New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-20
CLAMOR FOR DIVIDEND.
BUT LEHIGH PASSES.
Stockholders ICcuSe ThOmas-RO0d
Not Worth Stealing, He Says.

Philadelphia, Jan. 19-Stockholders of the Le-
high Valley Railway Company for three hours
to-day. at the annual meeting, clamored Tor
dividend. Numerous speeches were made IN
which the policy Of the administration was
questioned. and intimations were thrown out Oh
Interior motives the part of the officers and
directors in failing to declare dividend when
the profits for the year appeared 10 warrant
such action.
The adoption of the annual report or the
president and directors was strongly opposed
because OF n clause authorizing a general con-
solidation mortgage, securing bonds to the
amount OF $500 0O00OO Fhe same clause also
provides that prior mortgages shall not be ex-
tended at maturity. but 20 be replaced by
the general mortgage.
Z. T. stotesbury. of this city. called for
stock vote on the adoption Of the report. which
demand met with disapproval from the minor
ity 1t said that the proxies were TO be
voted only for the directors. and could not be
used in the adoption Of the report. President
Thomas. who was in the chair. ruled against
the minority and the report voted on
simultaneously with the directors The count
showed 45T .T67 shares IN favor of the report
and 1.I1l against The old board OF directors
was reelected.
The directors room I'm the railroad company's
building was not large enough to accommodate
the stockholders who were in attendance and
the meeting was held IN Musical Fund Hall
The Rev. William McGIathery. Of this city
strongly opposed the adoption Of the annual
report because Of the mortgage clause. He
claimed the right OF the shareholders to take
up the ccnv vertibIe bonds. this being the only
means Of preventing outside interests from gain
ing control of the property.
Michael Morris. Of Pittston. wanted to know
why more than 5oO0O0O of the assets of the
coal company were paid for coal leases. Presi-
dent Thomas said that the leases were made
years ago and constituted an obligation which
the company must meet The administration
had no power he said. TO change the conditions,
except by abandoning the leases.
Many Of the statements and charges were
made by the various stockholders. including the
imputation that it has been the idea of the
management Of the company 70 prevent the
ayment of a dividend long possible. In
a statement 10 the shareholders. President
Thomas assumed entire responsibility for the
mortgage clause. saying that he had acted in
the interest OF the stockholders He said:
deny that the purpose was to perpetuate con cor
troll of the road The property IS not so valuable
The board and myself unwilling rest under
the mputnucn that we are trying TO destr9X ~, the
property or give II into the control or others h
faults, the statement that we are en-
the Lehigh Valley Company is unqualihedly fa.Se.
will be the first to oppose any sacrifice OF the
cOmpany's interests.
A resolution urging the incoming board Of
directors to resume the payment Of dividends
was adopted Another resolution demanding the
was not pressed, President Thomas stating that
1t not within the province of the stockhold-
to declare q dividend.
The company has not declared a dlVldehd lor
eleven years.