The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-23
ASA PACKERS UNIVERSITY
TEE INSTITUTION BE ENDOWED
FINANCIALLY CRIPPLED.

Isaac n. Soils rntiunntes that the Trustees or
the Packer Estate Are Responsible Tor the
financial Troubles or the Lehigh Uni
vcrsity and the Lehish valley Railroad.
PHILADELPHIA, July 22.-Isaac n. Soils Of
this city who Is identified with a brokerage
house which has been consistently attacking
the close corporation family management of
tho Lehigh Valley Railroad whilo Mr..
Wilbur wat President, for q number
Of years past, and asserting that tho
management was totally incompetent and
wholly responsible during the last three years
for the lack OF dividends on the stock Of the COM
pany, has written a long and interesting letter
to Gov. Hastings, urging him not to sign the
bill now before him appropriating $2oo,oo0 for
the relief OF LehiRh University.
81 beg to advise you" he writes. that under
the circumstances 1t would DO far better for tho
said university to now close its doors than to
put 1t upon tho payroll of the State, not only
for this year, but forever"
This. and much of the matter which follows,
seems to be meant to DO q clear intimation
that the present troubles Of tho Lehigh
Valley Railroad are not confined to its
general stockholders and tho Lehigh Uni
vcrsity, but that the Asa Packer estate
has been seriously crippled. and that 1t may
never DO able to again carry on the work Of tho
uilNcioiey III hccJ luO OtuCT OuilButlOnb
which Mr.. Packer intended that II should. He
says:
when Asa Packer died, he we'll endowed
this institution. 1t is true that the principal
sum from which II, among others, received in
come was derived from dividends on LehighV Val
ley stock. 1t Is true that this company has been
Off the dividend list for a period OF about three
years. 1t is true that since Asa Packer died the
stock has sold over 60. recently about 20, and
now quoted about 81. 1t is true that the Packer
Of this 'I stock. but it is equally GV'i true that
they hypothetical this stock Tor large amounts
50, 1000, 600 on it, and that this amount had been
borrowed upon the stock for a long period OF
n 1me ip %ppm wn' Wbs she ,S Ss's stec wa" soi GSSm nponea 20 70
probably less than 8 100000. although the
have left three to six million dollars equity.
1T is admitted that when recently the stock
were compelled to seek the aid Of J. Pierpont
S|PtlSSn !. sp Pc nI5, ! s bIics q e So shs! g I snd t y% !
election upon the balance Of their holdings. This
shows the necessities of the Packer estate, whose
assets. l believe. were at one time 9 100000.
should explain SpIs FULLY ali the IL facts s"s and cirsSm'
Packer estate to-day. what It's future chance is
OF being enabled next year to continue, the uni.
y yoT'i may be hs sBl Should to iad is,, s as 10 TIVE %h iTu you SO d iaas
In the matter should be. You should know what
equity remains in that estate, and what share
of the principal sum at interest the university
will hereafter receive.
"In my opinion the decline in Lehigh Valley
stock and the company's suspension of divi.
dends were not due TO the general depression.
The Pennsylvania Railroad Company and other
well.managed corporations, and all the leading
coal roads, continued their dividends during the
same period.
"In other words. had the trustees Of Asa
Packers estate divorced themselves. as they
should have done. from the management Of thu
corporation the Lehigh Valley would be on the
dividend list to-day. the stock would sell in the
Cos, and the Packer estate would be well able
to take care OF the hospital. college, and Other
beneflciaries endowed by Asa Packer.
Let them put their hands into their owl
pockets. which remain well lined, and use somt
OF their own means for sweet charity. after the
example of the good Asa Packer"