New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-12
NOD1v1DEND ON LOUISVILLE.
FORMAL ACTION BY THE BOARD OF
DIRECTORS

EIGN STOCKHOLDERS OF
LOUISVILLE AND
NASHVILLE.
The Louisville and Nashville Railroad yesterday
nassed into the ranks OF nondivldend paying prop
critics. Formal action by the directors cohirheu 'e
understanding which has led Wall street 10 us
count the prospect by reduction In the maIhe'-
able value Of the stock. The postponement OF lhe
meeting of directors on Tuesday because Vi III.
absence of a quorum had encouraged some luea 'ni'
possibly scrip dividend would be made as 'he
company II was known, had earned the dVidehu
for the last half Of 1885, and II was believed thal
It was not troubled by its floating debt Inc state
ment of August Belmont, chairman or the Louis-
vile Board OF Directors. printed herewith ihoi-
Gates the conservative lines followed by the manage
ment and shows the need of reservinS revenues
IN prenare this active and improving property lor
availing itself of its strength when tine geherdi
business of the country resumes. Ihere was li'
statement given out after yesterday meelins WIN
regard IN the purposes for which the stockholders
were recently asked TO authorize an increase Vi
100000 the capital stock. nor was any announce
ment made of the relations held by the Louisvliie
and Nashville TO the purchase OF the ChesapedAe
and Ohio Southwestern road by the Illinois Ceh'ra,
which had originally been announced as oeai
in which the Louisville and NashViie was VIC ~
vitality interested
The financial statement for the last ha1-year.
made public by the Louisville and Nashville VIII
be found in another column The c9n stfsd bv
the decline in gross and net earnings rom nd ND th
two years the increase in fixed chaTgesd idends
reduction in the surplus avallaDe iV VIII street
II has been said on good authority IN Val hove
been pa9ssed except of the the ectors was 9uoted
yesSrav as follows We have stood this foreign
pressure long enough, and acted againSt OF pss,
stockholders want every cent they can get out OF
the property. and in order to get II they Wat 800
a dollar aPsns s captaaed We think this policy
in this SOqny and S S h 1e PSGpssey
WIN withstand the p6 t 2ashW m f is in roSd
%e haye come out better in me last six months
thar than would woe eS be at least S less than they
been" s,.,o, s.,,o,,o,t ., Angus,
belmont. Chairman of the Board of Directors: a..
In explanation Of passing the dividend ami sqe
pcable thereto. the management state; ,,. =.
.copnnes nrompted by conservative appreciation
of the danger of the decreased revenues Doth past
and as far as dscernibe, to continue for some time
''second-The company will REQUIRE when the gen m
thoroughly equipped and ready to avail itself Of its
strength and possess itself Of its full share OF the
aesys eHd ~PrOvn ssr on sSch fa
i ins de SHisg WHICH paying dividends
small margin Of profit would only tend to delay:
half Of the fiscal year is usually the most re-
munerative. and it is not, in the present condition
.,
plus earnings will be maintained which would ma
terially increase the present surplus. while the
possibility or It's pelng encrodCnSu upon mus pe
guarded against by keeping 1t within reach in case
of need
WORK OF PASSENGER MEN NOT ENDED.
The Joint Committee Of the Trunk Line and Cen
trail Traffic associations passenger Department.
reassembled yesterday consider the report of It's
subcommittee the agreement being dis,
cussed for the regulation Of passenger rates and
the fair distribution of business Only ABOUT TWO.
thirds Of the agreement was gone over. ana no
definite decision was reached. Another meeting Will
be held to-day.
ENGLISH HOLDERS OF ATCH1SON MEET.
London Jan 1.-THE meeting of the holders Of
securities of the Atchison, Topeka and Santa Fe
Railroad Company called for to-day was largely
attended. A resolution was adopted III ltVor 81 w
appointment of committee 10 cooperate WIN an
American committee for the protection OF the bond
holders.
GENERAL FREIGHT PROBLEMS ADJUSTED.
Chicago Jan. 1.-THE General Freight Com
mittee of the Central Traffic Association finished
I'D the business of its bi-monthly meeting here to-
day and adjourned Cotton-seed hulls, in car lots
Of not less than 2iOOO pounds added to the
list of articles defined grain products. The COM
mittee refused to authorize the application Of pig
iron rates shipments of iron ore from ONO River
points. 1T decided that all commodity rates
In the territory of the association should be abro
gated April so next unless prior that date they
are submitted and reauthorized by the asso-
citation. Carload shipments of iron and steel that
have been used in the construction of Worlds
Fair buildings will be charged for at the rate of
fifthclass The application OF third-cass rates on
ton territory was authorized. 1t decided that
the date for the taking effect Of the scale basis
of class rates should be postponed from March
TO May J.