne einal5
opened this season had about 10000 tons OF e0a
piled up at IIonesdale which had been pad lot. we
cannot be held responsible Tor the cooperation IN ,ue
price Of cOal' Since the payment OF the DIVIDEND as,
August the floating debt has been Ieduced a9j ~,
100000 Not dollar OF money has been borrowed ny
the company during the past three months, anu III
audited bills have been paid. The money for me pay
mcnt of these bills has been obtained from the usual
OF Not single dollar OF tne securities
OF the company has been sold since tie first OF the YEAR
Then the question was asked, OF the 100000 shares
Of stock Of company how much has been transferred
since Aug. 26F Mr. Dickson replied THAT question
seems scarcely to come within my duty here to-day a.
am not sufficiently acquainted with the methods OF wall
ST. to know how they deal in So large an amount ae
they hut think the amount Of stock transferred was
abOut $4,000 shares. During the II wears mat nay
been connected with the COMPANY some T25;ooo,ooO III
cash and SijOO0O0 i'm stock OF II 2 ana 70 per cen,
respectively. have been pdd as nFurhds lns s"uu
not be- considered in the common sense OF the
term because IN 1862 the capacity of our mines was ohy
about b1oUVu IONS anu C.Nc lHV @ ~ ~ 30
from 1000 900 to 800, 900 tons year have always
TN 10 Ir cT cent Of ali Iia6iiities After careful com
putaou find that at 80 % at tdc-wa.er We can paw al
fixed charges For the first three months of this year te
price obtained by the company was ittie above
this figure. Give us ~ more per ton ana we VII glSe
Won 10 Ucr cent dividend. In the time the only
thing the stockholders odo Is 10 hold their breath ana
wait for better prices han We are now gcLIng u cN-
pcusiyc for the mpJny 10 stand stu, ana IT'S policy
Therefore H. to continue mining rs long "a the Work can
Nnmcrous questions were asked by other persons pres
In rplv to question REGARDING the salaries OF ne
officers Nj Dickson sa there had been no change ~ the
amounts paid during the past years hui the working
had been reduced The salaries were as follows;
President Tilomas 50 oi,r IS9
genera i Nansser T. + Young 10000
Treasurer, james g. lart..--....' .''''...-.-' 9U
Scrr-tarY. O. L. Fdishi cu,V
General AGENT rcl Istac De't T. W. Westoa..,.. 5000
Superin tnlent coal Dept A. H. Eandlng 9 900
Superintendent Canal Dept \ N. Atkinson 80 D
sales Agent southern and western Dept j. j. Al 90,
bright WV"
1detod salaries others than lab0rers amounted to
about 81 10000 per The only mortgage on the
a lands Mr. Dickson said, was FOR @lDOOOOO, cover
ing property worth from live to six times that sun ana
was originally made by the Union Canal Company rms
would expire in 1887. With reference TO The bonds Of
the company falling due November next, Mr. Dickson
said that B. diraStcr bCic the company hc hOled 10
make satisfactory arrangements for their renewal lie
thought bonds secured 10y another mortgage cover
ing the same property might be- exchanged for the ola
bonds But tue old bonds are below par, said gen
laman present sir. Dickson replied that they were not
much below par, and he hoped before they were due
they would again Doe selling at pr MUM IT not thch
they wcul nave Ia lee paid, and the money FOR that pur-
pose would have to be- obtained in some other way.
resolution offered bY john Y. l.. Pruyn or Al
bauy cordially approving the course Of the managers
their CndCuYOs 90 project the interests OF the company
against the recent uuiustifahle and Wanon attacks
upon its credit and character and they trust mat
those efforts viii end IN bringing Tie guilty parties 10 the
pun s!Hclt which they justly deserve TINS W"s
adopted. resolution oc ed by Judge Parker was also
adopted, expressing confidence IN the intrinsic value Cf
stock Of he company ana satisfaction IN the report
or the officers AZ tho request Of Mr. Dickson commit
tee Of SIX, consisting Of John v l.. Pruyu, Adolpnus
Hamilton. Henry II. Faruham, IL. L. Om>tead. H. Il.
Grant, and judge Parker was appointed 10 Visit the
property OF the company, aud report to toe managers.
report to DE printed aud sent 10 the stockholders Al
the election OF managers Tor The ensuing year over
100000 proxies voted. All Of the managers were
reelected except ~. j. H0ppn. who is IN Europe. Low
i. Morton was elected in nus place.