New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-01-12
GOWEN AGAIN AT THE HELM.
ONCE MORE PRESIDENT OF READING.
WHAT HIS PLANS ARE-wHAT THEY WERE AND HOW
MR.. VANDERBILT wAsIGoING TO HELP HIM.
fBY TELEGRAPH THE TRIBUNE

was crowded to-day VIII men interested in the annual
election OF the Philadelphia ard Reading Railroad Com
pany Notwithstanding the fact that there was no OPP
position ticket named by Mr.. G0wen the proceed
ngs at times wero interrupted and unpleasant remarks
hurled at the coming power Those occupying the
stage were President Kem, Secretary Foster William L.
Macier and sthlwart reserve officer E1Tard s. Whe-
len occupied front in the parque together WIZ
| ex-President Gowen, General C. H. I. Coils Colonel X
r. Dcckert, Daniel Hutchinson. Selectman John X. Law
son, Nicholas Brce. +. c. knight L. p. Ashmead, John
b. Garrett Edward Love- L. ID. Lockwood, A. j. Antelo,
Charles L. Boric Colonel Sylvester Banafon, Joel Cook
Thomas Donaldson. H. X. Nichols. A. Lukens Colonel
W. s Thomas George r. Kaercher and L. G. Williamson
An organic ttion speedily elected by making Ed
ward S. Whelen presiding officer The report OF last
years dongs read by President Kem, ut the con-
cusiOn OF which In pubic structures he
| said:
Before my election president, Mr. Gowen declined
TO stand for election and he solicited proxies for me.
stood independent. and when found that Mr.. Gowen
expected practical control told him plain
y that represented all the stockholders Twas glad to
retain his services counsel and paid him large sums
found that Mr. GOwen wonld NOT serve except rs mas
ter and he declined to act servant" After detailing
OF affairs his acceptance of the presidency
which rendered tho outlook anything but cheerful Mr.
Keim continued
Mr. Gowen pressed upon the company the project OF
purchasing large lands in Schuylki County, which the
company could not for years and which would en-
|
$500 900 lie urged for tho that this would
stop he competing line by the Pennsylvania Ths was
declined. Mr. Governs charge that and the managers
dcrcct In the matter Of the collateral trusloan is
disproyed I'm Mr. Governs words. It does not come
with good grace from Mr.. GOwcn to crtcise the coal
management OF tho present managers which shows
gain OF S2l7 900. when under his control the loss
S653 900 1876. $4,000 in 1877 $4,000 in 1878,
and S699.0O0 IN 1879
81 do not propose notice Mr. Covers comp laint
that manager would resign to make place for him,
my refusal toIgo with him intoa gambling scheme by
which was putup 5000 OOO Reading shares to sus
tain Jersey Central stock. His personalities toward mo
hayo place Instead OF in the companys trouble
sustaining those In power MT Gowen has been stumb'
ling block"
Mr. GOwen said that he had sought place on the
Board of Managers In order to secure the Information
necessary for his formulation OF plan for the relief OF
the road wished to get In the board to get informa
ton he said land Mr. Gowen would have been OF great
assistance 10 Mr. Kem In preparing his annual report
Mr. Gowen has his rnd!oation," he continued in
what President Keim has saidthat since he has been
president have had nothing whatever to do with the
Reading in its descent to such low depths as 1t Is In
now TIE question OF veracity between Mr. Keim and
my self will be settled by proceedings in court In the
near future. did give my approval to the DreXel
Transaction but because It tnat death. after the
Company had refused assistance when went to them
with the money in my hand. When could have Sc
cured $500 for them at 42 per cent they refused
the Offer but borrowed 1t at per cent and paid 100000
bonus and proceedings which will soon take place
In court IL will DO shown into whose pockets went the
large divvy.
