The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-15
LOCKWOOD BOBS UP AGAIN
The English Representative Reappears
atthe Annual Pennsylvania Meeting.
His Queries, Objections and Resolutions
sQuelched by the StockhOlders-Possibls
Extension of the c.. l.. & w. Railway.

the forty-sixth annual meeting of the
stockholders of the Pennsylvania Railroad
Company. at Philadelphia yesterday, was
featureless. 1t began at III o'clock A. NJ.
and adjourned fifty-two minutes later. but
during that period Stakeholder Lockwood.
who said that he represented English and
American shareholders. was on his feet al
most continuously. TIE initial move was
made by Mr.. Lockwood in nominating
President George Roberts as chairman.
The President declined to serve,
and Hon. Richard Vaux and John
S. Sims. secretary of the company.
were respectively chosen IS chairman
and secretary, Mr.. Lock wood then wanted
President Roberts to take o seat on the
platform so that he could answer questions.
This was allowed, bat No questions were
answered. The ~thirty-one pages OF the
annual report, which was recently pub
lished, were then considered seriatim. and
for every page director Lockwood had
something TO inquire. His inquiries were
ell taken down geographically, and will
be considered by the incoming board OF di-
rectors. When this had been concluded
Mr.. Lockwood offered thirty. eight iDtri-
cate questions for President Roberts to
answer. They were prepared by English
stockholders from last years report and
were as varied as they were numerous.
The object of Mr.. Lockwood was to have
the president reply TO queries which. it
was said. he evaded when In England on q
recent tour, and Mr.. lockwood moved
that the queries be referred to the presi-
dent and the incoming directors. the mo-
Iiob was lost. Mr.. Lockw0od's next step
was to offer q resolution providing for the
creation OF an executive committee of
the board of directors, the chairman of
which shall be the ranking officer of the
company and shall be elected as the presi-
dent now Is. The resolution further pro-
vides that the chairman shall preside at
meetings of the shareholders and directors.
This was referred to the new management.
Next the same gentleman presented q reso-
luton prohibiting the president and board
OF directors from leasing the property and
franchises of the company to any syndicate
OF individual or corporations without hrst
submitting their action TO the shareholders
for approval. This was laid on the table.
Lewis Elkin moved that the annual re-
port be accepted and a vote of thanks be
rendered to the presidents and board of
managers. This caused Mr.. Lockwood to
present an amendment and series OF reso-
lutions providing for the appoin tment by
the chairman of q committee of five share
holders. disconnected from the operation of
with the Adams Express Company and the
Pullman Palace Car Company. and the
working and expenditures of the general
agents office. etc.
Captain Greon, second vice president,
vigorously denounced Mr.. Lockwood for
making q farce Of this and previous annual
meetings, and moved that the amendment
be laid on the table. Mr.. Lock woods re-
ply was that If anything should hang the
management higher than Hannah 1t
should be the oompany's contracts with the
Pullman Palace Car Company. which are
shattered in infamy." The resolutions
were tabled. and after the chairman of the
meeting had been requested TO appoint
seven shareholders to recommend, after
comforting with the president. q ticket of
directors TO be voted for, the report of the
president was adopted. Mr.. Lockwood
alone voting in the negative. The meet
ing. which was fairly well attended, then
adjourned.
The ID. s. o. and O. s. NJ. Consolidation.
The plans for consolidating the Balti-
more & Ohio Southwestern and the Ohio
& Mississippi are fast coming to o success
full issue. the Baltimore d Ohio proper be-
Ing the hackers of the whole scheme and
guaranteeing that interest on the new Sc
curities shall bepaid as contracted. Those
who rave examined the consolidation
scheme are of opinion that all parties to
the interest have been well treated; the
OHIO 81 Mississippi gets q little the best of
the deal. but in reality the Baltimore Il
Ohio proper is the chief gamer. as it gets
full control of a good line from the Eastern
sesboard to st. Louis. The arrangement,
as a whole. is mutually advantageous. The
Endorsement of the Baltimore q Ohio of
the $50. 100000 first mOrtage AZ Der cent.
bonds is not a risky undertaking. as
the Ohio Il Mississippi property
Is equal to such an obligation. and with
the earning capacity of the Baltimore 81
Ohio Southwestern added. the risk is still
less. When 1t IS remembered that the
Ohio ~ Mississippi last year was operated
ut q deficiency and the Baltimore q Ohio
Southwestern showed q surplus of over
100000. over and above fixed charges. il
will be realized that the advsntag &c under
the proposed exchange of securities very
strongly favors the Ohio & Mississippi
company.
The Mcleod Ticket Elected.
There was q stormy meeting of stock.
holders of the New York 81 New England
railroad at Boston yesterday. A. A. Nc
Leod presided. The report of President
Parsons. charging fraud in the manage.
ment of the New England Terminal Com
pany, was not read, but it provoked q
spirited discussion. Mr.. Brsndies. counsel
for Goldsmith IL Co.. tried to have the re-
port brought before the meeting. but he
was defeated on q shareholders vote.
Then he made q motion recItinR In de-
tail the alleged questionable transact
tiOns and calling for the appointment of
q special committee consisting of three
stockholders who were not officers or
directors of the company to Investigate
these transactions and TO submit o report
80 the stockholders at another meeting.
This was also defeated. Then came O fight
over the election of directors. but the Mo-
leod ticket won by q good majority. Tho
new directors are: Thomas. &. Plat,
Joseph f. Sinnott. Henry A.. Dupont.
Chester w. Chapln, Samuel Heilner.
Charlemagne Tower. jr.. James w. DOane,
james Armstrong. George II. Easle. jr.,
Spencer Erwin. Arthur Sewall Joseph
Hensler, jr., Charles T.. Cross. +. II. Prince,
Charles A. Prince, b. K. Vaughan, Arthur
Brock and ID. s. Plume.
Extension Of the c., L. & w.
There is excellent authority for stating
that the parties who ave taken control Of
the Cleveland. Lorain ~ Wheeling will at
once take steps TO build into Cleveland.
using the Valley roads terminals in that
city now controlled by the Baltimore Il
Ohio. This will require the building of
but twenty miles of new road from Me-
Thomas. vice president of the Erie, ss one
Of the directors of the c., l.. x w. Is evidence
that the friendly relations between the
Cleveland. Lorain * Wheeling. however. is
20 be made of any great value to the Gin