The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-06-11

rcr~syi,nnin Comipnmy and ". NcN"i"ns
II" 80, ,rr r,unsNI,nnis Railroad Ingenious
,.,iua some T,nnsnctions that Ee-
-, , summation from col. Tom scott.
,..,, ,rrtrutA. Juno a.-Thc general i'm
l.re and cls where's has been that
,-,,ri.us duuhe of the PENNSYLVANIA |
.tI r,nlranv- the Pennsylvania Com /
,,ns chartered for the sole and express
-, of MANAGING the leased lines oi the
'rr,,d company wsst Of Pittsburgh. rms IA
w, ,,e cns, The double was chartered by
nt..i-luturc of Pennsylvania in April lsIO
.,h "a .npital to be- nNcd 10y its Shareholders
V,i,i,r the nunc Of the railroad company nor
mstof any person comno ted Herewith appears
Il, hr act Of in 'orpuration. The douolc If
authorized to carry on every kind OF business
IN any part of the world, IL mlgh'' II -
n,l.1 lend it's capital or crodit 10 an
ent.rprse in TeNas or in Japan. The first
uottla public knew Of any connection between
II and the Pennsylvania Railroad Company
vus on Feb. Is. 1871. when the railroad COM
tany loo s report of that dat'. stnted shat with
ayey 10 give greater simplicity " To- the man
afemcui Of lis large Western Interests it nal
olwln.dthc charter ior the double" company
mat It's capital Wou.d not exceed il2nuOOlu.
t>uuOUoN Of whi.h would h' in preferred
emr p. that III se s~nOouOn shares with dNi-
dcnds guurant ,cd from April l. 1872. o, siN per
cent would hc handed t. the railroad 'oin-
Iuny in exchange ior the transfer OF IL N'@'-
ern leased lines AMI of sundry claims II haI
against Western companies; that the lr'.-os
anl losses would o. taken over from April,
1871. hut that thu rroilts Tor one year would bo
retained hv the double " to eNpend upon and
,iuip the Western leased lines.
la 1873 tho double for $1,000 900 Of iis or
dlnary shares. purchased the rolling stock and
other property Of the Union Trans pOitat.on
Company. which property was of un sertlin
value. and had no Independent appraiser
Although the N'nn-ylyania Company had paid
nod.vidcnd~ On even it~ preferred -har, = sin q
OFT l. ls73 the committee OF Investigation OF
tlr railroad oonpan, IN ihrir report dated q &.
SSH recommend. q tia purr has by The rail-
road company Of the s3ODOUJu ordinary shares
issued by the PENNSYLVANIA Company to the
shareholders OF thu Union TRANSPORTATION Com
pany. This strnng r-commendat on was basel
upon tA" rili' uiou- ASSUMPTION that The rdiiy1Ad
conl.ny. which already held more than two
thirds oi the share. ought 10 poss ss the whole
oftle shares oftAc L 'nnsyiyania Company TIN
dlr,HY rs of the railroad company. arcordiu.y.
IL ls7i swapped s}O11uuO 81 Pittsburgh.
nInua'i ami :, Ioi.> pr cent. god bonds,
who's. 'oulon- h.v' sin e. b en r,SulNrN Nah..
tn.t. s3.NnO.ulO ordinary ~har' - ui the Penn
syl,sulA Company upon whl 10 dN.a'l.Ns
laye ever i--n paid Can ne old a.h..',
.N. .h..np,, j. no roll or, " hrtrop,ri, u..
n1tI ~ tnis trnnsa UanY fhe cuns,Naniu
Company haS out-ttni iug a So sobu.po "r'Nh"rS
stnrr-. issued m gryt lari Tor u" p9t.h4sr Vl
t-'mWny, whi.h worthless shares u ~ f" mons
] sid : tn tll36uOj1 share capital OF u"
Iennsyl Cogny M wn.In, wn haSn ..,ny tnus ~
1S73 81 II 3 cno of is bonds in 1874 s3.ull Ou;
IN is75. sJ7i.ono-a t'tsl Of ~ osCoOo. La ~.
$G.9S9.UOl. the lrnnSyNanla Company heraine