The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-04-12
DELAWARE AND HUDSON.
WHT SOME OF THE MANAGERS WISE a
DITIsIoN or a FART or TINE SURPLUS

4 icy o. Nhe NN~hNHN - ErtNNoWN AAnueh ~
stoeh-Ths Csussst Eer CostroI May n,
E1siuns-Ceh Css-o. says tbs Esh.neee
vsiue or Coal Lsas. Mere Thar Oa.et-
| Depreciation FROM MIni-e Opsratioss
| Interest In the contest for the control OF the
| Delaware and Hudson Canal Company IL
growing daily. The circular sent out By the
| minority OF the Board Of Managers was favor
| ably received, because OF It's clear statement
Of the reasons for an appeal 20 the stock hold.
ers for their support
The circular gives the history Of the previous
issues Of stock aud the arguments In favor Of
| a division OF . part OF the present surplus in
connection with the forthcoming issue In the
following words:
The records OF your company chow that It's
capital stock was increased from time to time.
as follows: In 1S45. by 10. go shares at as per
cent. in 184S BY 81 .b60 shares at par; in
1850. by 5000 shares. as a stock dividend: In
1866. By 1900 shares at par; in 1854 by
20. 600 shares. as . stock dividend; In 1863 By
$4,000 shares at 90 per cent In 1873. by
1000 shares at par: in 1888. by 30. 900 shares
at par; In 1885. By 10000 shares at par; In
1880. by $4,000 shares at 75 per cent.
THAT II has been the practice aud settled
policy Of your company. whenever the capital
stock has been increased. to distribute such
aysr the acoumulatsJ .nrnlns a.rn,rg.
,an,od I, .i,hsr 90 dscI.,. a s,oot d,vii.rJ -
to issua The inc,easa ~ a ,sta hsIov No. va,..
ing from 20 to 40 per cent 1t further appears
that 10 handed dsbt ma n matpred Vas n.id
of by the proceeds OF stock issues as above
Indicated Tba ,vI.Jorn q, thts noiIov "a ,,,,,,,
vindicated By the great success and high credit
OF the company.
particular at,ention IA calIed IN thu ,aottha.
Uhap the al 400 900 of honda m atu rIr :, an Isun
xsra naid OF ana tho stock was allo,tad 20 IN.
sb.rsboIdars Mt "a mar cent the dIyidepd fund
amounted To So u 555 and wa. tbarabv re-
ducsd Inv 81 aa7 200 sincs which time an.
amount has not onlv basn rscovsrss hut The
,und now .mounts 10 AZ oDI sas 10 Ia,gsIv a.
cash and in good securities ouIcklv corysrt,bls
into cash, II ia behaved that this IA far In or.
ce.s Of the rsouiremant. of ,ba oomnanv ,or
uorkipy anitaI and resarva fund and that -.
portion Of the sum should in iustic. ae hare.
totors be dlvidsd anon o tba atoct holJors
In vIsw of the fact that tbis will be Tho only
onnortun,tv untII 1917 for On. d,s,rihu,Ion .,
surnlus mon the retirament of honds ana
that ~ the amount thus disposed Of .bould ba
% mar cent or al o7y 600 on tbs s,ock 10 ia
.na,,.s - az. .ns.oho,Ssr. =, Iii, 49,.
n hsorh ,e.s On |, tha n at .arninu. sor Tho n,st
year. 1t Is dimeult to perceive upon what Just
ground the Board Of Managers should depart
from the established policy OF tho company.
ana withhold from the stockhoiders TO whom
the entire property belongs Q fair dividend to
Ia IN an from IN. surniua and crsdi,ad unon
their subscriptions to the stock allotted to
81, :, ,,. ,.,, >, "a, 81.
~, Sus ,al W ~. '.a, ,oui p.esent man
And hence the question IA rsferred 10 you Tor |
: .',hs,,,at,',s .snrass,au -, 80 ~ -,
Tho n undersigned member, Of tn. Board ' Of
Managers Of the Delaware and Hudson Canal |
Company will use the proIIes Forwarded 20
IN the sth day Of May next in favor Of an in.
'rsase of the capital stock of the company By
'o.Uoo shares 'sooVo.ooo' TO pay on the bonds
nh. ,On, d,r..,ors rho .,an - ~ .,.,
~. a VIZ e'Sn .is e.,euiar
epies S ABOUT nve times more stock than is
'e'her Col lie Grand b. Cannon is understood
,onds Of the company, but no has hitherto re-
80 90 a-nr... To- rnh,,..,, o, 80 ,na,,,S
Ial opinion OF the merits OF the controversy.
asst night. however. he consented, in view OF
ut. to explain some features Of the Situation ton
ected. 'H Col a Cannon said '' ''''i' Os'n IL
len. h II. Bristow r. s. Grant and Johnston |
Twin Rston Is brief but Act record from the |
oofs and reports OF the COMPANY OF the
mount aud condition Of the surplus. and OF
he uniform policy which has governed suc- |
es.ive manaSements for a psriod of aity
ears.
Ny position has been so utterly misrepre-
ented in certain articles In the bubble press |
harging that IL is a controversy Tor Personal
ontrol Of the Board and fayoring an Issue OF
toeE as dividend. without any eouiyaIent OF
ioney or property for the issue-in effect,
Istering the stock-that feel con strained to
eny such charges In every particular
" II is beyond denial that the company DOS
ass over 5000 900 OF surplus testimatInp
q 900 900 premiums on the security held by
le com panyL and OF that amount 81 200 900
.ands on the books aud appears In the last
sport to the credit OF the dividend fund an
mount far in excess Of the company rs- I
uirements as . working capital And this sur :
ms has besn tho cumulation Of wears
J" The Board OF Managers at its Februarx | {
Getting decided 10 fayorably recommend 10 !
10 stock holders the passage Of an Ordinances |
lcreasing the capital stock SIS. 600. 900 and to
Az off an eouiyaient amount OF honda dnS |
81. neSt. A' " Donu' uas
!" The Board OF Managers. at their March l
Getting consIdered a motion to appropriata
30 600 OF the amount TO the credit Of tbe | I