The New York herald., 1878-03-13
PENNSYLVANIA RAILROAD.

ANNUAL MEETING OF THE sToCKHoLDErs-
SALARIES OF. cHIEF OFFICERS LOOKING INTO
THE PRESIDENTS REPORT.
PHILADELPHIA, March H. 1873
The annual meeting OF the stockholders the Penn
syvana Railroad was held at ten O'Clock this morn
ing IN Musical Fund Hall, and expected, was very
largely attended ding the weather. Many
prominen citizens present Tho Mayor OF the
city. W. D. stokiey, presided. There was consider
able discussion at tho beginning whether the re-
port (Which has already been publishcd) should be
read and II was decided In the Affirmative
SALARIES PAID.
During tho reading many questions were asked in
EXPLANATION o! certain matters, which generally
answered by Colonel Scott He said his salary was
s24 OOOa rear siuce the reducliou. Before that bo
cot $50 600. Tho vice presidents got SO 600 and
$4,000. The other officers OF the company have saIa
from 10000 TO $4,000, and the assistant pres
dents 81, SEQ.
PURCHASE OF THE EMPIRE TRANSPORTATION LINE.
When that part OF the annual report read
concerning the purchase OF the Empire Trans
asked Colonel Scott He thought it was a
profitable Investment, and he was confident.
from the earnings OF the Transportation Company,
that tho entire purchase money could be paid of IN
four years, whereas eight or ten years allowed TO
do so. The old Empire Company, he said, made lots
OF money, and no believed the Pennsyiv Company
would also make money out OF It, Several years ago
the company could not have been purchased advan-
tageou.y but last fall It had been done great ad
vantage
FUNDING CORPORATE DEBT.
resolution introduced in the annual report. giving
the pany power TO create trust fund its debt
was taken up and discussed at very great length.
Mr. Potter, stockholder, objected to tho proposed
funding measure, because TWO stock holders and
trust company would have the purchase aud guarding
ol $lS3 O00, 900 OF securities
Mr.. Mntzer Smith offered an amc dment providing
that SIX per cent dividends should be first set apart
before the money shall be taken out OF the net
ings OF the company.
LOOKING INTO THE REPORT
Mr.. Seinmeiz moved thut the annual report be re.
ferred TO committee oil stockholders, with instruc
lions to make inquiry regard to the several items
of the report and moro especially that touching tho
proposition 40 create trust for tho purchase
tam securities, and report the result OF said inQu.
RES to adjourned meeting Of stockholders 10 be
held the same place on Tuesday, the 10Th INST. at
ten A. M.
committee OF seven and that the meeting be held
nexc Monday week, Instead OF next Tuesday week.
He hoped tho committee would consider tho entire
report thoroughly, and make U full report At that
time.
MT steinmeiz accepted the suggestions OF Colonel
Scott and the amendment was adopted.
NOMINATION OF DIRECTORS
Mr.. McCook, oi Now York, representing many
oders OF New York, offered u resolution pro-
viding that the Chair should appoint Of
seven stockholders 10 confer with tho present drec-
tors recommend ticket Tor directors bo voted
at The next annual meeting. This was agreed TO
almost unanimously.
resolution OF thanks to the Mayor OF Philadelphia
tor Efforts Id preventing riot and loss CON-
pany's premises In this city last summer unani-
mously adopted
resolution offered BY Mr.. sutton will be referred
10 the committee oil seven whom appointed by the
free freight carried and no iavortism transpor
tation shown IL also urges that tho expenses tho
road should be reduced consistently with safety, and
that the number OF officers be reduced.