Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1879-12-10
The Pennsylvania Railroad Buys
Its Own Stock.
One Third of a Century Old.
lis Management Friends Through $50
Different Corporate Organisations.
NEARLY 5000 MILES OF TRACK.
Eleven Hundred Locomotives, LOCO
Passenger Cars. 10000 Freight
Cars.
EARLY 5000 MILES OF TRACK.
STO CK BOvE PAR


Phisdelphia North .4meriean published
the following interesting article rela
tive TO the Pennsylvania Railroad
To day the city of Philadelphia, the
senior and until now the largest part
ner 10 the ownership of the Pennsylva-
MA Railroad Company, with its mag
mifceut lines of road running from the
Atlantic to the Mississippi, and fully
equipped with every facility for trans
acting the freight and passenger tusi-
ness of continent, wIthdraws frGm the
concern, dispOses Of Its Interest TO the
remaining stockholders, and balances
the accounts which show profit of six,l
millions above the original Investment
and six per cent. interest upon 1t from
the time of The first payment. The
wisdom Of parting with such property,
closing out an investment that had
proved so profitable, and giving ~ an
active oice in the management of the
greatest railroad corporation in the
world. may be questioned, but by the
transaction the city practically resumes
cash payments. and again stands with
its actual as well as apparent solvency
uDquestIOned.
There could hardly be stronger en-
dorsement of the management Of this
great corporation than the tact that its
assumption of the cirys interest, aud
the removal of the last vestIge of cor
poration influence upon its counsels, is
telt to be adding rather than taking
away from the value OF its stock. Ii Is
bow above par. and again paying a
stated income TO It's stockholders, with
every prospect of increasing rather than
diminishing its dividends, and at the
same time giving its patrons accommO-
dntions surprising those furnished by
aDy other railroad corporation iii the
world. In few months the company
will have passed the first third of
century, IN which il has grown from
company with a short local line into a
great corporation, controlling roads
from tbe Atlantic coast 10 all the prln-
cipal southern aud western cities, and
msnsged through one hundred and tfty
different corporate organizations, with
nearly eight thousand miles of track.
One tenth of the entire railroad mile
age OF the country Is directly under the
management of the head Office on Fourth
street, which tas the absolute control
of works costing nearly five hundred
millions OF dollars. The Pennsylvania
alone owns eleven hundred locomotives,
one thousand passenger ears aud almost
thirty thousand freight aud coal cars,
and its leased lines own as many more.
In al this time there has never been
a change of management. Directors
have come and gone, but the executive
officers have grown up with the road.
To j. Edgar Thompson's untiring en-
ergy was due the completion of the line
through to Pi;tsburg, with a rapIdity
remarkable 10 those days, and be re
NAMED at the head o. the company as
long as be lived. Long before he hai
yielded any part of the active direction
of the company's affairs, Colonel Thos.
A. Scott, who was agent of the old
Portage Road while it was still under
State control, lad been recognized as
his successor, and when the time came
the promotion of that gentleman was
foregone conclusion Josiah Bacon,
to-day one of the most active Of direc-
tors, has been a member of the Board
since the Incorporation of the Company,
aud in all that time he has never sold a
share of the company's STOCK, his only
transactions being as a buyer. The
Hon. Henry NJ Phillips was one of the
commissioners to organize the company,
and there are others in the Board whose
connection with the company dates back
almost a generation. They have made
a science of railroad management, and
the Pennsylvania Railroad is now looked
up to the world over as the best man
aged railroad in existence.