New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-09
RAILROAD INTELLIGENCE.
TIE PHILADELPHIA AND READING.
ANNUAL MEETING OF OBSERVATION-DISCLOSURES OLD
BOARD AND OFFICERS ELECTED.


BOARD AND OFFICERS ELECTED.
PHILADELPHIA, Jan. S.-The opening pro-
ceedings Of the annual meeting Of the stockholders
the Philadelphia and Reading Railroad Company were
devoid OF nteres being more than 200 persons
present when the meeting was called to order. f. O.
Whelen was called preside, and Albert FOSTER secre
tary Of the company read the proceedings OF the as
years. meeting President Goven then read bis amman
report which was brefer than usual states that the
Of 81 eO5 491 80 has been paid IN cash on the 90
ferred income bonds Of which $06i3,505 was paid IN
England and the remainder in America. The plan
OF financial reorganization as already mace puoho
was discussed length The receivers during the tnree
years OF their control have expended So4AST9 10 IN
new equipment and other expenses. In order TO term
nate receyershp attempt has been made TO nego
tiate s13oOOOoo OF the five per cent consols, only
$3.50 Of which have sold The report closes by
saying that application will be made this week to dis
solve the receivorshlp Mr. Gowen likewise read the
report of the receivers and their RECOMMENDATIONS
favoring dissolution OF the receivership
At the conclusion Of the reading OF the two reports
resolutions were offered approving the reports and re-
ferrius them to the incoming Board OF Managers for
consideration. A resolution adopted asking that
the various actions contracts, agreements and en-
gagements entered into by the Board OF Managers
referred 20 in reports including the execution OF the
per cent consolidation mortgage and the issue OF the
bonds Hereunder the execution OF contract with the
Geneva and Ly ons Railroad the Syracuse, Geneva and
Corning Railway. the Corning COrnaesque and Antrim
Railway, the Polls Brook Coal Company, the jersey
Shore Pine Creek and Buffalo Railway, tho philadelphia
and Reading Coal and Iron Company and the guarantee
OF the bonds Issued by the Jersey Shore
Pine Creek and Buffalo Railway Company the execution
OF contract between the Philadelphia and Reading
Railroad Company, the Philadelphia and Reading Coal
and Iron Company the Ptsourg McKeespOrt and Yough-
iogheny Railway Company the Pttsburg ana Lake ETC
the Shore and Michigan Southern Railroad
Company and the North Pennsyvana hAlIGa sS 10n
Scrip the sale OF 50 per cent general mortgage
bonds and financial scheme for the funding and con
version OF the various junior securities and scrip OF the
company be ratified and approved Another resolution
was adopted asking that the report Of Francis Bono
president and George L. Tyler, samuel shpey John
Z Newbold, Edward T. Steel Charles Parrish ana John
Iowber Weeh managers for the year ending November
80 1881 submitted the last annual meeting OF the
company and then referred TO the incoming Board Tor
further ao,ion, pe rejected by the sharenolosrs;
Wei the last resolution read shareholder asked
II the report of the BOND Aaa not been sP
planned that 10 had not that II was reierreI 70 ne IN
coming Board and that Board rejected as the figures
and statements did not agree with inc receivers iepor
As correct and incorrect figures the managers
bona report was rejected without dissenting vote
recess as then taken for the purpose OF election
dsat was reelected the vote each Of the members
being S29.329 shares. There was no Opposition. sam
uel Barton was present as hr EAndefoVs AGENT Anu
voted II, 600 shares for GoHen -.
Judge MeKennon, of the United States Circuit Court
viii probably be made to him in tho week for
| dissolution OF the Reading Railroad receiyeTship.
FRANKLIN b. GoWES TO RESIGN
IBY rRLEGRAPH The TRDUSRI
| PHILADELPHIA, Jan. SIT was learned to-
day from an authentic that Franklin b. Gowen
would shortly resign the presidency OF thu Philadelphia
aud Reading Railroad Company and the epha ana
| Reading Coal and Iron Company. When Mr.. Goven
vas making his canvass for reelection during tho con-
test with Major Bond he told the stockholders OF the
l nf
the hands Of in year and then resi- gn
Mr. Gowen ma, matters 10 shape that he take the
rad out OF the hands OF tho Court and he Will retire
from the presidency as this ia accomplished and
return 20 the practise OF law Mr.. Governs retirement
has been among his Intimate friends for sew
era months They have long known that the cares OF
his position heavier than he desired 10 bear and
that his love OF his old profession the law, made him
anxious TO return 20 For two weeks the subject OF
,uccc ssor 20 Nj has been secretly talked abou
both this city and NeS-fork Several gentlemen nave
been suggested but the man Las not YET Decn settled upon
o. Mr. Vanderbilt, who viii maine the No" president oil
RoSett II. sayre lato Of the Lehigh Valley Railroad
| who IA now president OF Vaudorbllrs new road nom
Harrisburg 70 t9DhIs anu WI, TX i,.I ~, a
New. YORK man via Rcq ire ssary residence In
ths STATE ana neeoAe nc Ns1I tHo
any event ihe new president VIZ Dc ~ 49,
| OF Mr. Vanderbilt, who viii hereafter miiy CON
Mg C;owcn in.ans that Mr.. Vanderbilt has into
| Reading stay Last year when IL wa. Hhu lhht PIT
Vanderbilt had purchased tAaAte "a stnuHs anu
would support Mr Gowon, t Vas supposed that II was
more On acl friendship than anJ thing else but intf
| mate friends Of Mr.. Vanderbilt knew better thhn thIs
Ihcy were awLre that Genera GcOrg j. MaSee VINO mas
long Interested In mines aud railroads IA he nor
eru part OF STATE, mad at Mr.. Nanderbts request
made an examination into Readings anAirl aad thAt the
IaT,s. purob,se. we're IN de aiter than years
| iuXet,lgt,n Mr.. Vanacrbilfs recent purchases ind
| cate hat ne Intended 10 attempt 10 snare WIN tho
Pennsylyania Railroad tho pronis OF the mining, coal
carrying aud central trade of this state Wnen MS roaGs
are completed inc Pcnn1yl7ania wiz nave rIvh lOr
m. oca trade OF sato Tor the nrst tino In Us his
| tory.