The New York herald., 1878-03-01
NORTHERN CENTRAL RAILWAY.

COLONEL SCOTT ENCOUNTERS A DECIDED oPPo-
sITIoN IN THE ANNUAL MEETING OF A
MARYLAND coRPoRArIoN-A WARM DIBATR
OVER THE FINANCIAL EXHIBIT.
[BY TELEGRAPH TO THE HERALD
BALTIMORE. Feb 20, 1873.
The annual meeting Of the Northern Gen.
trail Railway stockholders was held hero to-
day. On motion OF Colonel Thomas A. Scott,
president, Ex-Governor Oden Bowie called
to the chair and Stephen W. whito appointed
secretary. Colonel Scott presented tho report
OF tho Board Of Directors reviewing olaboratey the
operations OF the roads Tor the past year. II shows
tho revenues from the main aud lease lines to have
been $4070,3s7. Tho operating expenses wcrc
So, ,745 924, leaving as net earnings 81. 1924, ,462.
In comparison with 1876. this shows de-
crease IN gross earnings OF $299.537, equal
to 6 $40 per cent The decrease IN expenses, as
compared with 1876 was s40e 400, thus making an in
creasc net earnings Of Sl96S63 In addition 10 tho
81, ,3l4 4G3 there has also been received from div
dends and interest $lS4,sl4, from contribution for
operating Eimira Chemung and Canandaegua dtvi-
sious $685. making the total net receipts ST. 07,
Of which ST. 5i3 342 has been applied TO the
OF interest Oh The bonds, MORTGAGES &C. OF the COM
pany leaving balance OF SOL 7O5 as net surplus Tho
bills payable were reauced from a22 on Decem-
Der 81, 1876, to $3I6, 557 December 81, 1877.
A DEMAND FOR INVESTIGATION
motion by Mr.. Fry. Of York. to accept the report
was made, but before the question had boon put
SUBSTITUTE was offered by Mr.. worthngton, OF Balti
more county, to appoint committee TO investigate
the aliirs Of the company. This provoked lengthy
and somewhat ACRIMONIOUS discussion. Mr.. Worth.
ington, who appeared 10 be the loader tue move.
ment for contended that demanded
the nterests Of the Stockholders, and II the road
was bankrupt II should 90 into the hands OF
coivcr Tho stockhol were receiving dividends.
He also wanted an explanation OF the diversion OF
$780, 900 raised by the Issuing OF general mortgage
bonds authorized at the last annual meeting TO
duce the floating debt. This sum had been used 10
take up the bonds OF 100000 OF tho York and Cum
berIand branch.
COLONEL SCOTT EXPLAINS
Colonel Scott explained that the resolution author
lied the expenditure of the money In tho way de-
scrDed for other general purposes In the dscrc-
ton of the Board, and they had decided 10
take up the $780, 0O0 Of bonds due tho York
and Cumberland road, for which the city OF
Baltimore has become indorser. He said further
that the stockholders could at all times have access
TO the books, AMI that any inquiries reduced TO
writing might be propOunded, and they would DO
promptly answered Alter further debate, during
which the opposition manifested strong disposition
to secure oicsl investigation. the substitute
rejected by vote OF l0 70 ., ana the report was
approved by the same vote.
INJECTION OFFICERS.
The new Board OF Directors was then elected which
subsequently, Reelected Thomas A. Scott president;
A. J. Cassatt vice president and other officers. The
new Board comprises Thomas A. Scott, Wistar Nor
ris, y. NJ. FeltoU, II. NJ. Phllps George b. Rob-
erts, Edmund smith, J. N. Hutchinson aud Dell Mob.
litt, Jr., oil Philadelpha George small Is. +. New
er and M. Ii. Sellers, ot Baltimore.