New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-14
MR. CORBIN REELECTED.
CHOSEN PRESIDENT OF THE READING BY
A MAJORITY OF THE VOTING TRUST.
AN EXCITING ANNUAL MEETING - PROTEST
FROM THE FOREIGN INvESTORs-FEAT-

Philadelphia and Reading Railroad company was he"
today at Association Hall As was anticipated tho
meeting was far from harmonious, the stockhooees
opposed to the reelection of Mr. Corbin AS presidents
OF the company protesting against the proceedings.
Prominent among those opposed to the regular uoAe'
we're Messrs. Alfred Sully, II. X Dow simon "orhsoi
and Alfred Rice, all of New-York the latter making
several vigorous speeches in denuncaton OF the man
ner in which the meeting was conducteu' Inc pro-
tests without avail, however ana ,re reeic''o,i
Of the old Board of Officers accomplished through
the vote of three members of the VOTING trust in"
4. Wanamaker, a son OF POSTMASTER '"VH'i"i "
maker the fourth member of the Young tus'' oieIeo
a proyy vote executed by his father, In favor OF the
opposton ticket; but the vote was decliheo Dy tno
indcos ~ election on the ground that majority of
tbe trust had already voted and minority vote
copId mot he received. The proxy was also declared
TO be irregular because it was business proxy, cx-
ccp,od before the voting trust was created.
Promptly at noon the meeting was called to order
nv William +. Lockwood, of Philadelphia. who nomi-
mated state senator S. Z. Wolverton for chairman.
Tho nomination was unanimously ratified. The
busness of the day opened with the reading of the
minutes of the last meeting. President COrbin next
took the for the purpose of reading his annual
report for the year ending November 80. 1889. The
statement of the operations of the traffic of the rail
road shows the following totals: Gross receipts,
S19O1S ,613 IL; gross expenses, S10,915,-
591 80; earnings from traffic sS,100,022 or;
profit from other sources, S769,395 %; total
profit, S5,S6942O 2S; from which deduct:
rentals, $2,S42,319 25 interest account S4.Os5.-
135 5O debtor balance profit and loss. state taxes,
etc.. S72s, $50 %; total, 81 G56.2O8 Is; balance.
81 213,ol2; less interest and sinking funds Of di
vsional mortgages Of the Coal and Iron Company.
guaranteed by the Railroad Company interest $780,,
600; sinking funds, 1884 ,0s4 Ia; total Slit
os4 ii. surplus, SOS .o27 Sc.
The gross receipts of the Coal Company WERE ST.
s1sc25 50: gross expenditures, Sl79G6O75 GA; def
= 40 % -Ifal oIA In
terest for year. Ss26,523 "a; deficiency, including
fixed charges, $974373 16. The report says that the
inability OF the Coal Company 10 the entire
amount Of its fixed charges for the year. must be
attributed to the low price received for coal, and
that the expenses of mining coal were
much greater in proportion than they
would have been il the cOleries could have been
operated greater number Of days in the year Ref
erence is made TO the efforts to extend the field for
the consumption of coal, the necessity for the en-
largement of the terminal facilities for handling and
shipping coal at the Elizabethport docks, and the
falling of Of 100000 tons in the anthracite ton
mage for the year, and concludes with the reasons
the suppression of the monthly statements of the
business OF the coal company during the last year
The suppression was, the report said, due TO the
fact that none Of the competitive coal companies fur
nished such statements, and that these companies
used the information contained in the Readings
statements to the disadvantage of the Reading Com
misleading owing the impossiLility OF distinguish
Ing nationally. from month TO month. between those
disbursements which are properly chargeabe TO eA-
pense accounts and those which may be legltlmateD
carried forward to capital accounts
At the conclusion of the reading of the report an
attempt was made TO proceed with the election OF
officers for the ensuing year, and then the opposition
developed. motion to consider the report seriatlm
was met by a substitute, offered by Reading Com
pany attorney. that the report be adopted. After
considerable debate, participated in by Mr. kloe'
of New-York spencer Erven Of Philadelphia, OF the
opposition; and George F. Baer, on behalf Of the
company Mr. Erven read protest, signed by himself
and many Others against the voting trust being al
lowed 10 cast its vote for Mr.. CorDin on the ground
that il was contrary TO law and public pohcy.
Several other protests were also offered The CHAIR
man. at O'Clock, ordered recess for the purpose
voting for officers, despite the protests Oh inc oPpo''
ton.
The REGULAR ticket is follows: President.
Austin Corbn; managers, a. J. Antelo. Samuel X
shipley, Thomas Cochran, George dc b.
Kem stephen A. Caldwell, George +. Baer, treasurer,
William A. Church. secretary William r. TAYLOR. Inc
opposition ticket made up d. follows: ITc'I-
dent Thomas Dolan, managers. Henry c. Gibson
samuel r. shipley. stephen \. Caldwell, Isaac L. Rice
William Potter and Elm CHAM h. Morris, secretary
William X. Taylor. treasurer, ". a. church. McasrS'
ia pey and Caldwell protested against the use OF their
names Oh the opposition uchct. 80 49,,
morning, read long opinion refusing 10 grant ulc
niuncuon asked fT BY Erwin & sheiine!dlne asast
immediate OBJECT Of which was ~ postpone the annual
election Of oncers TO-DAY and the ultimate object
The Court did not decide any Othci Ques-
tons of law raised by the bills filed Ihe court was
As president would be valid. The trust was supposed
70 act IN an entirely dlslntcrcstcd manner ana inc
election If one Of IT, number certainly not az
uterested But a. this point had not been raised. |
The Court dd not feel called upon TO pa upon IT, the
Judges of election and signed by John Lo"her Welsh
and ). Plerpont Morgan was read Messrs. welsh ana
ton Of Judge Hare in his opinion they he,ltated 10
vote as voting trustees in favor Of one OF their mum
Accordingly they called upon Judge Hare, TO whom
they explained the circum -tances OF the ciecuph |
Of Mr. COrbin president under the plan OF reOfga
zaton and expressed their belief that Mr.. Corbin o
held the confidence Of a large majority OF the com
Of their casting their votes for Mr.. Goblin had not
been formally raised in the plcadngs, they iGil II
he letter continued saw no reason why they should
not act upon their own judgment and added that IN
want Of respect 70 the court, or any intention 70 or,
regard or d.sobey its order AcG ,2 the ict
president
Al the conclusion of the reading Of this statement
Mr. Rice approached the platform and requested the
audience 70 listen 10 the following cable dispatch:
London Jan. 1910 l. = Wonnssr. New-York
Please send annexed request Reading trustees mailing
original tomorrow. II time permitted could obtain many
more signatures adverse feeling very intense and az
yIayated by this cable, received today:
ITO the Voting Trustees: We the undersigned being |
holders and representatives holders Of hiladel
Dha and RI aiding shares hereby request you oppose the
reelection OF Austin Corbn president the company
having in our opinion forfeited his claim conf
fence Of the shareholders, by missatmcns
TO the financial condition Of the company which he has
time 20 time made TO those largely interested the
property. Borthwick Wark & Co., l.. Wassen & CO..
Hasetine Powell Co.. Tom Nickcls g. co.. Chenncry
Bros Hses 4 Sons, Leon Bros. j. r. Trew g. Co.. and
number Of other firms"
After the voting trust had deposited its vote for
tho regular ticket the opponents Of the COrbin adj
nin5tr began Offering their votes the judges
81 election. As each proxy read, George +.
aer entered formal protest against its reception
The ground that, by the terms of the reorganization