The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-07-19

"a ,ho Warren and Franklin road. subseq uently
sold my bonds, and about hve months ago eK-
another company, which stock could have sold
In the market the day got 1t for Sl3 per share,
end would be sorry to-day TO take 800 per share
for IL, and the gentleman with whom made that
exchange would not TO day re exchange with
me, and, moreover, that very gentleman, VINO
s one of the largest stockholders in the War
rem and Franklin road is now, and has been
from the commencement opposed to this mer-
ger or consolidation. He Is opposed to exohang-
ing his Warren and Franklin stock for Philadel-
phia and Erie, as he considers that the former is
far better in vestment TO him for the future than the
latter would be- He feels assured that the stock of
the Warren and Franklin road will pay dividend
much sooner than the stock of the Philadelphia
and Erie will, and am free 10 express the belief
that the present position and business indications
of the two roads will Justify him in his opinion.
And yet this road is denounced as a worthless
ana "creditless" corporation-a road that is now
carrying average more than 1000 barrels of oil
per day. besides its merchandise and passenger raf-
nc-a road which is giving 10 the Philadelphia and
Erie nearly one.fourth Of it's entire business and
this, too, when every one kno the Oil interest
is more depressed than it has been for years.
/ am not here, Mr.. Chairman, TO defend the War
rem and Franklin road or the gentlemen connect
ed with IL; they are able to defend themsel YES,
lapprehend, II any defence is necessary but am
here to defend my action director of the Phila-
delphia and Erie road, and warm and jealous
friend Of the Pennsylvania Central. But sir,
owe an apology TO this meeting for occupying so
much of their time. The Common Council have
appointed committee TO examine this ubject, and
nope and trust they will malke thorough exami-
up and examine the road and the busy region
through which II passes; let them look at IL In all
ITS bearings it's present connections with other
roads, and the future connections which may be
made with IL. Let them examine, also, (because It
bears strongly upon this question: the rival rail-
road interests of that section convergng and tend
ing TO this point, with view to obtain and con-
troli If possible the valuable trade of this region.
Let them, say, make such a thorough examina-
ton of it, and venture the prophecy they will re-
port that this road is not the worthless and credit
less corporation il has been charged to be.
General Wister then said that under the lease by
the Pennsylvania Railroad Company OF the Phia-
delphia and Erie Railroad Company, the former
maintained the latter road, paid all its running
penses and retained seventy per cent of the gross
earnings of the Philadelphia and Erie. Would
the merger of the Warren and Franklin with the
Philadelphia and Erie place the former under the
superintendence of the Pennsylvania Railroad
Company in a similar way9 Would the consoli-
dation, II effected, make the lease by the Pennsyl-
vania Central Railroad of the Philadelphia and
Erie applicable to the Warren and Franklin Rail-
roadR II so, here Is cause for consideration. 1t
might be item of interest to the Philadelphia
and Erie 10 retain larger share of the receipts of
the Warren and Franklin Railroad than thirty per
cent.
Mr.. Henry d. Moore said that if the merger were
effected the Pennsylvania Railroad Company
would maintain the running expenses of the War
rem and Franklin. But these expenses are proper
tonately less in the latter than the former case.
Therefore 1t is understood that If the two roads
united, a heavier proportion than thirty per cent
of the receipts of the Warren and Franklin Rail-
road will be retained by the Philadelphia and Erie
| At least this will be the aim and purpose of the
| directors of the latter company.
Mr.. VIM. S. Lane said that City Councils had
| appointed committee TO consider the proposed
merger. That committee WILL doubtless, make q
full investigation of the case He hoped that they
would do so, and would visit Venango county fol
| personal inspection of the Warren and Franklin
Railroad. To enable the committee to fully In.
quire in to the merits and dement's OF the Mr.
Lane moved an adjournment until OCTOBER 4th
| This was agreed to, and the meeting adjourned.