New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-18
P. d. ARMOUR EXPLAINS.
HIS VIEW oFTHE ST. PAUL NATTER
HE CALLS THE ATTACK UPON HIN UNJUST AND
WITHOUT FOUNDATION.

WITHOUT FODNDhIlONs
Interest in III, Affairs of the st. Paul Railway was
revived by tho ,1bllcation Just after the close OF
business yestcrdy, OF private dispatch from Philip
d. Armour of Ccago, to tho Stock Exchange firm OF
J. W. oslcn & c.. No 100 Broadway. The dispatch,
as finally authorized. was follows:
The bitter attaks upon personally I'm relation to
this ST. Paul and have absolutely no
foundation haze sold share Of the stock short
In nv III. haze I. In interview or otherwise. stated
that the company would pay dividend on its common
stock for the six months There Is not paper IN
land hat has not proclaimed not earned
II. Their is man, child. who could read
that hayeno known Of the bitter rate war In tho whole
Western fsem. the public in their speculation seem
hse lost all sight OF the good large tonnage
and prospective earnings. The property never In a
better phscai condition. and present and
prosperity very large and there need be question
| about the intrinsic value OF the property. No faF
minded pson should crtclse Its FOR passing
dividend Hich was earned When / returned frcm
Europe abot July l. and bull movement seemed to pre-
vail in st Paul. I charged with the leadership OF
It, then enicd emphaticay either buying or selling
share snccI had returned and which now confirm
The prosrtY itself is all right and as good as have
said Twas. and time viii prove IL but this rate
war like ,ycr has had have lts and when over
which 1t will be- Paul will 10 the front and take
its position great property 1t Is capitalized at
less mile than OF the great systems ana
cannot betvc that any investor will think less Of II
and conservative course which they did in declining to
nav dividsn in the past six months have put forth
effort TIT 1 knew how since have been director
in st. Paul build and benefit the property and no
who Is all familiar with the matter will state
otherwise. andnany the and statements attrb
uted TO me VIE absolutely without authority FONDA
ton.
Mr.. Ogden cnled on his own account that he had
been doing inch business for Mr. Armour and said
that from JulJ1 to Saturday night the balance In his
dealings in stPaul did not exceed 500 shares. lie
unable tocxpain satisfactorily tho statements
made by Mr. amour IN Interview published In
The Chicago Herald, on July A. Nj. Armour had
just returned FINN Europe, bur he was evidently we'll
Informed aboIt the business OF tho company. He is
reported to haze said then among other things:
ST. Paul Is ust as certain make a money,
II bought paid ,r and put away as steer bought and
turned to pass. 1 feel very differently stocks
from what Lid six months ago. The Northwestern
grangers have Id the worst happen and endured It,
Anything that along must be an improvement.
Now, what has Plu done through these very worst
timcs1 1t has pd its dividends. 1t does not owe a
dollar OF floating ebt 1t has unsold bonds yet In It's
treasury proof easy finances and 1t has wonderfully
cut expenses In May the expenses $4,000
less than in May $751; or the rate OF reduction Of
over 10000 coo var.
To the suggcsin, by the reporter. that tho com
pany about issue preferred stock, Mr..
Armour replied:
Not word OF firth in 1t. The issuing either OF new
preferred OF ommon stock of any kind OF new
bonds not deameoof and will not be done The road,
said has in treasury unsod bonds on divisions
long ago completed which 1t has the right TO sell
whenever it pleascs
The reporcrIt so said that the next dividend will
passed.
Mr.. Armour-Nothig in It. There is why
its dividend should b passed. President Miller writes
me that the rebellion OF expenses he believes the
road will muchperhaps as It did last year St.
Paul stock with ereption Is better to own than the
certificates OF any road)ut OF Chicago