New-York tribune., 1878-03-05

Leaving surplus based upon the earnings -.
to- meet the instruments to the proposed trust Incidental
biites Of the yaTons companies ana cash uo te
IL the plan proposed by the Board shall be approved
cal ownefsh Of al he leased lines or their assets and guar.
anie.d Liabilities and the scrip or debenture issued bear
Company would be released from the necessity ot rals
M e same Plan We're further continued after the liabilities
a9Sy a 1dc 10 s to pr e Sft to G1 e n
basis and this done Il would then he enabled, by the
scrip indebtedness which Lad created and the final result
& s @ De- o a m d Gu G a % ard So w
332 miles of well equipped railway. aud 4S miles Of canal
sSn for oa Ieiabie dSiGcHas The Company Would be
greatly relieved through the operations OF the trust and the
could devoted six months cash dividends TO the
his trust it Is believed that the improved financial
OF irs present greatly reduced
To illustrate the working Of the trust an appropriation Of
sbe 1t to own shareholders through The purchase
octs bonds At atss & br cent
paving the serip issued to the shareholders Of
reere to could be purchased rates Welding Spcr cent 10
the then IL would at the end OF the same PERIOD
T Computation based upon the difference between the
rates paid the money used The purchase Of the
The earnings of the securities themselves but
ne inpd WI ES STs' m @ n r a u, @
II percent below then the fund on TIE per crnt basis
10 Si0s 100000.
rhe cost ., 6ese securities Shareholder would
which they would paid six months The
rate 0f per of the fund. As the last
ytarof te trust shows accumulation cqyaen 10 about
f3juO0,O dtr the payHrTt Of interest on M scrip issued 1t
and s annual
VIII require very limited term 10 accomplish the
result. stated.
The which ia proposed 10 give to the share
lOers similar thar which has been created By
ri ~ The English railways asa representation Of capital,
ana j. known termi,r debenture. and which Is
Eilcred q satisfactory security.
viii from careful Of n plan proposed
a AT the shareholders wOul he their
entire property secure und s existing ohsaons
county the future Tor the payment 81 regular
H. .tfa u l4fA
c.ri stock oi the Company.
Your Board would therefore recommend the favorable
action VI tie shareholders. the resolution ded 10 THIS
port
~ The stocks aud bonds hrd by The Company and also the
and Income Accounts OF the Pennsylvania
and the PtstUrl, cincinnati and ST. LOUIS Railway Com
paIy. h'TO annexed The Reports of the Comptroller
and neral Manager VIII be published in connection with
this report IN laup't form for the OF the stockholders.
and vi" IN Ctia the results oi the operation Of your
lines
desire express their ACKNOWLEDGEMENTS tie
oics- Il tie Company whom the events Of the
d,VoiIcd labor and and the
v'r wf remained ldtlu In the discharge Oi their du
tics ~ order o! The Board.
THOMAS \. SCOTT President.
Ersd That The creation Of trust having Tor lis object
g. purchase time tine of The bonds ahd shares ~
Oh. companies vhc pUaraniecd by the Pennsylvania
Railroad 0I any and also Of The bonded debt OF the Penn
saha pany b. and IL. hereby approved and that
tie incoming Board ~ n otTs be- aud they hereby in
rructrd authorized take such action udrr the a.vce
couusr may thGr judgment, he lawful, necessary
best adapted create such trust and TO accomplish the
objects Tor VII. ca !; IS dCslsn1d.
COUNT