The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-11

companies, and soliciting propositions for the
purchase or lease thereof
Mr.. Duryee moved to refer the resolution
to the Board of Directors of the united CON-
panies for their consideration and such action
ms they deem best for the interests of the
stockholders.
The second resolution is as folio VS.
ReS0tUed, That when the proposals for the
purchase or lease of the properties of the
joint companies shall be acted upon by the
joint boards, the same shall be printed, in
circular form, giving all details of proposi-
tions, contracts, and leases in full aud sent to
the respective shareholders of said joint CON-
panies not less than twenty days prior to
future meeting of shareholders, TO be espe-
cially called for the purpose of considering
the adoption or rejection of said proposals,
contracts, and leases.
SPEAKS ON HIS RESOLUTION.
Mr.. Hume said he understood there were
other roads which desired q lease. and the
stockholders should advertise for proposals,
to get the best they can. If we have, said he.
more than one bidder, we can get q better
price, If it is determined to lease the roads at
all. The stockholders should not be called
here again to hear what the managers of the
company have to sny regarding the lease.
They should have fair opportunity to dis
cuss this proposition now. We, as stock
holders, should thoroughly understand what
the proposition is. 1 hope everything will
be done open and above board. 1 feel that
we can get better price than what is now
offered.
OPPOSITION TO THE Pennsylvania ROAD.
MIR. Hulme said he did not believe the
directors would do anything in an improper
manner. l do say, he continued, that the
stockholders have something to say in this
matter. Is there anything wrong in the pro-
position made, that offers might be received
from others3 They present as good guarsn-
tees as the Pennsylvania road. have doubts
as to the capacity of the Pennsylvania COM
pany to carry out its lease. If our roads can-
not earn ten per cent. the PENNSYLVANIA road
cannot earn two per cent. 1 am afraid to pus
this road In the management of another
road which is not economical.
Mr.. Duryee said, SO far as the value of the
consolidated roads was concerned, it is frit-
teriDg its strength away. L know, and others
know, this is our opportunity. If the Penn
sylvania Road don't take it, others will
They have to go through our State. Two
thirds of the stock of this company qualities
the sale. The decision TO-DAY will show their
conclusion. Two-thirds of these stockhod-
ers will not vote in favor of this lease We
must have the money and means to bring
this great capacity of ours out We will have
good security, and that is what the Pennsyl-
vania Road will give us. 1 am willing to
trust the matter TO the board elected TODAY
l still press my amendment.
MIR. Cannon thought it was a simple pro-
position, and should be submitted to the stock
holders. We ask, he said, simply the adop-
ton of this resolution offered by Mr.. Hulme
This proposition the stockholders should
adopt.
Mr.. Hulme was willing that the resolution
should be referred to the incoming board.
The resolution was then referred.
THE SECOND RESOLUTION,
Mr.. Hulme said he hoped the second reso-
luton would be adopted 1t is that we
may have thirty days time to consider this
lease.
Mr.. John G.. Stevens thought it very dsli-
cate thing to legislate for so many stock
holders who were not present. 1 shall vote,
he said, for the privilege of voting my whole
stock. l believe it is not only proper, but
legal L represent two Thousand shares here
to-day, and 1 think have more rights than
the man who represents but one share
Mr.. Hulme said it was simply asked, after
the board had passed an opinion, to lay their
decision before the stockholders twenty days
before it was closed.
Mr.. Green said this was simply request
for information and nothing else.
The second resolution was then agreed to-
PARISIAN ECONOMY.
No doubt there have been of late some very