Evening journal., 1910-01-13
DELAWARE
R. R. MEETS
Stockholders Ask Some Per-
tinent Questions at Session
in Dover
THAT STOCK ISSUE
UNDER DISCUSSION
Special to THE EVENING JOURNAL.

Special to THE EVENING JOURNAL.
DOVER, Del, Jan. Stockholders
Of the Delaware Railroad Company
held their annual meeting here to-day.
The demand of the minority stockhold-
ers for a one hundred per cent. stock
dividend and greater cash dividends
from the net earnings did not come
formally before the meeting to-day,
nor did the proposition from the rail-
road directors for a seventy per cent.
stock dividend and a twenty per cent.
cash dividend. contingent on certain
conditions. Nevertheless there was an
interesting session, and Captain John
p. Green, president OF the Delaware
Railroad. was made the target for
many questions put TO him by stock
holders.
George " Massey. solicitor general
Of the Pennsylvania Railroad Com
pany. called the meeting To order and
former Governor Ebe w. Tunnel pre-
side d Manlove Hayes. the veteran
railroad man. aged % years. was secre-
tary of the meeting. Directors were
elected as follows: John p. Green.
Samuel Rea, Henry Tatnall, Samuel
Bancroft, Jr., William H. Swift, VIII
liam w. Lobdell, Walter o. Hoffecker.
Manlove Hayes, William T. Watson,
James j. Ross. Thomas Curry. Heze-
kiah Harrington. William T. Records,
Murray Vandiver and Charles T. West
colt. Mr.. Tatnall became a director
to succeed Captain Green, who re-
signed as director when he was made
president Of the company.
Many of the minority stockholders
did not vote. Outside the meeting
they asked. What's the use" One
stockholder expressed it thus; zone
hundred shares Of stock are not owned
by the entire board, with the excep-
tion Of three men,"
At to-day's meeting the minority
stockholders represented 4i.00O shares
of stock. and the Pennsylvania Rail-
road Company represented $4,000
shares. After Captain Green had read
and explained his report as president,
several minority stockholders. inelud-
ing w. l.. Haehnlen, Charles Fearon
and Otho Rowland, submitted a series
Of questions 10 Captain Green. For
about an hour Captain Green and Mr
Haehnlen had the floor discussing Del
aware Railroad conditions. Both
seemed primed for the debate.
'It was brought out that a four-
year average for the N Y. p and n
Railroad showed the freight earnings
taken by that railroad TO be .00Si17
per ton per mile. On the same freight,
which passed over the Delaware Rail-
road from the N. Y, p. and ~ line,
the average earnings were .OO64s7 per
ton per mile for the Delaware Rail-
road. This year the Delaware Rail-
road average will be still less, Il be-
ing .0063s per ton per mile.
Mr.. Haehlen took up the question as
to whether the Delaware Railroad re-
ceived a proper share OF these earn
ings Captain Green said the Della
ware Railroad received more in pro-
portion than many other roads. He
told Of deductions toward the expense
of terminals at Norfolk, Cape Charles
and New York. Mr.. Haehnlen asked
If after these terminal costs had been
deducted the Delaware Railroad re-
ceived its pro rata. Captain Green
declined to answer on the ground that
Il would be discussing private matters
in a public meeting, but he said stock
holders could have access to the audi
tors records and the auditor would
be pleased to answer their questions.
Captain Green's report showed that
the Delaware Railroad is In a remark
ably prosperous condition. II has in
its sinking fund SS50,000. enough prac-
Continued on Second Page.