The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-03-14
AFrER TON SCOTT.

Excitement nj the Annual Meet
ina 81 IlIe Pennsylvania Rail
road Stockholders ON tuesday.
PHILADELPHIA, March, u.
The stockholders Of the Pennsylvania
Railroad Company held their annual
meeting yesterday in MuaicaI Fund Hall,
~Philadelphia. Over three thousand were
represented, either in person or by proxy.
Hon. WIN. S. stokely, Mayor Of the city,
who owns the largest number Of shares OF
the road held by any one stakeholder, was
called upon to preside. Joseph Leslie
was appointed Secretary. The annual
reportof the Board Of Directors was read.
but not without some opposition, those
who we're opposed claiming that inasmuch
ma Il had already been published, all in
terested had read il and consequently
knew It's contents. Others said the report
was the most important one that had ever
been prepared, and that it ought TO be
read and explained TO the stockholders.
Il was eventually decided to read the re-
port, and allow i~nterrogatories concern-
iug itfrom any who thought light was
necessary. When the general expenses oil
nc main stem, $345 sos, 70, were announ'
ced. A gtockholder asked what the salar-
ia Of the President and Vice Presidents
were Col. Scott replied thathis own SALARY,
was $4,000, subject to a reduction Of
twenty per cent. The salaries oil the
Vice Presidents were $4,000 each, but
have been reduced to about $4,000 each
Two reductions Of ten per cent each have
been made, Other officers have salaries
varying from $1,000 to $4,000. The
saIaries Of the three Assistant Vice Presi.
dent were originally $1,000, but have
beenreduced TO $4,S0O. Regarding the
purchaae OF the Empire Transportation
Line, Col. Scott explained that twenty
years ago transportation lines were start
ed ON The road to compete with New
York roads, and for the reason that last
lines drew more business than the road
could have done by itself. The Empire
line was purchased at the time 1t was,
owipgto difficulties among the oil retiner::
lea, which caused several months loss OF
extensive and valuable traffic. Col. Scott
lookedupon the purchase as a wise move
ment. lie said that before the purchase
he was not one Of the stockholders IN the
line. Il wa bought for two million
dollars less than II cost the orlgt-
nal owners. Concerning the express
business Mr.. Scott stated, in reply to
ouestions, that other roads had made the
experiment Of conducting their " ex-
press b%usiness, and lost money. That
portion Of the report referring to the con.
duct Of Mayor StokeIy during the July
riots was greeted with applause. The
proposition TO establish a sinking fund
was fercely assailed by n. P. Calvin, oil
New York, Gen. Todd, Mr.. Potter, OF
philadelphia, and Mr.. Carlisle: L was
defended by Col. Scott, General Wagner
and others. Mr.. Calvin said that IN a
few years by this funding scheme all his
stock could be taken from him. He had
heard all around him general criticism
Of The management, and that inside inter:
ests had absorbed the money that should
have gone to the stockholders. General
Todd denounced the plan as a sham and a
fraud. II by it n hundred and thirty
eight years would be required to pay the
indebtedness Of the road, the %stockhold.
ers demanded a change in the manage
ment and u reduction in the salaries
Of officers. There ia now q deficit
in the Treasury OF over 100000. The
road has been pushed 10 the verge Of
bankruptcy by the policy now in force
This speech drew out the warmest APP
plause. 1t also ELECTED ahot reply from
col. Scott, who said the Pennsylvania
road was "a we'll managed as any other
road in the world. After having given
10 the road the hes: years OF his life II
was very discouraging TO be told that hi:
management was a fraud. The policy Of
Mr.. Scott was defended by VIM. NJ. Smith,
Mr.. SIeinmets deprecated angry words,
He moved that the report OF the Board
be referred to q committee OF seven 10 in.
yestigate it and report at 4 subsequent
meeting. Mr.. Titus Remak defended The
funding scheme. Mr.. Sutton said that the
worsttbat could be alleged about the man
agement was contained in the report show
i5r an indebtedness OF SlS0,0OO,000 with
nothing to pay It except a lot OF stocks
and bonds worth sixty per cent Of the
amount estimated In the report. During
The past nine years the receipts have ex.
ceeded the expenditures only in one year,
In eight years the loss has been S22,OOO,'
900. An attempt was here made TO stop
Mr.. Sutton by raising the point OF order
that his remarks we're not relevant but
the cry Of mo gag law" was raised, and
the speaker was allowed to proceed. BE
wanted to know II $22lOO0,000 we're lost
In prosperous times, what might be ex'
nected during times OF business depres'
sion. The case demands prompt and Sc
YER treatment, and not a tranaler Of
indebtedness from one shoulder TO anoth'
or. A proposition TO reduce expendi'
lures and increase earnings would b.
more to the point than the one tc
fund. The carrying OF express matter
BY the road, and a change in the manner
Of distributing free passes, were demand
ed by the speaker. In conclusion, hi
advocated the system OF no free freights
no fayoritism in carrying freights, a les
SEEMING Of the cost OF maintaining the road
bed, which is much greater than that o
any other road, and economy and re-
trenchmeut in employees and officials. He
said that Instead Of asking the stockhold,
ers TO take four per cent scrip the man
agement should reduce expenses, increase
earnings and pay dividends.
The upshot Of the discussion wa The
appointment Of q committee, as moved
for, 10 act with the Board Of Directors
and report on Monday, the 25lh inst, be-
fore the election Of a new Board. A
resolution by Mr.. Sutton against free
passes, free freight, determination, and
he number and salaries of officers, wan
also referred to this committee. The
meeting then adjourned.