The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-04-09
CITY ORDINANCES.

ESOL UTION
~ OF Instruction to the Mayor and City
Directors Of the Pennsylvania Railroad COM
pany,
sylvania Railroad Company submitted the lol-
lowing resolution to the Stockholders OF the
said Company, at their annual meeting on the
nineteenth day of February last, to wit,
Resolved, That for the purpose of consoll.
dating the bonded and other ind ebtedness OF
the Pennsylvania Railroad Company. and to
raise funds to meet the annual demands upon
the treasury of the Company for new tracks,
additional equipment enlargement OF depotS,
extensions of sidings, and TO meet the legti-
mate demands of the traffic of the country
drained by the road of said Company and its
branches, for increased railroad accommoda-
tOns, and also TO preserve the proper relations
between the shares, capital, and debts of the
Company, the following financial programme
be and the same is hereby adopted:-
First. That the bonds of the Pennsylvania
Railroad Company, secured by the first and
second mortgages, and those due the Common
wealth issued for the purchase of the main line
OF public works and other Indebtedness, be
paid out OF the proceeds of, or be retired by,
bondsi to be secured by a consolidated mort
gage upon the whole or such portion of the
line from Philadelphia to Pittsburg, with its
equipment, and for such amount as the Presl-
and the issue of the bonds secured thereby
shall at no time exceed the capital stock
as the same may from time to time be in
second. Dividends to be made esemi.annually
Of not exceeding four per cent. from the net
United States and State taxes; and that a stock
dividend of five per cent, based upon profits
already earned, be declared at the regular
dividend term in May next, and thereafter in
addition to the semi cash dividend,
stock dividend OF five per cent per annum be
declared annually, If the net earnings OF the
company will warrant the same; and
And whereas, An adjourned general meeting
of the stockholders OF the said Company will
be held on the thirtietn day of April next,
when the said resolution may be acted upon;
and
Whereas, An act of the General Assembly OF
this Commonwealth, entitled IAN Act to repeal
an Act entitled A further supplement to the
Act Incorporating the Pennsylvania Railroad
Company authorizing an increase of Capital
Stock, and to borrow money, approved the
twenty-tirtt day of March, Ammo Domini one
thousand eight hundred and siXty-siX, and also
TO authorize the Pennsylvania Railroad Com
papy, by this Act to increase its capital stock,
10 issue bonds, and to secure the same by mort
twenty-second of March, 1867, and the question
of accepting or rejecting the said Act and other
questions arising under the provisions thereof,
may be submitted to the vote of the stock
holders at the said meeting; therefore, be it
Resolved, By the select and Common Coun-
ellis of the City of Philadelphia, That the Hon.
Morton McMichael, Mayor, and Messrs Lewis
Elkin, William Anspach, and q. Morrison
| Coates, Directors of the said Company, elected
by the City of Pniadelpl ia, be authorized and
| directed TO attend the said adjourned general
meeting, and vote the stock of the City of
| Philadelphia on the above and all other ques-
| tioI that may be there presented as in their
discretion they may l1ISbI think tit =, ,,,pc,,
President Of Common Council.
Attest
BENJAMIN II. HAINEs,
Clerk OF Select Council
JOSHUA SPERING,
President of Select Council.
Approved this sixth day of April, Ammo
Domini one thousand eight hundred and
''--'' MOTION MCMICHAEL,
491t Mayor of Philadelphia.