New-York tribune., 1906-04-04
WELLS. FARGO PROFITS
Stockholders Plan to Get Higher
DilideRds.

movement is under way. it developed yester-
DAY 10 secure for the stockholders OF Wells Fargo
d Co, the express company, material increase in
me dividend return upon their holdings The cor
poration. which has s. OC0.000 capital stock upon
which per cent yearly dividends arc now paid, Is
controlled by Hartman interests.
The opposition 10 Mr.. Harriman's policy is led
by the Stock Exchange house Of W. {. Stokes &
Co. who recently sent circular letters TO all of
the stockholders asking for their proxies for use
at the annual meeting in August. when effort
VIII be made 10 elect board of directors favoriug
the payment OF more liberal dividends than have
heretofore been declared. 1t is understood that
sufficient amount of proxies have been received to
insure the success Of the movement
It is alleged by the dissatisfied stockholders that
surplus Of about $4,000 900 has been accumulated
that this amount is more than is required by the
business of the company. The stock holders think
that part Of this surplus should be distributed in
dividends The allegation is made that T. Fl Harri-
man. the controlling factor Of the COMPANY has
heretofore been in favor OF maintaining the sur
plus as large as possible. with the object Of
enabling his railroads 10 borrow freely from the
funds Of Wells. Fargo Co. The assertion is made
by the revolving stockholders that Mr. Hartman
was the only one who able TO negotiate loans
out Of this surplus
II is set forth in the circular which has been
sent 10 the stockholders that for years the earn
inss of the company have been so large as IN war
I'm o the payment Of an annual dividend of at least
The circular closes with the statement that il is
the desire OF the stockholders to have 100 per cent
scrip dividend declared the annual meeting OF
the company. 'e u
The The qttiesrs Of Wells, Fargo & Co. are as fol
lows Dudley Evans, president Hosner B Par
sons, secretary Homer s King. treasurer Di-
rrsctors' Dudley Evans, Henry E. Huntington.
george Z. Gray, Homer 5. King, Z. r. Hartman
Ioh4 j. McCook. William V S, Thorne. Frederick
u nderWood, ". 7. Van Brunt. Julius KrItt-
schnitt. ". T. Herrin and William D. Cornisf
The southern Pacific Company is the largest sin
gle stockholder of Wells. Fargo & Co owning 5al
shares The next largest block one of 200 shares
ned Dy interests friendly TO the proposed increase
OF dividends. Mr- Hartman. II is said is the
noder OF only ten shares of the stock
Mr. Stokes declined yesterday 10 give out comics
oI The circular. and was apparently disturbed al
the publicity which had been given to the move
ment begun by his firm.
j don like 10 any notoretv" he said
and the only thing there is to this rlovenen+ IS
mat many of the stockholders Of that company
oeneVe thar the earnings of the company Will per
NM larger dividend I believe that when il is
SHOWN that great number Of the stockholders be
the dividend rate"
An associate OF Mr.. Stokes said yesterday that
AdT- Hartman and Mr.. Stokes were personal
friends and that break had been caused in their
cordial relations by the effort OF Mr. Stokes 10
nave the Wells, Fargo dividend rate increased ".
: stokes q Co. he added. were large stockholders
iu Wells Fargo q Co.