St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-14
CORBIN GETS There.
a Majority Of the Reading
Voting Trust Reflects
HIM President.
ntaloon Wanamaker Casts
Lis Vote for the Kiekeps'
Candidate.
Judge Hare Refuses to Grant
an Injunction Delaying
the Election.
Still He Does Not Assume
That Corbin's Election
Is Legal.

PHILADELPHIA, Jan. 13.-In the
Reading railroad election to-day the
voting trustees voted 1861 shares for
MIR. Corbin as president. Thomas Do
Ian received ten votes. John Wanna
maker voted for Mr.. DOlan, as did also
MeSSrs. Erwin, Rice and others, but the
vote was refused on the ground that
majority OF the voting trust had voted
for Mr.. Corbin, and this constituted the
vote as whole. Formal protests were
filed against this ruling MIR. Corbin
appeared and asked permission to read
his annual report in person, He was
loudly cheered, and proceeded TO read
the report. 1t showed the receipts of
the railroad company to he Sl9.0lS,6l3:
expenses, Sl0,91S.59T; gross earnings,
6, 500, APO; net surplus, S6,S92, 1S6. OPP
Grating expenses were 81 40 cents per
ton, an increase of 6-i0 cents per ton,
the increase being attributed to
floods. The gross receipts of
the coal comp my were $17,SlS. 226,
expenses 81. 966.015, deficiency 47,S49,
to which add interest for the year $780,
524. making the deficiency, including
fixed charges, S974,373. The report says
that if the same prices had prevailed
for coal III 1889 as in 1883 the earnings
of the company would have shown an
in crease of S9O0.000 instead of de-
ficiency. The report speaks of the eff
forts to extend the field for consumption
of coal: the necessity for the enlarge
ment OF the terminal Facilities for the
handling of coal at the EllZabethport
docks, and of the falling off of 3,OOJ,0J0
tons iii the anthracite tonnage tor the
year. and concludes with the reasons
for the suspension Of the monthly state
mtntS of the business of the company.
These reasons are stated to be that COM
peting companies do not publish such
reports; that their publication by the
Reading gives information which COM
petitors use to the READINGS disadvan-
tage, and that the reports were neceS-
Sarily inaccurate and misleading owing
to the impOssibility of distinguishing
nationally from month to month be-
tween those disbursements which are
properly chargeable TO expense accounts
and those which may be legitimately
carried forward to capital accounts.
REFUSED TO GRANT AN INJUNCTION.
NEW YORK. Jan. 13.-Judge Hare, in
the court of common pleas, this MORN
ing read lengthy opinion refusing TO
grant the in JUNCTION asked for by Evin
and Shelmerdine, against the Philadel-
phia d Reading railroad company, the
object of which at present was to post
pOn6 the annual 0lecUlOn OF Officers
which is to be held to-day, and in full,
TO do away with the voting trust of that
company altogether. The court only
decides that it will not grant the pre-
liminary injunction esked for, but it
does not decide any other questions of
law raised by the bills filed. This
voting power is vested IN
voting trust of five persons represent
ing various interests. Four of
these were chosen, and they were to
select a fifth to avoid the possibility of a
tie vote. This fifth member has never
been chosen. and the court is informed
that one of the four is not in accord
with his fellow members of the voting
trust and refuses to vote. The remaining
three, the court is informed, purpose
electing one of their number, Austin
Corbin, president of the Reading Rail-
road company. The court was not pre-
pared to say that such an election
would be valid. The trust was sup
posed to act in an entirely disinterested
manner, and the election of one of their
number is certainly not disinteTested.
But as this point had not been raised
the court did not feel called upon to
pass upon it.