The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-26
THE GREAT LEASE.

Those who Favor II aud Those who Do
All that is wanting now to complete the con-
tract which places the united railroad companies
of New Jersey under the control of the Pennsyl-
vania Rairoed d Is the ratification of the transfer
by the stockholders of the united companies
Copies of the lease were signed yesterday by
quite large number of gentlemen owning stock
among whom we discovered
Silas Aldrich, A. Bidde, as trustee for
Joshua II. Cousty, Julia w. Biddle,
David Roberts G.. +. Gales,
Thomas w, Webb, Samuel i. BOwlby.
George f. Emmons, George W. Page, admin
Louis A. Cooley, istrator,
Lawrence Lewis, trustee, y. N. Collin,
Edmund d. Lewis, William r. Abbey
B. Il. Hutchins Emily Esen,
Thomas Bidole q Co., S. G. Besson,
Thomas A. Bddle, in trust Thomas NJ. Cleeman,
for sons, James N. Stone,
A. Biddle Edward Troth,
g. +. Fisher, r. V. Massey
So far as we are able to learn, the following
were the names signed to the lease this morn
ing
Charles Stokes, Margaret Lewis, John B.
Shearer, Ambrose Smith, David Van Diel, and
Presley Blackiston.
That this proposed transfer does not meet
with entire unanimity on the part of the stock
holders of the United Companies is not only
apparent from the fact that the United Directors
accepted the lease by a majority of but two but
also from several public statements by "Many
Stockholders" in which they do not hesitate to
proclaim that their interests will be sacrificed
by its adoption. The most recent statement of
this character contains these reasons for their
sturdy opposition to the contract
First, The proposed lease advised by counsel
either New Jersey or Pennsylyana 1t is also, if single
of the United States and Of the States of New Jersey and
Pennsyvana respectively It is therefore invalid and
dividends in the lessons and no valid possess
Second The dividend per cent per annum
stipulated for is an wholly inadequate return or
tive works and franchises of the lessons the lessee The
net profit of lessor for the decade the
first of operaon to 1872, both inclusive 55OO
The average Of net profits for the decade from 1s to
ls both years 81 & was " 70 per cent per annum
to 1862, both years inclusive, Is 80 cent
average profits from 1862 to 1867 four years.
was 1926 per cent. per annum.
1882 to 1870 he whole period Of the existence Of
the companes). was IL per cen per annum
Then they declare that there can be no rea-
sonable doubt that henceforth the United Com
panies will be able to earn a net profit per
annum of at least 14'3S per cent. on the stock
and, further, that 'The Pennsylvania Railroad
Company now seeks, by means of the proposed
lease, to shift its objective seaboard points aud
its eastern terminus to New York, to the injury
and the blighting of every interest of Philadel-
phia." They say
Furhermore the proposed lease assigns and transfers
lsubJect only to legal accountability, in the event of
thirteen millions of saabie real and personal property of
the essers which the lessee will have power (sub.
its numerous and varied necessities and its
To enforce such legal accountability the essors
prved of all pecunary the
able plttance of $4,000 allowed to keep feeby
receipts of between nine and ten millions of dollars
per annum and owning property worth at least sixty
millions of doarsl will be nearly, if wholly power
less They will be too for to do them reverence
especially when, by previously besowing their debtor
(the lessee) bonus of millions and quarter their
stock, they shall have admitted "a strong armed,
with host of retaners, within their dwelling and
given him foothod within their stronghold sufi-
cient to hwar paralyze subject their lawful right and
remedy"
With these views they conclude their appeal
thus
"Messrs. VIM II. Gatzmer, President of the Camden
and Amboy Railroad and transportation Compauy Ash
bel WEIGH, President of the United Companies Albert
W. Markley Benjamin Fish, Charles Manchester, X. S.
Oonover y D. GREGORY N Perry, aud Martin A. Howell,
who voted against the proposed lease in the nited
Beard together with the Directors of the Phade
and Trenton Railroad Company, who agree in sentiment
with their colleagues five of the aforementioned gentle
ep represent the views or the majority OF the Board OF
Directors of two of the companies essors) named in the
proposed lease, and therefore, with perfect legal
and social proprety protect their respective constuen
cies and indirectly those of the other associated and a
iated companies Coined together lessons in said
posed lease whenever their respective Boards of Drec
ters irrespectvey of the unauthorized action of the
United Board (who corporate SEAL aud
parties to the said lease) in unseemly and illegally
recommending and urging and adoption of said lease
the respective stockholders of the aorem entioned
and distinct corporations We hereafter to give
you further and opposite information We earnestly
"MANY STOCKHOLDERS"
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DTTCEl ANVCN