Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-09
MORE COAL CARRIED
By the Pennsylvania Than by Any
Other American Railroad.
PRESIDENT ROBERTS STATEMENT
Favors Q Continuance Of the Company's
Policy Of Ambition.
PHILADELPHIA AS A BENEFICIARY

PHILADELPHIA, March S-The annual
meeting of the stockholders of the Penn
sylvania Railroad Company was held here
to-day. The meeting was harmonious, and,
beyond the delivery of an exceedingly inter.
esting address by President Roberts upon
the policy of the company and its fostering
of the commercial interests of the State OF
Pennsylvania and the city of Philadelphia,
but little business was transacted.
The annual report was read and adopted.
A resolution was passed authorizing the
Board of Directors to issue at its discretion
the $50, 900 shares of unissued stock for i'm
provements to the company's property.
The election for directors will take place on
this city. In his address TO the stock
holders, President Roberts said:
1t may not be unwise, especially in view
of some criticisms that have been made
upon the manper in which the shareholders
have permitted their property to be man.
aged, to explain as far as possible what has
been their policy and what they have accom-
plished 1T is very seldom that this company
expends less than 81, 600 600 in each and every
calendar month in building up new avenues
Of trade and traffic and providing facilities
for the public.
How the Corporations Money Goes.
Sometimes our friends on the other side OF
the water forget that we are young coun-
try, in which competition is active and in
which large sums of money have to be ex-
pended by individuals and corporations.
Let us see in what way some of this money
has been expended:
Some years since you established steam
r. -snAx b,
Company-fostered by your corporation, on
which you took kfour-sevenths of the original
capital, afterward increasing this from time
to time until you had nearly 81, 900, 600 in
vested in the capital stock of that steam
ship company. That sl,2Ooooo has been
totally sunk.
In addition to that this company has faith
fully paid the obligations all these years at
paid in the neighborhood of s., 10000 more
as contribution on the part of your corpo-
ration in the endeavor to build up the COM
merce of this port, and one which has given
the managers of your corporation some
anxiety as to whether it was right and
proper: but, right or not it has all gone.
The Pennsy a Coal Carrier.
During the period 1879 to 1891 the company
increased its coal and coke tonnage from
$500 900 tons to IS, 200 600 tons per annum, an
increase in that period of over 500 per cent
in coal and coke tonnage. You rank row as
the largest coal carrying company in the
United States, and seem destined to take the
position of becoming the largest coal carry
ing company in the world.
In the year 1864 the Pennsylvania Railroad
Company moved in tons a trife over 600, 600;
in 1891 it moved 900 every month. In
that gentlemen, is to be found little of tho
reason why your management asks from
time to time for an increase of capital stock
and other obligations of this company.
We must keep up with the march OF
progress, and not only keep up, but we must
hold our position a little in advance of all
other corporations. The moment this COM
pany forgets that its duty is to be at the
head of the list of carrying companies of
the United States, and ceases to have the
ambition to become the first in the world,
that moment do 1 wish to pass from its man.
agement.
If the stockholders who are so deeply in
terested think that the management should
will be only too glad to do it; but remember
that we are trustees for you, and we cannot
undertake to go beyond the bounds of what
we believe to be good Judgment in using the
funds of the company in the direction i'll
which they have been so literally yused here
toiore in the promotion of elevators, steam
ship lines and other facilities to build up
commerce and stimulate traffic.
No Monopoly for the Reading
The Pennsylvania Railroad Company, it
was reported to-day, has made arrangements
with number of individual coal operators
for the output of their coal at the mines 1t
is said that a number of large operators
have accepted the Pennsylvania Railroad
Company's terms. and that others will |
probably accept them within few days.
The Pennsylvania, it is said, decided to
make overtures to the individual operators
on account of the ground which the anthra-
cite coal combination has been gaining, and |
the acquisition which the Pennsylvania has |
made will materially increase its output. |
The officials of the company declined to-day |
to give the particulars of the arrangements |
made up to this time |