Delaware gazette and state journal., 1884-01-17
ANNUAL z. & 4. MEErING.
Eeyen Per Cent. on Preferred and
Per Cent. ON Common stock All

Eeyen Per Cent. on Preferred and
Per Cent. on Common stock All
Iowsd-rho b. q o. Connection.
PHILADELPHIA, Jan. 14.--The annual
meeting OF the stockholders Of the PILLS
delphia & Reading Railroad company was
held here this afternoon. Thus far the
proceedings have been purely formal and
devoid OF excitement. z. 8. Whelen was
called upon to preside.
After the approval Of the minutes OF
the last annual meeting, President dowen
read the annual report Of the company
for the last fiscal year. 1t shows sur
plas of q 1877 ,232, thus allowing per
cent. on the preferred and 6 per cent. on
the common stock with balance OF
1915 applicable to the payment OF
interest on the deferred bonds.
The net profits for both the railroad
and canal companies amounted to $lb,-
1856, ,842, out Of which all rentals and
interest accounts have been met,
leaving the surplus ss stated above
Reference is made to the building OF
road by the Baltimore 4 Ohio from Bilti-
more t. Philadelphia with which 1t is ex
pected the Reading sill make connection
via. the Schuylkill River, and East and
West Side roads which have recently
been Incorporated.
The report speaks Of the great increase
in spthracits coal prod uction, and pre-
dicts before long demand equal to the
producing power Of the entire property.
This the report says grows out OF the new
avenues OF traffic opened with the Phila-
delphia & Reading road.
The report closes with the reoommen-
dstion OF the board Of managers for the
creation OF a collateral trust loan Of
$l2, 100000 at per cent. to pay on the
floating debt, the income mortgage
bonds, and to purchase outright the
SO 900 shares Of Jersey Central stock.
The report adds that the trust loan will
mt increase the floating debt, but on the
contrary will reduce the fixed charge.
Mr.. Antelo offered series Of resolu-
tions accepting and adopting the report
endorsing the contracts and engagements
recommended with the various cOmpa-
nies, the projects of construction and the
proposed collateral trust loan Of
$l2, 900, 900, and thanking the managers
TOR their conduct Of the affairs Of the com
pany during the year. These were
adopted,
Mr.. Gowen offered resolution In favor
of adjourning the meeting till the 2Sth
inst, to enable the stockholders in the
meantime to examine the report Of the
manae srs in order that they might vote
intelligently on the question OF divi
deDd. This WAS also agreed to.
Mr.. aowen said that he had received q
large numbor Of proxies in reference to
the question OF declaring dividend. A
large number were in favor of dividend
| and, unless otherwise instructed, he
should consider 1t his duty to vote
| for It; at the same time he was also bound
to state that he had received large
number Of proxies with contrary in.
! struction, and quite number leaving
the question entirely to his Judgment.
He thought the interval allowed by the
adoption OF this resolution for an adjourn
| ment to the 28th inst would afford
ample time for the examination of the
managers report, and enable every
stockholder to vote intelligently.
Mr.. Hardness forwarded to the score.
tsry's desk 10 BIZ read to the meeting a
lettsr from prominent corporations OF
New York, and petition from still
| larger number OF iudividuals and COM
pauies in Philadelphia, urging upon Mr..
Gowen the importance of his remaining
at the head OIL the Philadelphia Il Read
ing Railroad company.
Mr.. William Lockwood submitted a
resolution for the publication of steno.
| graphic report of the proceedings for the
benefit of the stookhol ters.
Mr.. Gowen objected to any action being
taken on the resolution. He said he
could not consent to such action compli-
mentary TO him, at a meeting at which
the proxies aggregate nearly 400, ,0oO
shares. He hoped the resolution
| would be- withdrawn. He said
the compliment from the busl-
| ness world would be cherished
highly by him, and the letters would be
allowed to 60 in the record II only to
| show in later years that he had not been
turned out. He would not deny that re-
calling the tone and temper of the annual
meeting two years ago, the expression OF
feeling just made was truly gratifying but
he believed his friends who had offered
| the resolution would appreciate the deli
cacy of the position and the impossibility
OF his allowing it to be said that he had
| carried resolution 30 complimentary to
| himself. .-=
A number of resolutions were offered
highly complimentary to Mr.. Goweu but
| We're Withdrawn at the request of that
gentleman. The following officers were
elected President, George Deb. Keim;
Managers, J. b. Lippincott, Henry Lewis,
|. V. Williamson, Edward C Knight,
Joseph b. Altemus and Loring A. Robert
| son; Treasurer, William A. Church;
Secretary, Albert Foster.
Mr.. Keim, the new president OF the
philadelphis & Reading railroad
company first entered its employe in 1868
| as its solicitor in Schuylkill county under
| President Gowen. While in this position
| his knowledge of the coal lands OF
Schuylkill county made him of valuable
assistance to the company in acquiring
| coal possessions in that country for the
company. In 1871 he was made the
| general solicitor of tue company. He
| continued in this position until year
| ago, when he was elevated to the vice
| presidency, and was succeeded as general
solicitor by Hon George R. Kaeroher, of
schuylkill county.
Mr.. Keim WAS bern in Reading AZ years
ago, and when boy attended college st
Georgetown, D. c., and WAS graduated
from Dickinson College, at Carlisle, in
the class OF '59. He was close student
OF the law, and practiced for awhile at
Reading, but was for many years at the
head OF the bar in Schuylkill county;
where he was engaged extensively in
conducting coal land Gases. His know
ledgs of the affairs Of the Philadelphia &
Reading railroad company is very
thorough, and Mr.. Gowen states that he
feels the interests of the company could
be intrusted to no safer hands.
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