The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-05-01

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in said lines u..I
Fourth. OF the report of the Board of Direo-
tors, and of the eXpediency OF issuing additional
stock and borrowing more money;-The fnan-
cial part OF our inquiry being of great import.
ance, subcommittee composed Ofthree mem
bers of this committee, gave special attention to
II and made a thorough examination of it. This
subcommittee (Messrs. johnson, DAVIS, and
Wheeler) verified the cash account of the Trea.
surcr, the cash in bank, as appeared by the
bank books, and on hand December 81, 1866
being equal to the balance In the hands of the
Treasurer, as stgted in the last annual report of
the Directors. The same sub committee entered
the 1re.proof vault, and carefully examined and
counted all the bonds, Stocks and other securi-
ties OF the Company, and on inquiry we learned
from well'iniormed parties that the value of the
same IS at this time greater than is set forth in
sald annual report.
These securities pay in the aggregate an an
nual income of about ten per cent. on their cost;
and Tor this, as well as Tor other good reasons,
we think 1t Important that the Company should
continue to hold them. Another sub-Commit.
tee OF three took in hand the original leases of
all the railroads held by this Company, and
read them, or the essential parts of them, and
made inquiry about other matters in regard to
which 1t was thought information might be OF
Importance. But the undersigned, emitting de-
tails OF these and of other unimportant matters,
which could lead to no useful results, will make
the general statement that this investigation
mas disclosed nothing in any way at variauce
with the last annual report of the Directors,
except only as regards the valuation of assets,
OF which an instance has been given above.
The undersigned have been over the lands of
the Company on the Delaware river at Green
wlch Point, where a large outlay of capital is
required for wharves, storehouses, and other
accommodations tor business, to make this valu-
able property useful and productive.
In order 10 make our investigation of the
affairs and property OF the Company complete,
we have passed over its main line from West
Philadelphia to Plttsburg, stopping at the prin
nIT al nd INN tata
depots, machine shops, rolling stock, machinery,
and other equipments as well as the permanent
way itself, and we found the whole in excellent
order and condition.
The value OF the rolling stock (which we could
most readily estimate) is much greater than the
amount which stands to the debit of equipment
OF road IN the account on page OF the last
annual report; and we now say that in our
investigations We have nowhere discovered a
case of an overestimate of property, but have
found many items which, in the Judgment of this
committee, are underestSnodted; and we have no
doubt that the actual value of the aggregate
assets OF this Company is much dbOUe the sum of
them as stated on said page of the report.
The books and accounts of the office of the
Company in Philadelphia, and at the other
principal stations, were opened and laid before
us for inspection and scrutiny.
The system on which these accounts are kept
is very perfect one, and it is carried out with
great accuracy in details and results, so far as
we had time for eXamnauOn-great care being
taBenin every department, by checks and other
wise, to correct errors and prevent frauds. AT
these offices, and on the road we have had in
tercourse with many OF the officers and en-
ployes OF the Company, and we bear willing tes.
tlmony TO the efficiency with which they perform
their respective duties, and to the courtesy and
| intelligence which characterize all of them.
At the conclusion of this report of our pro-
ceedings, we Will say that our Journey over the
main line of this Company, and over the
| Western Pennsylvania and Bald Eagle Valley
Railroads, and over portions of the Philadei-
| phia and Erie and Northern Central Railroads,
| mas given us knowledge OF the main line, its
large equipment and extensive connections,
which we could have acquired in no other way
SO well, and has enabled us TO understand and
appreciate the policy of the President and
Directors better than we otherwise could have
done. This policy has for its objects the in
crease Of the commerce of our city and the
development OF the great resources of our State,
as well as the promotion of the direct interests
of the shareholders of the Company; but unless
ample pecuniary means are provided, this
policy cannot be continued and carried out to
successful results, to meet the continually
growing wants of our country.
Believing that such means, If provided, will
be so used as to conduce to the public good of
our city and State, we do now recommend to
the shareholders OF this Company the accept
| ance of the report OF the Directors, and the
| adoption of the resolution appended thereto.
! The undersigned, having finished the work
| committed to them, submit this report OF it to
| the stock holders, and ask to be discharged.
(Signed) ISRAEL H. JOHNSON,
HENRY WINDSOR,
JOHN c. DAVIS,
| ALAN WooD,
! WILLIAM p. CREsSoN,
CHARLES WHEELER.
Philadelphia, April 30, 1857.
The resolution submitted by the Hon. Isaa
| Hazlehurst accepting the act OF the Legislature
approved March 22, 1867, and authorizing tn
Board OF Directors TO increase the capital fron
time to time, il accordance Herewith, wa
adopted by the following stock vote:-In favo
of the resolution, l27 $50 shares, Representing
Sc, ,98l, 800 and against their adoption 23l
shares, representing Sll5,950.