New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-15
RAILWAY INTERESTS.
THE PENNSYLVANIA ANNUAL MEETING

PHILADELPHIA, March 14.-The annual meet
ing Of the stockholders OF the Pennsylvania Railroad
Company this morning was attended by 1,s0O OF 1000
persons. Colonel A. Loudon snOwien was chosen prcs
dent, and in calling the meeting to order stated that
since $50 the company had paid $4,000 900 in dig
dends equal 9 per cent per annum and that the div
idends had paid not only the principal but six per cent
on It also
W. Z. Lockwood and F. T Parker who we're the kick
ers az the last two annual meetings In attendance
When page two OF the annual report reached, Lock-
wood referring to the report OF Charles Francis Adams,
that fast freight and paror lines were vampires
OF the rail- asked it true that the Adams Express
Company had is for less than the Pennsylvania
Railroad Company got for carrying pig iron. President
Roberts replied that the company received three or four
times the price OF hrscass freight rates its Adams
Express COmpanys business As for the parl0rcar bust
mes 1t was being conducted under contract that was
made eight or years ago and cannot be terminated
by the present management for two three years yet
When page twelve OF the report reached Lockwood
asked how il was that with competing lines her pre-
Cinc- the OF Baltimore had wonderfully de-
vclOpcd within the past four years. while the commerce
OF Philadelphia has correspondingly dwinded There
reply. He also wanted TO know II the American
steamship Company so Improbable as TO make the
Pennsylvania Railroad contemplate abandoning the line.
how profitable the international steamship COmpa-
ny, OF whose bonds S15OO,OOO worth were among the
Of the American Steamship Company. John scott
raised the point OF order that Lockwood not IN order
and the latter remarked that he glad the companys
solicitor round 1t necessary TO shut him of.
Mr.. Parker wanted TO know how much the Philadel-
pha Wilmington and Baltimore loan had been sold for to
the syndicate, and It said that it deemed inad-
vsablo make public Information the point but that
any stakeholder could get the intelligence by applying
d he office.
Parker then asked how tie principal and interest
the loaG could be met except Of punder Of net in
come, which should 60 stockholders in dividends.
There answer He next asked whether IL
the intention to issue stock for equipment or
construction. President Roberts replied that tuis
On sOu ~ policy that would be met when II mi gt arise.
resolution accept the report the president and
direct lie Incoming board to carry is recommends
tons offered by Judge Porter, who uOHZed the
igenr ana said that those VINO raised the most OBJ
jectl1ns owned the fewcst shares OF Stock. This
shot at Lockwood, WHO owns only four shares. The
DlutOn agreed al.
On motion or John scott the minute Of the Board OF
Directors concerning the eH ut the ate Colonel Ihum
a scott adopted The sentiment VI the meeting
on the subject
MI MLg IN offered a resolution iudorsinS the system
of irTcItlal rates established by the management OF
the company and urging that no departure should be
made them. Adopted. Mr.. Parker offered a
ia the effect that the capital ana accounts
the company shall hereafter pc kept separate revenue
income To b. applied only 20 Purposes, and all
capital requirements raised ,uCn from other
sources, ana that future ordinary shareholders shall
receive IL money Ia kind all surplus profits after pro
yi1g amply tor the interests al prior -iock. shares
and other legitimate revenue charges Referred 10 the
incoming board.
When he usual motion 70 appoint committee 10 nom
mate ticket for officers and directors made, Mt
Parker moved o. amend 10 h@ye the members Of
the proposed committee nominated ~ the open meeting
instead u being appointed by the CAalr The utIOn
was voted down. The original resolution adopted
~ TIC ctlI6 ADJOURNED.