The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-13
THE PENNsYLvANIA RAILROAD.


PHILADELPHIA, March 12-The annual
meeting Of the stockholders Of the Pennsylvania
Railroad Company to-day was stormy and fore
BODIES trouble to the present management. The |
annual report was read through amid the
greatest confusion. and Col Scott was repeated
ly called upon to answer questions. stock
holder asked what part Of the general expenses
comprised the salaries OF the principal officers
Col Scott answered that his own salary was
t24 900 since the reduction. Before that he got
$4,000 Two President received $4,000
each and one Vice-Presdent received $4,000.
The other principal officers received from
$40 900 to 81. 900 per annum. Mr. Lanman de-
sired to know the salaries OF the assistants to
the President. Col. Scott replied $4.sOO. They
had received 81, 600. but had been subject to
reduction of twenty per cent. the same us all
officers.
Gen. Todd desired to know what proportion
of the receipts Of the main line and its branches
is derived from through traffic in contrads-
tinction with local traffic. Col. Scott answered
about one-seventh of the tonnage OF the road
and about one seventh OF the gross receipts.
stockholder wanted TO know why tine ex-
pense OF maintenance Of way was so great on a
line containing 1913 miles-$3.325 Ter mile. Col.
Scott answered that the road had 10 be and was
kept in the finest condition, ana on me New. New
York division steel rails had bce1 substituted
for iron. That was the only answer he coulu AT
present give. -. l..
the items Of real estate Pennsylyania Raurond
proper Slil ,252, l6 !; united RAILROADS ot New
Jersey s1Gssl6 Co, scott SAID ,noi ne ,sas coun nu
the books OF the company. The stockholder
suggested that instead of being referred TO the
books the Information should be at the meeting.
earnings Of the company 800 900. beginning IN
| thp honle and shares OF other companies, guar
| anteed by the Pennsylvania Railrohd Company.
| and also the bonded debt OF the Pennsylvanla
MIA oompanys bonded debt the retirement Of
which is already provided. .for-was. the impor-
which McssTs. Calvin, D; p. steinmetz. Thomas
| Potter. John Price Wetherill. and Gen;
Todd took part Messrs; Gayn Spd wSie wSShe
Mr.. Potter thought II was placing too grent a
responsibility in the hands O two stockholders
| did not exactly approve OF the course. could see
that IL adopted the dividends would be sacri,
feed to the benefit Of the stock Mr.; Metherlll
he could see no better way of getting out OF the
dilemma in which the company was placed TO,
| should be infused into the organization, wplch
| in few years had run the company into aim,
r9y rs Me w21na bams up Pnd Sy rnSa Mr
| who represents one eight hundred and Tor
tieth of the stock of the company said that he
felt il his particular duty TO encourage the pres
ent management of the road. His compliments
TO the officers OF the company were met witt
Kisses.
The following resolution was then read:
R,.olroL That the creation Of trust. having for II
object the purchase from time TO time OF the bonds an
shares other companies. which are guaranteed by h
PENNSYLVANIA Railroad Company and also OF tile bode'
debt OF the Pennsylvania COMPANY be and u Is hereh
approved and that the incoming board OF directors h
and they hereby instructed and authorized 10 TAX
such action under the advice OF counsel as may IN hei
| Judgment be lawful. necessary, and best adapted
create such trust. and TO accomplish the objects 10
which II is designed.
Col Scott then answered the remarks OF Gen
Todd and asserted that the management OF tn
| PENNSYLVANIA Railroad Company was as goo
|, | as any railroad in the world. -
Mr. Smith offered an amendment providin
| that no portion of the above sum shall be &c
! aside until there shall have beon declared an
paid to the stockholders dividends amountin
to at least per cent per annum. Debnte con
tinu.d upon this forty minutes when paw
Steinmetz cut the knot by a motion to refer IN
whole report to a committee of seven This wa
agreed TO. as WAS a motion TO appoint commit
tee OF seven to nominate ticket OF directors.
II was evident that II would be impossible a
this meeting to retain the present management
and carry the report. and an adjournment wa
secured until Monday. March 25. the manage
ment begging for at least the favor OF repre-
sentntion on the committee 10 which the repor
was referred The committee was not appoin
ed to-day.