Evening journal., 1910-01-14

If some OF the minority stockholders
are going to make trouble if the finan-
cial ''melon" is not cut and the net
earnings are not distributed in divi-
dends annually. 1t is contended that
the Delaware Railroad has earned
more than twenty per cent. in year,
yet the dividends to stockholders have
never been in excess Of eight per cent.
Great Money Maker.
At the meeting yesterday the minority
stockholders admitted that the Delaware
railroad was the greatest paying PROPOSE
ton in the world Of railroading, that IL
gives a million dollars to the Pennsyl-
vania's "Proht and Loss account and that
It had enough IN two funds, Sinking Funds
Nos. and to pay its nine hundred
thousa nd dollar bonded Indebtedness.
though not due until 1912. The net income
for the past year was 1890, ,S31 81, which
yielded another Surplus accumulation
of s25l, ,s5ssi, while all the minority stock
holders get is semi-annual dividend OF
four per centum.
Occasionally during the heckling yester-
day President Green would refuse to an
swer a question containing a charge or ac-
cusation. For instance when Mr. Fearon
would start OF by saying II am inform
ed" or IT am told" each time, Presi-
dent Green would interpose an objection
to answering gossip or outside talk, but
would only entertain questions embody-
ing facts as ascertained by the stockhold-
er himself OF known to the stockholder.
Finally, becoming apparently eXasper-
ated at some Of the questions, President
Green said tartly:
Does anybody in the room believe for a
moment that he is being robbed Of his
rights or his money!
The auestioners sat down.
'And as for the directors OF the Della
ware Railroad, I am sure they are men
VII, know their business; they are ex-
ampiary and conscientious men in every
particular, as good as 1 have ever been
associated with"
To this statement a number OF stock
holders took exception after the meeting
and eclared that the board Of directors
as elected from a printed ticket taken to
Dover by the Pennsylvania people. were.
as a rule, men who knew little about tht
details of operations Of railroads or the
earnings Of the Delaware road.
"only three OF these directors" said Mr..
Haehnlen," own stock of any amount IN
tho Delaware railroad. Outside OF the
three directors. the twelve others do not
own 100 shares OF the stock at %. One only
owns six shares"
President Green, in explaining the large
net earnings Of the Delaware railroad this
year-which seemed to amaze some Of the
stockholders who were prepared 10 see a
gloomy report. declared that
The extraordinary expense for the year
was but s6OS.4i, covering payments for
right Of way and some small freight Ia
cnities." and in further explanation of this
President Green entered into statement
OF how the big railroad companies OF the
country treat panics. "When a panic
broke out, similar to that OF 1905" he
explained, 'the railroads at once began
retrenchment. Everything contemplated
in the way Of building extension, double
tracking or similar Improvements, not yet
begun. were temporarily abandoned"
Captain Green added;
And we thus guard the expenses rigidly
for from two to four years after the panic
\ The panic OF 1908. however, while dlsas.
trous enough during its stay. has shown
a remarkably sudden DISAPPEARANCE and
the whole country las shown o remark
ably quick recovery. so that this year
comes to us with most promising indica,
tons"