| Show I II I WAR FOR CONTROL OF DF WELLS WELLS-FAROO Harriman to Have Fight of Life to Down Displeased Stockholders BIG SCURRY IN FINANCE Minority J In Iii t Oilier Other Will HI hll h Their Rights IU ht New Nc York April i. i It t. It Is tonight admitted In Iii financial circles here thai hat hatE E E. II H. H Harriman who Is recognized a athe as the dominant factor In the thc affairs of the thc Fargo Express com company pan Is IJ Isto Isto to have ha the light fight of or his life to retain control of or that corporation at al the annual an au- nual meeting me next August The fight for 01 proxies Is already on and andr W. W C C. Stokes and co company IJU n of ot tills this city have sent sont a cli circular broadcast to stockholder er ers asking for 01 proxies so to that they the may m be able to lo force torce the payment o of an In In- In creased dividend and ah also o u a partial dis hUI ement of the lit accumulated surplus among the tho stockholders t. They say that the earnings s of or the company compan dUrIn dur tur In hog ing the time past hoist four foul years have averaged 40 per Iler cent annually and amid b by reason o of the large accumulated surplus the minority Interests concerned desire the of the stock dividend dl o of ion per cent and the continuance of the dividend dl at the present rate of 8 s percent pea which would mean a dis dis- to stockholders each euch year car equivalent to 6 per cent on the company's com corn pany's pally's present capital I Other Oilier s I Nut Not alone Is there thera a movement on foot for tOl aggressive action to force torce the disbursement o of ot a poi portion lion of or of the surplus surplus sur sur- plus plu among amonI the shareholders of the tho I Fargo Wells ar o company but IUt It Is stated upon the best t of ur authority that simi I lar movements are arc to be e Inaugurated by b the minority stockholders of or tho the and amid Ohio railroad the Union Railroad cum company pan tho iho Southern Pacific Railroad com company pan the Pullman Palace Car Cat company com pan the tho American Su Sugar ar Refining com company pan and the Iho e hou e and Electric companies This Is' Is act fact which hits hux Just leaked out has lias electrified the financial world alII and the fight for ies Tes es on the lie stock stolk of oC all o of corporations corpor corpor- J Is sure uIe to be 10 one 1110 that will shake the tho Investment hl market 11 ns as U Jt has not mot been shaken In man many nian years J s Wont Won't Just ir t. t t Wel Fargo company stated staled to tc t tho the representative of oC th the is Publishers Pros n association o late tonight hl that the tho earnings earn cern ings of or the company would not justify such Huch an in iii the disbursements to tho the shareholders He Ho declared that St Stokes k and company have made a n mistake mistake mistake mis mis- take In their and I that the annual annual annual an an- nual statement when Il It Is presented to the stockholders stockholders' meeting In August Au m l will show shuw this On Omi the tho other oUel hand humid one o of the minority stockholders declared declared de de- dared that he Is certain enough stockholders stockholders stock stock- holders will Join th the movement to tu compel the present dominating administration admin to tn accede to their demands demand Will ill See lC Change of Control If JC If the they do not he lie declared em em- emphatically you yuu will see sec a change chang In Inthe time the control Q of the tho corporation We Ve believe er that the management of ot the Fargo ells when It Il finds that so large hUGe a 0 body o of stockholders j Iii is de demanding demanding de- de manding a better return on their money mon mon- mony ey y m aiU comply with this thiN demand al although although although al- al though possibly po not nut to the full ull extent outlined In lii the original request L Min Minority I iii- iii stockholders no longer feel cel that thal tho they are arc obliged to stand tand aside accepting accept accept- big ing passively po I whatever action the majority majority ma ma- interests may be he in favor of or The Jhc agitation for tor Increased dividends which has hM been becis started with more or less activity by minority stockholders In Indifferent indifferent different corporations has hali In some In- In without doubt bt been inspired h for or speculative reasons but bul that is not so iO in this case and the corporation certainly could with due clue conservatism make returns to their share share- ii holders 01 1 |
