The Sun.
London, England, 1867-05-27 00:00:00

ing upon it. The stockholders were notified in the
advertisement that at the meeting of the 30th the

act of Assembly approved March 22, 1867, entitled
"An act to repeal an act entitled A further

supplement to the act incorporating the Penn-
sylvania Railroad Company, authorising an increase
of capital stock, and to borrow money,' approved

the 21st day of March, AM. 1866 ; and also to
authorise the Pennsylvania Railroad Company by
this act to increase the capital stock, to issue bonds,

and to secure the same by mortgage," approved Ale
22d day of March, A.D. 1867, a proposed increase
thereunder of the capital stock of the company by
300,000 shares, would be submitted to the stock-
holders for their action in the premises.

The meeting was called to order by Mayor Mac-
michael, who, after stating hi brief its object, made
a few remarks in reference to the appointment of
the committee of investigation, and he had ex-
ercised the greatest care in the selection of the com-
mittee, and taking into view the high character of
the gentlemen composing it, he felt that the stock-
holders and the public would be entirely satisfied

with such report as they might make. Inquiry

was then made of the chairman if the committee

was ready to report. He replied that he understood
a report had been prepared, but he had not signed
it. As a member of the committte he had a state-
ment which he should in due time submit to the

meeting.
Mr. Israel H. Johnson, of the committee, then
read the report. It sets forth that soon after their
appointment they met the President and Board of
Directors, who expressed a willingness to aid the
committee in every possible way, in order that the
fullest investigation might be made. The subjects
referred to the committee were treated in the fol-
lowing order :-
1. The system of discrimination. 2. Free passes.
3. Private freight expenses. 4. Report of the
Board of Directors. 5. Expediency of issuing
more stock and of borrowing more money.

On the first point, the report stated that the corn-
pany had no such system, and no discrimination had
been made between partit s shipping freight under

the same circumstances. The committee recognise
the fact that equal rates are most productive to
themselves and satisfactory to the public.

In regard to free passes, it is a universal custom
to issue them, to some extent, but when carried be-
yond proper limits it is unjust. The granting of
these to all members of the Legislature and City
Councils is of a pernicious tendency, and ought to
be abolished. With this view, a resolution was
passed by the directors limiting the issue of
_passes
to cases of charity, and those required by the in-
terests of the company.
In regard to private freight expresses, there are
none upon the road, but there are fast freight lines
—two owned by incorporated companies, and run-
ning to and from Western States. These are run
also over about 900 miles of other roads, and the
effect is to bring over said roads to the Pennsyl-
vania Central much freight which would not other-
wise be obtained. They have, therefore, been posi-
tively beneficial.
The committee found that the officers and em-
ployes of the road were interested in these private
express lines to a very limited extent, while neither
the president, vice-president, nor any of the direc-
tars are interested pecuniarily at all, and that by
giving six months' notice, they may at any time ter-
minate the contracts.
In regard to the expediency of issuing stock and
borrowing more money, a sub-committee of three
carefully investigated the financial conditicn of the
company, while another sub-committee of three
investigated the subject of original issues, but
their investigations disclosed nothing in any way
lat variance with the last annual report of the

directors.
The value of the rolling stock is much greater
than the amount standing to the debit of equipment
of road in the last annual report. The system of
accounts is perfect and accurate.
In conclusion, the committee referred to the ex-
tended trips which they had made over the various
branches of the road, for the purposes of their in-
vestigation, and are more convinced that the policy
of the managers has for its object the increase of
the commerce of our city, the development of State
resources, and the direct interest of the stock-
holders.

But unless ample pecuniary means are provided,
the policy cannot be successfully carried out. Be-
lieving that such means, if provided, will be so
used as to conduce to the public good, the com-
mittee recommend to the shareholders the accept-
ance of the report of the Board of Directors and the
adoption of the resolutions appended thereto. The
report was signed by Israel H. Johnson, Henry
Winsor, John C. Davis, Alan Wood, William P.
Cresson, and Charles Wheeler.
When Mr. Johnson had finished the reading
there was considerable manifestation of approval.

The Eastern and Boston and Maine Railroads
have finally come to an understanding, and fares
have been returned to the old rate. In a good
many towns tickets enough have been purchased at
the low price to last the inhabitants for a long time
to come. Before the reconciliation the Newbury-
port merchants, to stop the rush of trade to Boston,
offered to sell at Boston prices, and where the pur-
chase was of considerable amount to allow in addi-

tion the cost of a ticket to and from that city.
Now that the project of uniting the Western and
Boston and Worcester Railroads approaches con-
summation, the following facts and figures are of
interest :—The Western Railroad was incorporated
in 1833, and the first train of cars was run
through to Albany, October, 4, 1841. The gross
receipts of the road in 1842 (the first year of
through traffic) were $512,683, in 1866 they were
$3,932,017; working expenses in 1842, $266,620 ;
in 1866, $2,525,226 ; net earrings in 1842,,5246,068;
in 1866, $1,406,791. The shares of the company
soil as low as $4O in 1842, and as high as $l7l in
1863. The Boston and Worcester Railroad was
opened throughout its entire length on the 3d of
July, 1865. The gross receipts of the road in 1842
were $349,206 ; in 1866, $1,914,729; working ex-
penses in 1842, $168,509 ; in 1866, $1,428,528 ;
net earnings 1842, $180,697 ; in 1866, $490,201.
The shares of the Worcester road sold in 1837 at
$74, the lowest point since the completion of the
line. In 1864 they brought $l6O, the highest point
yet reached. In 1846 a proposition to unite the
two roads—rating the stock of the Western at $lOO,
and the Worcester at $l20—was declined by the
Worcester road.

The stock of the Salisbury Branch Railroad,
which is sixteen miles long and passes through
three States, from Sheffield on the Housatonic to
Millerton, New York, on the Harlem Railroad, is
nearly all subscribed, and the road will soon be put
under contract.

The Connecticut Railroad Commissioners gave
this report of the railroads in the State for 1866 :
The expense of working the roads has been more

than a million dollars greater than during the
previous year. The gross earnings of the New
York and New Haven road have increased to
$2,164,502 ; more passenger cars are recommended
on this road. The bridge of the Hartford and
New Haven road over the Connecticut cost
$272,463. The new stone bridge over the Farming-
ton is progressing. The receipts of the Norwich
and Worcester road have increased $36,620, and

the gross earnings of the Providence, Hartford,
and Fishkill have been largely augmented. The
Housatonic road has been judiciously managed, and

has had an increase of travel and freight. The
Naugatuck road is doing a fine business, the gross
earnings being in excess of last year $74,557—divi-
dends 12 per cent. The gross earnings of the
New Haven and Northampton road are in excess
159,947 over 1865. The Shore Lino road has un-
dergone material repairs, much new piling having
been required, and over 200 tons of new iron laid
upon its track.

PROGRESS OF MILITARY RULE.—It was sup-
posed that under the Military Reconstruction Bill the com-
manders of the southern districts would only interfere with
the State authorities when it should be necessary for the
correction of manifest abuses, but our Generals are content
with no such barren sceptre, and every day brings new
orders taansforring power to themselves. General Scho-
field has sustained the action of General Wilcox in forbid-
ding Pollard to lecture on outheria chivalry at Petersburg,