Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1883-01-08
THE READING ROAD.
Annua! Meeting OF the eStOckhOlGer:-Presi-
dent Cow ems Report.

| Annua! Meeting OF the StOckhOlGer:-Pres-
dent Cow ems Report.
! PHILADELPHIA, Jan. S.-The opening
proceedings of the annual meeting of the
| stockholders of the Philadelphia and Read
ing railroad company were devoid OF inter
est, there being no more than 200 persons
present when the meeting was called to
order. E. S. Whelen was called to pre-
| side, and Albert Foster, secretary of the
company, read the proceedings Of last
years meeting. President Gowen then
| read his annual report, which was br!c:er
than usual. 1t states that the sum of
| 1905, 49l.30 has been paid i'll cash
on the deferred income bonds, Of which
| Sc, GAS, sos Was paid i'll England and
the remainder ill Amel!cl. The plan
of financial rGor ?, ,anizatian Us already made
public was discussed at length. The re-
ceivers during the three years of their
| control have expended 50, AIS, 1!o. II i'll new
equipmeI aud other expenses. In order
| to termin -. the receivership, an attempt
has been n..;tie to negotiate for $l3, ,OOO, 600
of the iiva Per ccn5. cons1ls, Only $3.50, 600
of which have been sold The report closes
| by saying that application will be made
this week TO dissolve the receivership.
Mr.. Gowen likewise read the receives
report and their recommendations favor
| ing dissolution of tho recci.ersh!p. At
| the conclusion of the reading Oi tbs two
reports, which occupied considerable
time, resolutions We're offered approving
| of the reports and Teferril, them to the II
| coming board Of mana re!s 10: consideration
Resolutions were offered Is follows
| ResOlsed, That the various actions, CON
| tracts, aLrtement and engagements, en-
| tered into by the board oil managers .e-
| ferrcd 70 i'll the report, iIc:tlilng the exc
| cutiUr Of the 1--WE psr cent. CONSTITUTION
| mortgage ana tho iss.ie OF tiiG bonds thele
| under the execution Of a cuntlact With
| the Nevy York Contra, and Hudson river
! rai.ro:d, the Geneva and Lyons r..iiruad,
| tho Syracree, Geneva e Corning railway,
| Tie Corning, C0rnaesque q Antrim rail-
way, the Polls Brock coal company, TIE
Jersey s,h".e, Pine Greek IL Buffalo
railways, TIE Philadelphia 81 Reading
coal and iron company, and the
guarantee Of the $500, COO in bonds
| issued by the said Jersey Shore, Pine
Greek 81 Buffalo railroad company, tic al,
| ecu:ion OF a ,ntract between the Phila
| dclphia & Reading railroad company,
| the Philadelphia and Reading c,a!
| and iron company, the Pittsburgh,
McKeesport 81 Ioughioghcny ra!r"ai
| company, the Pittsburgh, Lake Erie Iaii
| road, the Lake Shore & Michigan South
ern r..i!Icad company and North Pennsyi-
| varia railroad company, the issue
| of s4,0UO,O00 convertible adjustment
| scrip, the sale of $5,000,000 seven Ier
| cent. general mortgage bonds and til,
| financial scheme for the funding and con-
version of the various Junior securities and
| scrip of the company De- and arc hereby
ratified and approved.
| Resolged, That the report .: Frank s.
Bond, president, aud George +. Tyler,
Samuel r. Si,ip'ey, John 5, N"wn!:,
Edward II. Steel, Charles Parrish, ard
John L0wbCr Welsh, managers iOr the
year ending November 50. 1881, submitted
at the las: annual meeting of the CON
pauy, il.d tiltW referred to tho incoming
board Cor further action, b. and the sam
is hereby rejected by the stockholders.
| The foregoing resolutions we're acted
upon separately and adopted.
When the last resolution was Iead i
shareholder asked il the report of this
Bond management i IL not been appr)vad
at the shareholders meeting.
| Nir. Gowen explained that It had not
| tha. il was referred to tho incoming bc;.u
and by that bo,-d rejected, as the
| tigurcs and statemCnts did not agree with
the recs iyers' report; as between correct
and incorrect figures the managers recon
meEded the adoption Of the receivers re-
| port.
The Boad report was rejected without a
dissenting voice.
A recess was then taken for
the purpose of election. But one
| ticket is in the field, tha5 OF the present
board, and it vii! probably be elected
unanimously.