New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-12-21
RAILROAD INTERESTS.
VANDERBILT OFFICIALS MEET.
DIVIDENDS DECLARED ON STOCKS OF THE
VARIOUS COMPANIES.


VARIOUS COMPANIES.
There were several Board meetings AT the vi ON,
Central Station yesterday. The directors Oh 'ne
various Western Vanderbilt lines heio their u'ee,
ines and there was large attendance OF railway
oN7cia1s The Lake Shore and Michigan southern
the Michigan Central. the Lake Erie ana WESTERN
the Canada Southern and the New-fork' NHicdso
and St Louis railroads all held thelr directors
meetings The regular semi annual olNluehus On
the stocks of all these companies were declared
The payments are 31z per cent on the Lake eHole
stock 2 per cent on the Michigan Central shares
per cent On the preferred shares of the Lake Erie
and Western and 1 per cent on the STOCK vi 'ne
Canada Southern Railroad.
At the meeting of the directors of the Lake Shore
Railroad the fact was disclosed that all OF the
Vanderbilt holdings of Lake Erie ana western
Railroad stock had been transferred to the treas
ury OF the Lake Shore. About a year ago W. n
Vanderbilt as trustee bought $500 shares OF the
common and $500 shares of the preferred STOCK OF
the Lake Erie and Western. This purchase secured
control of the property Mr.. Vanderbilt appor-
toned onehalf of this stock to the New-York Cen
trail and the other half to the Lake Shore out
placed the acquired road under the direct manage
ment of the Lake Shore officers.
few days ago the Lake Erie and western
shares held by the New York Central were trans
ferred to the Lake Shore Railroad, and the full
amount of the purchase money becomes an oblisa-
ton OF the last named corporation In reality TINS
is merely a matter of bookkeeping, inasmuch as
the New York Central owns the Lake Shore On
the books Of the Lake Shore company the fact ap-
pears that llS7O0 shares of the Lake Erie and
Western common and preferred stock have been
purchased at an aggregate cost of SR,s42OO. or
this amount $4,000 has been from the surplus
earnings of this and preceding years, leaving $780,
900 to be paid in the future An officer of the Lake
Shore road said that the company would be able to
pay off large share of this debt out of the earn
1nSS Tor the coming year. SnOulO SpeSuleT pay
ment be deemed advisable the Lake Shore has IN
its treasury about S500000 of its own unissued Sa
per bonds, which not likely to be required
for any particular purpose.
The financial statement submitted by the Lake
ton The gross earnings for the year 1900 mo
vember and December partly estimated) were s26-
year The net earnings for 1900 placed at
S, 1884, o0 increase over the previous year of
35l 1So An interesting fact that does not appear
on the oftcial statement is that SS,OOOOD was
charged off for betterments out of the gross
ings before the net earnings were computed. After
paying all dividends q per cent for the year,,
rentals, etc, the company has cash surplus Of
l,345 The net earnings of the Lake Shore last
year exceeded IS per cent.
In the last year the Lake Shore company bought
2,24 shares Of the common stock of the Ceve-
md. Cincinnati, Chicago and st. Louis Railroad,
thereby becoming part owner with the New York
Central of the Big Four system
The directors Of the Lake Erie and Western
Railroad heard verbal report from President w.
II Newman or the results Of the operation of the
property since the Vanderbilts took control. Mr..
Newman explained that he had expended a goodly
proportion OF the gross earnings OF the road in
permanent betterments statement of Lake Erie
ana western earnings for the year ended December
81 1900 shows an increase of $46 $50 gross and 500
Az net dividend of per cent the preferred
STOCK was declared, payable January 10. After
paying this dividend surplus of S262 900 remains.
H Newman president and Charles F. Cox vice
president secretary and treasurer.