The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-04-30


Extracts were then made from the report
pertinent to the occasion. A sketch of the
organization, capital, and operations Oh Ihe
Union Railroad and Transportation COMPANY
was then given. 1t is said to embrace a
portion of the officers of the PennsylVanla
Central Railroad among its managers; lts
value. It has built 1000 cars at cost OF
Sl,OOOOOO aud it has leased pier and some
one per cent, month has been paid on the
stock, with a surplus. The stock is held as a
first-class investment. After further remarking
upon the enormous profits OF this company, the tIe
report describes the method of operation de-
vised and adopted by the Company. me
minority report then goes on to say that IL Is Is
difficult to obtain cooperation on the part
of the stockholders in any movement, because
and the hard work in the way of investiga-
Lions. The view is expressed that the tasC
freight line is not necessary thing; but what
ever doubt exists in regard to this fact, there
can be none that no officer of the road ought
to be interested In it. II he must be a
stockholder in the Company let him resign his
position on the road. The legislation now de-
manded has Objectionable features.
The resolution passed at former meeting
giving the Company power TO borrow money
was objected to at length, and the assertion
would have taken from the stockholders
all the power over their own property
sGetng gbe See stock ST odeFs would autho
rize the increase of their capital stock to
S35,OOO,OOO, and the authority to borrow
money equal to the amount OF capital paid
will make your capital and debt S7O,OOO,OOO, on
which interest will be paid equal to $4,2OO,OOO
per annum-a fearful increase, and heavy
load to carry. The disposition of the shares
will give to the officers of the road power
which may be used for great evil If not re-
Mr.. NJ. Hall Stanton moved that the report
of the majority be accepted, and the committee
be discharged from the further consideration of
the subject; which was agreed to, amid con-
Mr.. John s. McMullin then submitted the
following, which was adopted
Whereas. Israel II. johnson, John c. Davis, Henry
Wheeler whose are attached TO the report this
day presented to the Stockholders OF the Pennsyl
their valuable time TO thorough and unprejudced
the resolution February 10, 1867 under which they
were appointed, therefore, be-
to those gentlemen their sincere thanks for the e
Gent conscientious and satisfactory manner I'm
which the responsible duties entrusted to them have
been discharged
Mr.. Cuyler then moved that the report of the
Directors to the annual meeting be accepted,
and the appended resolutions adopted The
resolutions were read by the Secretary of the
meeting, as follows:-
BeSOLUed That the purpose OF consolidating the
bonded aud other indebtedness of the Pennsylvania
annual demands pon The Treasury of the Com1any
for new tracks additio equipment enlargement or
Of the the eounss 90 BY
Creased railroad odations ana also to pre- re-
serve the proper relation between the share capital
programme % me be and the The same is hereby adoPtedm
Company secured by the first and second mortgages
and those Que the commonwealth, issued for the ppr-
m be paid % out of the proceeds of or be
mortgage upon the whole such portion the line
from Philadelphia to Pttsburg, with its equipment
Directors may determine, ana 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 sem-annually of not
four per cent H from raa sne % net pGos of ths
State taxes and that stock dividend of five per
based upon profits already earned be declared at the
addition to the semi-annual cash dividend, stock
annually il the net earnings OF the Company will war
ram the same.
Mr. John Hulme addressed the chair, just as
| the question was on the point of being put to
! the meeting. and in a long written speech pro-
| tested earnestly against the general policy of
! the managers OF the road, and particularly
| against the invasion of his rights as q stock
| holder which would result from the adoption
! of the resolutions under consideration. Mr..
Hume was interrupted at the beginning of his
! speech, but maintained his ground to the end.
| Mr., Cuyler replied to Mr.. Hume asserting
| that the latter had been member of the Board
| of Directors which recommended the passage OF
| the resolutions and voted for their submission
| to the stockholders. Immense applause.) The
| speaker could not account for this great change
in Mr. Hulme's views.
Mr.. Hulme denied the assertion, in a qualified
way, stating that the increase in the stock, as
| proposed in the published call for the meeting
was never considered by The Board OF which he
Mr.. CuyIer responded that the very resolu.
tions under consideration were the ones which
Board. Immense and long-continued ap-
plauseD
to continue to repose in the men who had
brought the road to its present splendid condi-
tion the confidence entrusted in them in the
past. Great applause)
Mr.. Cuyler further argued in favor of an in.
crease in the capital of the Company that Il
might keep pace with the progress o.
the Company, in the course of his
agument paying q fine tribute to the
energy and faithtulness of Colonel Thomas A
Scott, which was greeted with applause. Mr.
| Cuyler then read several documents relatinf
. to fast freight lines, from the records OF the
| Company, showing how Mr.. Hulme had, II
1868, 1865, and 1856, favored the very things h'
Mr.. Hulme, in reply, stated that he favored
| these schemeS, on the recommendation OF the
President: who stated that he believed them tc
be wrong in principle. but absolutely necessary
, TO enable the road to compete with other roads
He argued that the times had changed sine
then, and different policy was now now ex
( Mr.. Cuyler then adverted in strong terms t.
: a maleVolent pamphlet which was being dis
kIlputed at the door, and from which Colone
| Pageobtained the facts alleged In his minority
e | report Ihls pamphlet, Mr.. Cuyler asserted
was printed and and published by parties connected
], with the baltimore and Ohio Railroad, wht
D | were any yIhlng but friendly to the Pennsylva
: He continued to advocate the cause of tn
t fast freight lines, showing how their profts i,
: 1866, had been $500 000 while the company'
Q freight business had regularly Increased. a
before, and they Were further spared the outla,
o of capital in the purchase OF the great mum be
: OF cars owned by these ireghU lines
2; Ihe mayor alleI soIne iurther discussion, in
i6 iect was not before the meeting.
= The discussion was further continued by MI
q | John M. Kennedy, who rebuked Mr. Hulm
= for making speech at the wrong time
!. The resolutions under consideration wer
r. | then adopted, almost unanimously,
se | The Secretary then read the act passed by th
II Legislature at It's recent session, which al