Mr. omlts TO state that only offered TO return
Into the service OF tho company when brought In my
hands the money TO pay the then pressing loan These
ordinations and rccrminatOu have no place
here They will DO ventilated in judicial proceedings In
which there will be asked for investigation into the
nagement tho receivers My plans, before left the
presidency included central depot In the city OF Phil
de phia approached by an elevated railroad Mr. Van
derbt said TO me that when the time cano he would
furnish AL tho money for this provided 1t would be
leased by The Reading Company at an annual rental OF
per cent Another project peace with other coal
companic This involved the holding largely OF stock
b. Mryandorbilt. which lac had agreed to and Mr. kem
congratuates himself that he induced Mr.. Vanderbilt TO
Withdraw lie has undone all my work Of dfteen years.
and lie tell you that MIR Gowen elected
and reelected Mr. Kein to the presidency. And his
answer has been read from this stand.
"Having twice given the power to elevate this road
the plano OF prosperity into tho hands OF other pco-
pie propose 20 take II again into my own hands"
Taking up General Collis's report, Mr. Gowen pre-
faced his statement by reading letters from Messr Ford
and Dwight. demanding that their names DO Withheld
the report Notwithstanding which their names had
been appended. Mr. Gowen said further. that tho re-
port declared adopted by the charnsns decision that
his should stand. although threo memb RS OF tho
committee decided XPunge certain parts while three,
including General Coils. voted that they should stand
Mr. GOWeu then attempted 10 offer three resolutions,
when no wa1 interrupted by General Coils who said
have put too much money IN your coal pits not to
that his statements regarding the shareholders com
lntce far from the facts much or tho htera-
ture furnished regarding this cjmpany IN the last
nfteen years" heated discussion ensued between |
Messrs Coils ana Gowsn after which Mr. Gowen read |
his resolutions and called for stock vote saying
Then Mr.. Coils will ind that Am more than stock. |
holder. am proxy holder and besides hod |
proxies from three members Of his committee" Mr.. |
GOwen's resolutions were:
shs day read be referred 10 tho incoming Board for
prntn ana distribution among the stockholders. TO-
eether with such Information AS tue incoming board
may obtain and desire to give IA tho reason Tor the de
earnings from coal mining and coal trahic, tho
sale Of coaeras pledged for the noatng debt and tue
attended the management OF the recovershp since
the death of Edwin III. Lewis.
Resorsd That recommendations contained In this re-
last annual meeting be referred to tho Incoming Board
OF Managers for such action as 10 them may seem IT.
Resored That an Increase OF the indebtedness OF tn
company Of S!lOO0o00 under the present recev-
er without dollars worth OF property 10 represent
IT, unparalleled IN the history OF railway property and
Ia tho opinion OF this mee,inS calls for the prompt inter
vention or the court and tho Incoming Board hereby
directed TO cooperate with and sustain tho incoming
president In ali efforts made or approved by him To secure
change In the rocelyership
The stock these resolutions was taken, togother
with stock vote the election OF officers, resulting
ia the unanimous election OF the Gowon ticket by ga
chairman also announced the adoption OF the Gowen
resolutions by the same vote.
rhe Gowen ticket is as follows: President Franklin b.
Gowen managers. |; " Williamson John Wanamaker;
A. j. Antelo Peter {; Hollis Marx W. wat sou. Dav,d
William H. Taylor.
Tho report shows that the earnings OF the rail-
road during the last year also reduced by
local competition The passenger receipts OF the entire
system for 1885 show decrease OF 7l0 per cent as
compared with 1883. aud 40 per cent compared
wth 1884 The current liabilities at the close of the
fiscal year OF the company SIC, S32, GA OF the
aud iron company 81. 23i, 5J3 total $25O7O,l77,
compared with S23,5l7 1923 at tho close Of the hsoal
OF 1884
ORGANIZING TO MAINTAIN PASSENGER RATES
CLEVELAND, JAM IL (SpeciaD. -Copies of an
agreement signed by Newell OF tho Lake ShOro Ser
geant the Grand Trunk; Mccullough OF the Pennsyl
yana Ingalls,, OF the Big Four; Orlando smith, OF tho
Baltimore and Ohio; and Ledyard of tho Michigan Cen
receiYed by tho genern pnssenger AGENTS OF