New-York tribune., 1894-04-07
1HE u. AND II. CONTEST.
AN APPEAL FROM THE VANDERBILT
OLYPIANT INTERESTS.

OPPOSITION TO + STo0H WATERING POLICY
CIRCULAR FEoM THE rnasENr MANAGE.
MENT-Mk DErEw DENIES REPORTS
OF DISAGREEMENT WITH
DEENEL MORGAN & CO.
me contest over the control Of the Delaware and
Hudson Canal Company has reached a stage where
the management has been compelled to appeal by
PUBIC circular TO Its stockholders It is the first
time IN the history Of the company that this step
mas been taken. Eight OF the thirteen directors
nave issued circular nominating James Roosc-
Ve!t' Robert NJ Olyphant. Alfred Van santvoort
and Alexander r. Orr as a committee 70 receive
proxies for stockholders who are unable 20 attend
the annull meeting. The Vanderbilt interest has
warmly united with the O.yphant interest in this
appeal TO prevent the adoption Of "stock-watcr-
Ing poicy. The principal points In the circular are
appended:
s. .9n9S Of The company to the amount Of nearly
&S,coV" mature IN October Of this year. and the
stockholders 900 shares of the stock Of the COM
pahF AT par which win yieid $5,Gcp.vOO. and Win
That sum pay off and cancel the bonds \ decided
majority Of your board believe hat it Is for the
i peII interests OF the COMPANY ana the permanent
a minority OF the board propose that this stock bee
issued at I5 which will Yield $4,000. ana that The
Dalance OF N.2oVo necessary for paying of the
bonds should be either borrowed secured by the
sac or the securities in the treasury. The company
by the minority viii compel it to incur such liahn-
1vf
diminish our capital 10y the coal mine and sell,
ana the conservative policy OF the company has ac
the treasury to protect the stock against the de-
pie,ion of It's coal. and also q insure regular
had ana VIII undoubtedly hay" again. II seems
to us most unw!se 10 take 81 2N0o0 out Of this fund
when credit is slowly recovering from the shock Of
the recent panic; and al business. inclndns our
ed. our sales are light. ana with both diminished
demand and lower prices for coal or cash re
invite Just ard Injurious criticism 70 make stock
country has gone into the hands Of receivers. anl
roads are laid of and ii:c The Beiiware and Hui-
son Canal Company has won enviabie position
with the investing public. 1t has attained hisb
rank soundly ana conseryativey managed
corporation Its stocks and securities held hy
estates, in trusts. and among people who I've upon.
and must be sure Of incomes derived from invest
ments We conhd' ntly appeal - YOU 10 send yorr
proxies to the committee. and cast your v7,er
against policy which We regard as unsafe anl
injurious 20 your property.
The directors signing this circular James
Roosevelt. w II. Tlnghast. Alfred Van SAINT
WORT. James A. Roosevelt. Cornelius Vanderbilt
Alexander e orr. Chauncey NJ. Depew ard Robert
II Olyphant
The contest has given rise to some sensational
that personal nl-feel.ng has been developed
between Cornelius Vanderbilt and j. Picrpont Nor
gan. Chauncey n. Depew said yesterday:
There is no friction or disagreement whatever
between the VanderAilts and Mr. Morgan on the
Delaware and Hudson or any other matter. The
same cordial relations which have IlNars existed
remain undistuTbed in every respect. MI Moran
is not q member Of the n,la"afr and Hudson
Board. nor Is he interested in any WY go the pres
ent controversy between the maiority an! tn' nj
nority I'm the Delaware and Euds,n Board ~ d.
r-ctCrs The minority can In NJ sense b. called
Morgan party. Mr. Spencer, who is CONNECTED with
the firm Of Drexel. Morgan q CO.. voted with the
minority At the first meeting. bat az thc second
meeting. when the issue vas sguarc'y ana definitely
made, he was not present. Colonel Le G'ani u
Cannon is the leader Of the party which desires -
issue the stock at %; and II Mr Spencer is stiil -
the same mind. he has with himself. four members
Of the board. as against he eight members who
are acting with. ana Of whom Mr.. Vanderbilt is