New-York tribune., 1899-06-21
THE FEDERAL STEEL INJUNCTION.
AUTHORITIES OF THE COMPANY NOT DIS
TURBED-PRESIDENT GARYS
GTATENE-NT

The authorities Of the Federal Steel Company are
disposed to attach much importance to the In
junction granted on Monday at Camden y j., on
petition OF Walter B. Kern. preferred stock
holder. temporarily restraining the payment by the
company Of the u. per cent dividend recently de-
clared on the common stock by the Board ot u
rectors President Gary yesterday Issued the io'-
lowing statement regarding the matter
Tho first information received by the officers Of
the Federal Steel Company that any one oo)ected
the payment Of dividends on the fofnIilSSn IN
FAR as know vas contained I IN tLe baG az a
OF notice that some one in New-Jersey nau .ieI a a
bill for injunction II Is prooaole 'hG oiIi ., The
by some one ignorant OF the facs inquiry % ~ S.s
officers Of the company would have beeh het "..A ~,
disposition 70 supply any proper mnanv aau which is
legal notice to and binding upon all the stoeKhoo
III after providing for the payment OF full div
idends FOR any fiscal year on the preferred STOCK
there shall remain any surplus ne. Pats ~ ~ sucb
year any and all such surplus net prEH's o oI tha
year shall be applicable 70 DIVIDENDS upon ne ne
common stock when and as RON ,e nf 8rectors
The dividends already declared In favor OF tne
Federal Steel COMPANY by its on its
pan!es. together with accumuatSed- S "a -,a From
surplus amount TO upward or " o o. I'm -
this fund the company paid Aprl s. ~ sG,ock
amounting 10 s79s s5 and from this fund the boaru
OF Directors on June l6 1899 declared stock
mounting 10 s-esl5 and also aside as special
fynd r The M mt Of aI6s sng year of Ia per
each or the preferred stock SlosSS' ana ~ aIso ue-
cared a dividend OF IA per cent OH tAe 'O'''
Tbe resolution unanimously adopted by the Board
OF Directors j. as follows: 100000 -. o,d
Resolved That from the fund created oy "a hnG q
from he dividends declared upon the capt. a. sOh O
tho Minnesota Iron Company. the limos Steel IN
nenv the Lorain Steel Company and the Elgn' Jouet
and Eastern Railway Company, held ana 0"neu , -
this company together with accumulated IIte est
~ thia comDany. there be set aside ana helu the
sum Of one million five hundred and nlnet
tboussnd eight hundred and thirty SlSs', ,SD) do,-
lars as a special fund for the payment OF Glsi- M
dend OF one and one-half Q12) per cent on tIle ps
ferred capital stock Of this company allosS1ns ~,
80 esven hundred and ninety-eght thousand nine
her le99 and a further dividend or one ana on
half Qi5l per cent on the preferred Captal sloSH
~ this company amounting TO seven huhui eu aI
ninety-eight thousand nine hundred ahd nltee. zen
,7as eis1 dollars payable in January. 1900. and ihat
such fund be used for the payment OF sucn ui'l-
dends and for no other purpose 80, f., a.,
Resoiyed Further that from said tund HFst
above named. there be paid quarttrly elTr $1,000 ID
capital stock OF this COMPANY 'hls ua' ~ w ~
cIared and payable July 9) 1893 . 49,, A..
Resolved further. That from the said rune, nrst M
bove named. there De paid the diEluenu =. az az
clared upon the common capital STOCK OF 'his coin-
pany. payable July 70 1879
Mr. Kern in his petition says that there mas oeen
- 90 95q zoo ~ the preferred stock and fbfsiS"
OF the common stock .u
T, wss runored in Wall Street yesterday that 'he
,r,,nc,,on suit had been instigated by prominent
49, o,erator Whether or not this De the lao'
t,ad-aI steel lost little ground yesterday IN the
s.,cL r,arket II opened at 5si7 two and a hali
,-.s ,,,der Mondays close. but subsequently raj
lied n aOi9 and closed at 5s7s. net decnne ioi '
5a, % ouiv cent.