The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-02-21

The Secretary read, in addition to the report OF
the managers, the Treasurers statement, which
enters into the details OF the investments OF the
funds OF the company, the receipts and expenses
Mr. Isaac Hazlehurst offered the following reso-
RsSolved That the report of the Board OF Directors
for the year 1870 be and it hereby accepted by the
stockholders, and that 1t be published in pamphlet
form.
ReSolced That the act entitled San act to autho-
riZe corporations to increase their bonded obiga-
tiOns and capital stock, approved the 10Th day of
December, A. ID. 1869, be and 1t is hereby accepted
by the siockhOldefs Of this company, and that the
acceptance OF the said act by the Board of d.
rectors, ana their action Hereunder, be and the
same is hereby ratified and confirmed.
ResoiCed, That the action OF the Board OF Dlrec-
capital stock Of the American Steamship Company
OF Philadelphia when organized, and in agreeing TO
endorse the bonds OF said company to the extent
tl,500tO0, in pursuance OF authority conferred by
law, be and the same is hereby ratified and con-
1rmed.
Mr.. John Hume said that the stockholders had
just heard read mass OF 1gures which no one could
understand or comprehend upon the simple hear
ing. He attended the last meeting when the report
was read, and which wss accepted by simple reso-
luton Not one person arose 70 put an inquiry not
not Now he thought that the stockholders had
been engaged IN a mutual admiration society long
the stockholders had right to investigate the
actions OF their agents, the officers. He therefore
ResOlUed, That the report OF the President and
Directors OF the Pennsylvania Railroad Company
for the year 1870 just read be referred back TO the
said President and Board OF Directors first to make
out a clean and comprehensive balance sheet OF the
liabilities OF the company and OF its assets; stating
also all Its guarantees, all OF its purchases, all the
cost and receipts OF roads controlled by the Pennsyl
vana Railroad Company, all OF the bonds, mort,
cages etc., held against the company and those held
In its favor, with detailed statement OF the salaries
paid TO the officers of the company, etc. etc
Mr.. Hume then went on To say that the stock
holders should not be content to listen TO Jumped
statement OF mass OF important figures hastily
read
A Member-Speak louder, Mr.. Hume!
Mr. Hulme-I speak louder than the Secretary did
when he read the report. The stockholders should
have the opportunity OF becoming familiar with the
the Pennsylvania Railroad Company He then
went into quite detailed statement showing in
seven years prodgious Increase OF capital stock,
great increase in its expenses and falling of in its
receipts. He regarded the plan of farming out the
privileges OF the road to paiace-car companies, aud
other outside organizations, as an outrage.
Applause.) IL these outside organi-
zatiuns, which he characterized as the para
sites OF railroad companies increased, they would
soon control the organizations OF which at hrst
they only asked privileges He cautioned me stocS-
holders that they should no longer remain IN lgno.
OF the policy and operai ms OF the PRESIDENT
and Board OF Directors OF the Pennsylvania central
They should not have implicit confidence IN thelr
agents. lest this company, Ike others run similarly
would find itself ON the verge or. bankruptcy. lie
did not now own any STOCK oi the rodui nhVlng solu
out from 'lack OF con ntdence'
MIR Hume contended, as ne nad stated IN one OF
hts resolutions, that the report sho nd he put in
namnhlet form and distributed among the stock
holders at least two weeks before the ADJOURNED
meeting 10 be held in June next.
Mr. Theodore Cuyler arose and declared that he
could not remain silent after having heard the
MARKS Of the gentleman INIT. Hulme) who had Just
taken his seat. We heard him state tnat he was
not a sloekholder. Then why is he here? Does he