New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-15
JAR D. & Fl. MANAGERS.
CRITICISE
En-Judge Co1oing Thinks Road
Erred IN Buying Certain Property.


ment was made ar the stockholders annual meet
ing yesterday by attorneys for some of the stock
holders. spirited discussion was precipitated in
which several OF the officers OF the company re-
piled the structures passed upon the manage
ment. Frederick Cromwell and A. f. Orr retired
from the board OF gers and ]. Rogers Max
well and Frank Z Smith. the latter of the law firm
OF Smith. Conway Weed, Of this city and Platts-
burg. elected to succeed them William 5.
Opdyke who resigned few weeks ago TO make
place for President Loree on the board. was again
elected a manager The other members Of the
board reelected.
The controversy arose over motion to ratify
the acts Of the management in the conduct of the
business Of the company in the calendar year 1906
a motion which was finally adopted The principal
spokesman for the dissatisfied stockholders was
ex-Judge Runs B. COwing. who appeared as the
representative of the Stock Exchange firm of
Waterman. Anthony & Co, owners OF 900 shares OF
stock of the company.
Judge CoWing in beginning his remarks. said he
thought it time that shareholders in corpora
tons paying some attention 10 their own in
instead OF turning their proxies over TO the
management Of the corporations as matter OF
course and giving themselves concern about the
conduct OF the business.
Turning to the affairs of the Delaware Hudson
company he attacked first the purchase by the
company Of the control OF the Hudson Valley Rail
way Company which the Delaware & Hudson had
acquired through the United Traction Company OF
Albany, which in turn had bought II through the
Northern New York Development Company 100
shares Of the capital stock of which latter corpora
ton owned by the Delaware & Hudson COM
pany.
PAID s5,ooooOo FOR s1,6OoOoo ROAD.
The Delaware & Hudson's management he said,
admitted paying s.. 1000 simply for control Of the
Hudson Valley Company although its value had
been estimated by competent authority at only ST.
100000. The Hudson Valley road, he said. not
a feeder of the Delaware & Hudson, but a drain
upon it. Judge Cowing also criticised the purchase
Of the United Traction Company. which cost 81
100000 and the expenditure Of 100000 for coal
lands. In all the Delaware & Hudson had spent in
the last three years s31 100000 1872 100000 for
securities which not quick assets, and he
asked FOR specific information regarding the trans
Judge Cowing also commented adversely on the
recent increase in the dividend rate from to
earnings did not justify the higher rate The Della
ware q bs,eTh Fo4b, nov G.uer Hudson he
thought, would be serious competitor Of the Della
cfsnga' boyIss Of = = Entfon & Co owners Of
Sage no of 81 70 HUDSON stock and large
bonds convertibie into Delaware & Hudson stock
200. made some inquiries on the same line as
that pursued by Judge Cowing.
that the purchase Of the traction lines had been
due to the necessities Of the situation The pea.
New York Central. the New Haven and other
TeIIed 70 acquire traction properties in order to
avert serious competition in freight and passenger
The company might have made mistake in ac-
quiring the Hudson Valley road, but that remained
10 be seen. The probability was that the traction
that Certain interests stood ready to
take some Of those properties off the hands of the
Delaware & Hudson at cost If the management
vas disncIined 10 give out detailed information
about the purchase OF the Hudson Valley road. IN
timatng that the transaction had not been entlrey
completed.
LOREE THINKS COAL LANDS ALL RIGHT.
AS 10 the expenditure for coal lands south OF
Wilkes Barre President Loree said il was neces-
sary and wise action The company was at present
getting no return from this expenditure but ne
believed that within the next year 1 ana has t pc
BY the earnings OF the company , - Q
Replying TO the assertion that the Delaware &
Eastern would prove important competitor OF
the Delaware < Hudson. which would be obliged
ttion. President Ioree said that believed that
the Delaware Eastern would never be nullt, ne
added that he had ne; yet formed definite opinion
as to how much money the company would need
to raise IN the way of additional capital, but SAID
that al a subsequent IneeLne o. "a - fyi saT
the coTnPanys requTarl would pc IuLy 81 sTC
1!eorge / WILDER of Oneonta y y. a member OF
the board of managers. said he believed that the
Delaware & Eastern being built 10 be sold
son he thought was justified in buying the Hudson
Valley road. which, had it rsHatned under inde-
from the Delaware d Hudson Mr.. WILDER also SAID
he thought the Delaware & Hudson owned more
anthracite coal underground than did the LacKa-
wanna ,.+ 81, a++.ok an the management
might be made at the annual meeting nagS peef Zen
current in Wall Street for me last o. me me
soor Of the Stock Exchange yesterday morning
there was a tip that Delaware & Hudson could
safely be sold short for decline OF lhlrty po's'
Its net loss for the day was 2as points
DELAWARE & EASTERN NOT TO BE SOLD.
F. F. Soaring president Of the Delaware & East
ern Railway Company. when told OF the opinion
expressed by President Loree Of the Delaware Dc
Hudson that the Delaware & Eastern would never
be COMPLETED, and of the assertion or another
speaker that that road was being built to sell 6alo
road could buy the Delaware * Eastern
THE Delaware & Eastern Railroad is ALREADY
built and in operation as d line nifty miles IN
length, crossing the Ontario q Western ana inc
leased 10 the Schenectady q Margaretville Rail
road Company. the line Of which Is 10 extend IRON
scnenectady and to-day the Schenectady d Mar
earetville and the Hancock & East Branch ran
road COMPANY weTs merged as 'ie De'0"@'
'aThe Hancock & East Branch road IS 70 De inc
en- 10 VTilkes-Barre Work on that line and on the
lie line between wilkes Barre and Schenectady will
certainly be competed proPlding I pto iJ5
Maine al Schenectady The present DelaWaTe ~
Eastern road is able TO pay ts way from us local
= having proposition if il had local traffic.
when the line is finished II will cross every rail
traverse a district for the most part remote from
the line of the Delaware & Hudson, and not hither-
Efforts wer made TO prevent the granting OF
charters Albany for the two extensions, but our
opponents unable 10 bring forward a single
resident along the 157 miles Of wle OBJ
$500 70 tbe building Of he line The Delaware &
Hudson is suffering from a freight congestion. and
needs twice the facilities which il has There is
plenty Of room for profitable operation OF our line
,re and Eastern interests had had knowledge OF
the charges 10 be brought against the Delaware &
Hudson management al the annual meeting OF the
letter companys stockholders.