Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-05-06

taining-A Careful Inquiry Into tho De-
tails of Management shows That 1t is
Careful and Competent in Every Respect.
The annual meeting of the stock
holders of the W. & N. Railroad Co. at
Birdsboro Monday developed the fact
that there is an active and determined
minority opposition to the present ad-
ministration of the company.
W. W. Kurtz of Philadelphia leads
the opposition and he made his presence
felt early in the meeting.
The Wilmington officials of the road
arrived at Birdsboro in special train
at II. % O'clock and the Philadelphis
stockholders arrived over the Philadel-
phia & Reading and Pennsylvania roads.
The meeting organized with William
s. Connor as chairman and Il. B.
Shurter as secretary. The first busi-
seven directors for the ensuing year.
While the judges of eisotion were
counting the votes for directors, the
president of the board of directors, Col.
Henry A. du Pont, offered the yearly
report, printed copies Of which had
been distributed among the stock
printed on the second page of this issue.
The reading Of the report was dispensed
with and Mr.. Kurtz then took the floor
and began asking a series.of questions
of Col. du Pont. He first desired to
know whether the sum OF s93, sos. 81,
stated in the general balance sheet as
due from station agents, was a good
asset, and whether it was collectible
item.
Col. du Pont replied that the sum
included about S32, 600 Of earnings for
the month of December, the balance
sheet having been made up on the 31st
aud the earnings for that money had
not been turned over. He thought the
sum stated was good and collectible
asset.
Mr.. Kurtz also inquired about the
SIT, 944.6l represented by bills receiv-
able and the S73, 949. SO accounts receiv-
able. He stated that the object of his
inquiries was to ascertain if the assets
are sufficient to pay the entire indebted.
ness. Col. du Pont replied that they
were, leaving out the Wilmington &
New Jersey Ferry Co. stock and the
West Chester Elsctric Railway Co.
stock.
Mr.. Kurtz continuing, said: sin
your balance sheet 81, sol, 3l7 is placed
in the debit column opposite the main
| line; is that within The limits of the
value or is it excessiveY'' st'a,
Col. du Pont-''I do not think it ex-
cessiye. We have 70 miles OF main line
and taking into consideration the
bridges and grades think $40, 600 per
! milo fair valuation" 1lA
Mr.. Kurtz - "Are the different
branches considered worth what they
are charged?"
Col. du Pont--" That's what they
cost. They are worth that amount.
Every one of them pays"
Mr.. Kurtz--'is the real estate of
the company worth slol, 900, the amount
charged?"
Col. du Pont-"It is to the COM
pany. "
Mr.. Kurtz-"Then / think this ia a
very satisfactory statement, and think
it reflects great credit on the directors.
1t confirms absolutely the fact that
there is to The credit of profit and loss
the sum of S734, 600. / desire to ask
the stockholders if they have modified
their views of the suggestion made a
year ago of distributing this surplus to
the stockholders. "
Col. du Pont-"This ST34, 600 don I
strike me as being surplus. If 1t
were money in the treasury ii would be
different matter. 1t merely repre-
sents certain credits. Had that sum
, been distributed last year in order to
have the amount, it would have had to
have. been borrowed, and there would
have appeared certificates of indebted
ness to offset the amount"
Mr.. Kurtz-"I do not object to this
accumulation as made by the directors,
but / desire to know il we are not now
with this surplus accumulated, willing
to make come recognition of the stock.
| holders.
Col. d.u Pont -"This money has been
| paid out in increasing the value of the
plant, thus increasing the earning
| power. Whatever money is SO invested
| increases the value OF the stock and
the stockholders are thereby benefited.
l will be frank with you. I don't
| think it wise or prudent to nay a
dividend. The =. & o. and the Read
| ing railroads were both wrecked by de-
clariug dividends ON borrowed money. -
Mr.. Kurtz-" Because the B. & o.
and Reading roads were wrecked for
| declaring "a dividend when nope was
earned does not apply to this company.
The time has come when some portion
of the surplus should be distributed
among the stockholders, either in money
or bonds. A year ago made such a
motion, but it was voted down. The
| surplus represents 500 share alone
What is 1T that prevents stock from
bringing SIT share9 Let us consider
| this matter in friendly spirit. Ten
days ago had determined not TO make
a fight for minority representation en-
| The board Of directors, hut was induced
to change my position by friends.
There is not a railroad ID the country
OF equal mileage that can show, a sur
plus equal to the bonded indebtedness.
Why is it that the directors refuse to
make some recognition of the stock
holdersY ls it apprehension for the
| future2 Mr.. Chairman, will not
consume any more time, because l see
| the president and directors are re-.
luctant to answer such questions.
know the resolution which am about
| to offer will be voted down, but all the
same / will offer it. Mr.. Secretary, if
you will take it down now offer this
resolutions:
Whereas, There is to the credit of
| the profit and loss accouat the sum of
S734, 600. being the net earnings of the
years that are past; be it
Resolved, That the board of di-
| rectors be instructed and directed to