New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-12
A NEW ISSUE OF STOCK.
PFNNsYLyANIA'S ANNUAL MEETING.
THE TOTAL ISSUE INCREASED no s1as+ss'ooo-
PRESIDENT RoBERTs's STATEMENT.

PRESIDENT ROBERTSS STATEMENT.
PHILADELPHIA. March IL (special.-Thc chair at the
rennsvlyania Railroads annual meeting To-Day was
t,kcn by cx-Mayor Richard Vaux. In the absence OF
ihe Minister TO Greece. A. Loudon Snowden' VINO mas
annually performed that duty. The new issue OF
,oct which has been ovcrshadowcd for some days
mast WAS voted by the shareholders TO the amount OF
$40 600 OOo or 900 shares thus increasing the
total Issue TO s133 .4ss 900. The legal limit which
the company may issue is 1851 e94,o5O. After thc
100000 900 Just authorized. there will remain marsn
of al 4565OO more. President Roberts says una.
the needs of the company will require about slOOooooo
Of fresh capital each year. Today's action pracu
coy provides for stock allotment OF 10 per ceh'
and a second ct per cent
President Roberts was appsuded on taking uc
platfora to explain the annual report h''en'o"
was first directed the expenditure for EXTRAORDINARY
repairs, which includes the item which the io'es,
stockholders claim should lie charged TO the cap''a'
account This amounted last wear to ~ "''
The disbursements under this head were ior s''ef'
Ing the road improving stations replacing IRON oose
with stone, and wooden with iron structures ino
losses from the food had been recupera'ed' Mr..
Roberts said at a minimum cost. Inc 'a' ""''
had grown M 10 a capital Of So5.OOo,0OO producing
80 600 cars By careful management the company
was now enabled to borrow at per cent whereas
al the time the trust was started IL Was compciicu
to borrow at per cent. The annual earnings per
mile on the main line are double the cost Vi THO
road per mile when it was hrst bnln.
Mr. Roberts touched the fact that it cost two
and one half times a. much 10 move freight over the
United Railroads Of New-Jersey as IL costs on the
Pennsylvania Railroad division. The gross revenue
for Western freight received in Philadelphia Is only
sufficient 10 pay for handling the goods and transport
ing them seventy miles out of the city, on account OF
the cost of handling freight in large commercial cen
Tres The roads forming the southwestern system VIII
he merged and consolidated. with capital OF
s15OOOOO 600 This is done to protect one line OF the
system against another and TO prevent any line oil
the system drifting into anagonistc ownership. MON
money is now expended for betermcnts OH the lines
west of Pittsburg than the earnings AMOUNT 70 anu
II is President Roberts's desire 10 get the western
lines in such a condition that 81 100000 Per ahlun
NAV be expended for bettermens out OF 'neir om
earnings The Of 80 900 600 per annnn i neeecu
for fresh capital maintain and care Tor franc "est oi
Pittsburc OF the trust created on Octoher ~ lo,o
Mr. Roberts said there invested So.Ooo.ooo, tie
result of which that any security guaranteed W
the company stood well up 10 par .,
Mr. Roberts spoke with emphasis on the conncctl,s
bne in course of construction between Uowinstcll,
Penn and Trenton, n j. and said tlat alldlough tne
Construction would prove important one. II was
noIicv forced upon the company for the purpose OF
preventing through freight being side tracked al PIMA
delpbia The Improvement Is being maze especIaii!
Tor the benefit Of the city OF Philadelpha ana io te
shareholdcrs of the company. Mr. Roberts allnoed 10
the Fmploycs' Relief and Saving Funds as lnstsncng
Inc Maternal care Of the company toward us army OF
emnioyes and sat down among the applause OF MS
hearers