New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-02
BACKS MINORITY
IN Sd AV. ROAD
Committee Recommends |
Per Cent Quarterly
Dividend in October.
HOLDS STOCKHOLDERS
ARE NEGLECTED
Puts Earnings at S Per Cent
Whitridge Opposes Plan
Points Out Error.

The committee Of three stockholders
,rnojn,ed bv +. ". Whitridge. presi-
dent o. the Third Avenue Railway at
the compary's annual meeting last NO
vember 10 investigate the affairs OF the
company sprang q surprise YESTERDAY
by recommending that the stockholders
arc entitled 20 q return on their m
,o,.,cD, The committee which con.
Quoted the investigation was composI,Sn
Of r. A NaniCc. William Mas H. r.
Strauss and Henry Block
Tho decision reached by the commit
,oc was regarded as victory lo'
Alamo Z. Cottier. who led the minority
FIGHT Al the last annual meeting ana
cT,tic,sed Nr. WhNridge for his man
aeement % the Third Avenue. Cotiier
confeuded then that the company was
able 20 pay per cent DIVIDENDS ana
the findings o. the committee mace
rublic ycgfcr3av bear out his conten-
ton
Tho committee recommended that
quarterly dividend OF ! per cent be de
clsrcd shortly after the beginning OF
the mex. fiscal year. n he pa'd not
IA or than October J. 1915.
"Ir urging this policy for DIVIDEND
ravnents," continued the committee,
I'VE see no reason why the assets OF
mo companv will not continue 20 in
crease. even though these disburse-
rerts are made, nor do we feel that II
will in any WAY interfere with the
conservative management Of the prop
ortv. nor that the company AZ any time
will not be able 20 meet its budget re-
ouircments, besides adding 10 the sur
plus
"The spec.al reserve fund for depre-
citation and contingencies from the
statement ended June 80, 1914, has
cached a total amount OF Sl,152,'5O.
This amount was clearly part or the
net earnings Of this property ana
should be considered as part OF the
surplus earned since the company's or
cenizatiou, January J, 1912, winch
would increase the net income from
S2.O5O,179 20 S3.202,923.
In the year 1914 the surplus
earnings or the company were
S626.306 plus the reserve created for
6epreciation and contingencies name
~. S5l1 .25O-total sl,137,556. These
figures show that the net earnings OF
the company for 1914 were the equiva-
lent Of approximately S per cent on the
stock. exclusive Of the high mainten-
ance charges. which were themselves
81 very liberal offset against deprecia-
ton
The report gives the present manage.
ment Of the property o clean bill OF
health. stating that the plant and
EQUIPMENT due TO the management OF
President T. W. Whitridge and Vice
President F. A. Msher, is IN com
mendable state.
In reply to the report. President
Whitridge has issued a letter TO the
board OF directors stating that the
committee is right in its recommends
tions that the annual reports be in the
hands Of each stakeholder thirty days
prior 20 the annual meeting. He sald:
"The committee is mistaken in sup
posing that the present board repre-
sents only 113 shares Of stock. AS
matter Of fact, find that one director
is the representative OF company
which has 6O25 shares of stock IN its
name. and two directors are members
Of firms who at the time Of the stock
holders meeting held 2,722 shares and
".O15 shares, respectively. besldes
which ! believe the fact 20 be that the
present directors represent many thou
sands of shares IN addition. The com
mittee, think. is in error in consider,
ing the depreciation fund as earnings.