The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1884-01-19
pHrLA. READING RH.

DIVIDEND ON PREFERBRD AND PEG CENT
ON COMMON STOCK.
The annual meeting Of the stockholders
Of the Philadelphia and Reading Railroad
Company was held at noon Monday at As
Hall, and the election Of success
or 10 President Gowen and a new Board Of
Managers was effected without any show Of
that excitement which was formerly such
feature Of the Reading cleo
tions. The result of the election was in no
sense a surprise, as it was known that Mr..
Gowen would, under no circumstances, ac-
cept denomination, that he desired 10 be
succeeded by Vice. President George De B.
Keim, land that he held, week before
the election, sufficient proxies to elect him.
The following was the ticket elected, there
being ca ct for it Ssl, 100 shares, aud none
against it.--Presideut, George De B. Keim.
Managers; J. B. Lippincott. Henry Lewis,
|. V. Williamson, Edward C. Knight, Jos
eph B. Aitemus, Loring A. Robertson
Treasurer, William A. Church. Secretary,
Albert Foster.
There is but little change in this ticket
from that Of last year. Loring A. Robert
son takes the place Of State Senator Eckley
B. Coke. Mr.. Coke resigned fom the
Board shortly after the lease of the New
Jersey Central, because Of his extensive
connection with that road, ss shipper Of
coal and coke.
William A. Church. as Treasurer, sue
ceeds Samuel Bradford, who has been con-
nected with the Reading Railroad for more
than forty years. He declined renomina-
ton and election on arcount Of advancing
years. He will retire into private life.
The meeting was called to order at noon
by William L. Mactier. E. Whelen was
made chairman. There were present about
800 Of the stockholders.
THE ANNUAL REPORT.
President Gowen read the annual report
Of the Board OF Manages. From tho re-
port II appears that the total surplus for
which sum would be sufficient TO pay q
dividend Of Z per cent on the preferred stock I,
per cent upon the common, and leave a
balance of $67 900 applicable TO the inter.
est on the deferred bonds. The total net
profit OF the railroad, and Of the coal and
iron companies, was $l5,3s5,S42 67; the
rentals, S6,4l2, ,426 81; all interest accoun is,
So ,Sl6,lS2 90. The profit from the New
Jersey Central Railroad during the SIX
months since the lease has been in opera
tion, was S6S3,4s 81. The total number
OF passengers carried was SIS s,l95 ,264; tons
Of coal, ,449 1873; tons of merchandise, Z.
l59,6S2; total tonnage, including passengers,
$685. 3,3ll tons.
The report recommends the creation Of q
collateral trust loan OF $12, 900 900, at s per
cent, to pay of the floating debt and the
outstanding mortgage bonds. and also to
purchase $4,000 shares of Jersey Central
stock, in order to obtain complete control OF
that road. The report pictures the future
Of the Reading Road as full of hope and
promise, and points with satisfaction to the
lease of The Jersey Central under tho most
favorable cir.umsts noes.
Upon motion Of Mr.. Antelo the report
was unanimously adopted and ordered to
be printed. The motion also carried with
1t the ratification Of the leases, contracts
and agreements therein indicated and ad-
vised.
TIVE Dividend GOwEN RECOMMENDS.
Mr. Gowen then asked that vote be tax
en- upon a resolution that the stockholders
meet in two weeks, on the 2Sth, to vote
upon the recommendations Of the report,
aud also upon the question of declaring a
dividend. He said he would vote his pro-
xes in favor Of dividend of 2l per cent
upon the preferred stock aud per cent
upon the common stock. Il was voted Ia
meet on the dag indicated for the purpose
suggested by Mr.. Governs resolution.
William W. Harkness read resolutions
numerously sgnei by prominent bankers
and business men in New York and Phila-
delphia, calling upon Mr.. Gowen not "a
resign the Presidency of the Reading, eulo.
gizing his course in the position. The paper
was greeted with applause, and vote wa.
about to be taken upon it, when Mr.. Gowen
Jumped up, and said he trusted his friends
would not press the resolutions, as it would
place him in an embarrassing and awkward
position, especially as he held large ma.
jority OF the proxies, He felt fiattered by
the resolutions, but he trusted they would
be Withdrawn. They were accordingly
withdrawn, but were placed upon the min
utes.
William E. Lockwood read a long papel
showing the prosperous condition of the Goa
lands OF the company.
During the meeting Vice. President KEN
sat in modest retirement back among the
stockholders, by the side Of Senator Eckley
B. Coke. In front o: them sat gentleman
a stakeholder, who bore striking resem.
blance to William II. Vanderbilt, and be
was mistaken by mauy for the millionaire
lie consequently became the unconsciou
object Of the openmouthed curiosity of som,
otthe rural stockholders. who occupied ada
cent seats. lie laughed hartily when told o
the great attention he was receiving uudel
false eOlors. As the election progressed ,ther,
was a general move Of the stockholders To
ward the platform, where Mr.. Klein, In,
new president, was standing arm in aru
with Mr.. Goweu, and he was kept pretty
busy shaking hands. Among those upon
the floor were Mr.. James McHenry, o
London, England, aud Lord Bury, who ac
compsnied him to this country.
THE NEW PRESIDENT.
Mr.. George De BenneYille Keim, the new
President Of the Reading Company, is fifty
two years old, and was born in Reading
He is the son of the late General Georg
Keim. He got bis early education at tn,
Catholic College at Georgetown, District o
Columbia, and graduated 10 ls49, from
Dickinson College, Carlisle. He went bsel
to Reading after completing his colleg