The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-20

Ire SCHUYEKILL NAVIGATION COMPANY'S s.
MEETING.-A meeting of the loanholders and
stockholders of the Schuylkill Navigation Com
panyi was held at IL o'clock to-day, at the office
of the company, No. AIT Walnut street, Mr..
John Wiegand in the chair, and Mr. William NJ.
Tilghman Secretary. The meeting was called
for the purpose of taking action on the proposed
lease of the canal to the Reading Railroad.
Speeches were made by several persons in favor
of the proposed object. Resolutions were
adopted agreeing to the terms of the lease and
fixing the time when the vote should be taken.
At the conclusion of the meeting the voting
began, and will be continued tomorrow between
the hours of 10 and o'clock.
The following are the resolutions containing
the terms of the lease, on which the vote is being
tal-en:-
Sssso,sed That vote Of the stockholders and loan
s and s 5
in the form Of their written or dissent thereto
as an sU By saS
according to the books Of the bat the amount Of
which from thernature cannot be spesied to be ex
suded from the eoqn Of the vote in all where such
teller be now appointed for that pur.
until O'clock z NJ this day, from l. A. NJ to n NJ
Hn e a do nn s 1 ga s at
receive the of the said judge aud teller.
ssis az the
o e
dred ninety years the works and franchises OF
fsi s ssss
conditions mentioned in the printed circular from the
Rs sssr ,Ss q Ss
Reading Railroad Company. endorsed thereon,
%sstrs that 1 and
ance Just read be referred to the board OF with
Says
% en- t' to make IN %a to
hs of and sn w IT
cute and deliver other deeds and assurances
Rg{sns e alter
vded there stated between the preferred and
stocks being expressly understood that ,id provision
half great that received by the preferred stock
fundamental conoitoH OF the assent now given to said
the be out sns
afe the execution of the aforesaid lease, before
and Them back oS Ss
pany stamped with memorandum embracing the terms
Rso'ssd, That each oapnolder, by giving his written
s % @ sepS s and nss s S
new certificates therefor upon the terms and in the
manner set forth in the a6oysmentoPsd gcopost9n Of
Company ~ '-' '''N''-'A anu -''s
The Philadelphia and Reading Railroad Company pro.
ancSse SG Of the Sehay oompsny O
aa transfer @ Of the real and
ae i5SeG 70 Jaa
the following conditions and PROVISIONS viz Co..
shall be- extended and g provided for as fooSs
Ss the 81 San and q
existing mortgages to remain secury-the 0utstand
certificates therefor to be commuted for new ones
which shall extend the payment OF principal for the
the otherin consd of which extension and
mutation the Reading Railroad Company will guarantee
the of the interest from the date of the exten
sions ~
their obligations and the trusts by they
Company. maturing twenty-five later tnan the
and bearing the rate of interest at present
The principal and interest of these bonds to be guaran
| teed by the railroad company.
g. The holders of the Improvement Loan TO surrender
their certificates and the trusts and pledges BY which
they secured aud accept tending payment
of principal for ten from maturity OF existing loan
company and the discharge of the prln ;pa TO be SO
cured by pledge and appropriation of ye cents per ton
all coal carried the canal for interest rst and prn
| cipal afterwards.
| Besides this the floating debt and common
| loan of 1876 is to be met by new and later
mortgage of 81, 200, 600. The proposed rental
| is designed TO be sufficient for and to be ap-
piled to the purposes of the payment of interest
| on loans, bonds, and incumbrances TO the ex-
| penses of maintaining the corporate organiza-
tion and the transfer department, and to the
| payment of the three per cent. dividend on pre-
ferred stock and the Ia per cent. on common
| stock.
The business of the company is TO be settled
to June l. 1870 aud the lease is TO so into effect
| from that date. except that whole years rent
| is TO be paid for 1870. ttsta