Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1874-02-13

approval ON the part of stockholders be-
cause the road, alone in this respect among
the great corporations, pays no dividends.
At the annual meeting on Monday, decisive
means were taken for receiving a thorough
knowledge of the manner in which the COM
pany' s affairs are conducted, and also for
discovering where the leak, if one exists,
really is. The report presented by the
management shows gross increase OF S3-
S42, 967 20, gross outlay Of S3, 413, 80 S4,
leaving for profit the sum of S42S, ,756 36,
and this is S139,6S5 67 less than was earn
ed during the previous year. The passen-
ger traffic has also fallen off S62, ,520, loss
which it seems has not been made good by
the carriage of 135, ,67S tons of freight more
than was handled last year. The report
accounts for the bad state of things by re-
ferring to the financial panic of September !;
the increased cost of coal consequent upon
the strike among the miners; the neces-
sary renewal of water pipes at a number OF
water station the rebuilding of 169 cars !;
amounts paid for loss and damage in the
assessment of claims, ''some of which be-
long TO former years, but have been in pro-
cess of adjustment - the opening of addi-
tional telegraph offices, and an advance in
the wages offreight brakesmen. Reference
is also made to the fact that while the aver
age cost of transporting freight upon the
Philadelphia and Erie has been very nearly
the same as that upon the Pennsylvania
and several leading roads, the average rate
received has been much less, a condition
of affairs which is explained by the state
ment that, first, the Philadelphia and Erie
is cut by competing lines at Erie, and at
four intermediate points between there and
its eastern terminus at Sunbury and, sec
ond, the bulk of the freight transported is
of the lowest classification. The report in
stances the several improvements made to
the road during the past year, and con-
cludes by expressing hope that there is
better time coming.
When the reading was finished George
Earle moved that the report should be
printed on or before Feb. IS, and copies
placed in the hands of each stockholder on
that day, and that the meeting should ad-
iourn without further action until Feb. "a.
Tie ground on which this motion was Of
fered was avowedly to discover what the
fault was, and whether il was in the con-
duct of the road an end which could not
be attained until preliminary and careful
study of the report should have been made.
The motion brought not Mr.. Kennedy and
Mr.. Simpson, directors ofthe road, in oppo-
sition, and Mr.. Earle was supported by
Messrs. D'Invilliers, Howard Freeman, and
Others These dissatisfied stockholders al
lege that while the business Of the road has
largely increased, the receipts, grow less and
less every year, and no dividend has been
declared since the road has been leased to
the Pennsylvania Railroad Company.
Philadelphia has So 600, 900 worth of stock,
and was represented by Mayor Stokley,
who presided, and three directors. A
heated debate then sprung up, in which
unloading stock ''levying blackmail,"
"scoundrelly directors" ''gagging stock
holders" and similar expressions, were
freely exchanged, and threat made by Mr..
Simpson that he would make Henry q.
Freeman, jr., answer for words spoken was
promptly met by the passing of the latter's
card to the former.
During all this Tins the Mayor kept his
temper, and finally refused to appoint the
Committee of investigation which was or
dered. Mr.. Earle, the most prominent
stOckhoider. offered resolutions having for
their object investigation into specific acts
of supposed msfeasance on the part Of the
lesses, among them the purchase of Oil
Creek and Allegheny stock and the con-
tracts with fast freight lines. The Ole
Board Of Directors was reelected, notwith-
standing the opposition ticket in the field.
As this was the first election under the
new constitution, which permits cumula-
tive voting in corporations, an effort was
made to put the system in practice, but
the counsel of the Company having given
his opinion that existing charters were not
subject to this provision, the opposition
directors were counted out.
III II ITo orrisop pf Now IIovan receiypl