New-York tribune., 1884-01-15
READINGS FINANCES AND PLANS.
MR.. GowEN's REPORT ACCErTfD---IMPORTANT MAT
TIERS LEFT TO.AN ADJOURNED MEETING.

MIR. GOWEN's REPORT ACCEPTED---IMPORTANT NAT
TIERS LEFT TO.AN ADJOURNED MEETING.
PHILADELPHIA, Jan. 14.-Thc annual meet
ing Of the stockholders of the Philadelphia and Reading
Railroad Company held here this afternoon. T. :.
Whelen presided. President Gowen read the annual re-
port of the company for the last fiscal year. II shows a
surplus of 81 137 232 thus allowing per cent the
preferred and per the common stock, with bal
ance of GA applicable the payment of the interest
on the deferred bonds The profits for both the rail-
road and coal companies 10 Si2 Out OF
which all rentals and interest accounts have been met
leaving the surplus stated above Reference made TO
the building of . road by the Baltimore and Ohio from
Baltimore lpia with which it is expected the
Reading will make connection via the schuyl-
kill River, east and west side roads,
which have recently been incorporated
The report speaks OF the great increase in anthracite
coal production, and predicts before long demand equal
TO the producing power Of the property The report
closes with the recommendation of the Board of Nan
ayers for the creation Of collateral trust loan of $l2,
900 at per cent to pay of the floating debt the
income mortgage bonds and to purchase outright the
80 900 shares OF Jersey Central stock The report adds
that the trust loan will not increase tie floating debt but
on the contrary will reduce the liked charges. Resolutions
were passed, accepting and adopting the report in
dorsng the contracts and engagements recommended
with the yalUus companies the projects O construction
ana the proposed collateral trust loan and thanking the
managers for her coloucl oi Ic aI' 9i lh' company
during the year. Mr. Gowen advised IN view OF the d
f,cut opiunn- about drciTiHgH div dcud. that this
tiOu he lrft 10 The adjourned meeting, January -
Mr.. Harkhc-- pres, nCd rt,i0h' tAl'h'Nty slthCd
hy Influential men, inviting Nr. GoWcu 10 resume the
nyr.iducv Nj GuWcn objected 10 IL c0n-!cration rs
r held uruxc- amounting 80 nearly 4Ou"Oo snare nut
ne acknowledged tIc compliment.
Nlr (Owcn said a. would Offer resolution NJ The ad
ioncd meeting proposing that upon me sc'''sIu exc.
cutIO OF the iuaucla scheme outlined IN the manager,
runrt d., dcud of y per cent preferred stocks and
3 per cent on common be declared 49,,
Officers were then elected a follows: lre-nrht'
Ge-rro De b. Keim; man ngCcrs, j. y. Lppncott Henry
Lewis J. " Williamson. Edward c. Knight. Joseph H.
AltcInus LOring 4. Robertson; treasurer, william ~
Church; secretary Albert Foster
Jersey CENTRAL And TIE Trust LOAN.
The annual report shows that the bu-ucss Of the Jersey
Central Railroad for the months ending November
80 1888 resulted IN Il net profit OF S633ls2 Ihcse are
the most favorable months Of the year; but no doubt Is
entertained Of the ability Of The company TO Earn earn an
amount amply sufficient 10 pay the rental Reference rs
made 10 the DnsmOre suit, and the Ollhon i
rTnresscd that no danger need be apprehendcd from ls
tto,nut to SET aside the lease The fundng operations
old obligations into adjustment .cIf 800 into no
5ner cent cOusos first series, and Sl6s9oss mo ths
second series The company has also purchased deferred
coupon dollar scrip general mortgage ana ftihlom,R
scrip and income mortgage DOhds u 'he Io'' "No4' "
81 7l6,Os5. , toroasod
for the comnlcOu Of the ShamOn, Sunbury ana LEWIS
burg Railroad ~ 10000 for the purchase oi coai m
lands coal cars etc. about 81 ,2OOOOOj IOi a Ui
making a total of floating debt on January ~ leSt, y.
$6754 20l. In addition 10 this there Is de i
the purchase Of the OOoOo shaIes vi az yyadened
stock or the income mortgage bonds 10 DE Teueemeu
OF the earnings OF the company there are
So GOO To meet these several obngatl0ns lne
ngers recommend the creation OF the FlZOVVVVO
oral rst fnd a five per cent interest, secured Dy jersey
Central stock income mortgage bonds ana other eola
erals with par value Of Sls934 0OO ihe report say
that for the past three years dividend OF seven PE oc
| has been earned on the preferred stock -, ...
. With reference 70 dividends on the common socA he