Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-12-21
PENNSYLVANIA RAILROAD CO.
An Increase OF $l3.OOO,OOO in
Its Capital Stock
AUTHORIZED BY THE DIRECTORS
Making the Total Issue of Stock
100000.


iHihuciphlh ihtcpruf bsN' lfNus
The directors of tine Pennsylvania
railroad gave the railway and financial
world decided surprise yesterday by
authorizing 10 per cent increase in
the capital stock OF the company,
amounting to aEout S13 000,0 600. This
action was entirely unexpected, as the
stIept had no intimation OF such q move
until tho following official announce.
ment was made:
THE board of directors Of the Pom
sylyania Railroad Co. have at their
meeting today authorized an allotment
of stock at Far for 10 per cent of the
holdings of the stockholders as they
stand Registered on Tuesday, the26th of
December, 1899. Payment for the allot.
ment is to be made in full between the
1lth and Goth of January, 1900, at which
latter date The privilege will cease.
Receipts will be issued for such pay
menis, and will bear interest at per
cent until the LIST day OF May, when the
new certificate will be issued and carry
dividend. Both allotment and the re-
ceipts for payment Hereunder are me-
gotiable.
This will Increase the capital stock
OF the company by about el3, 600, 600,
which sum is to be used to meet the
construction and equipment expendi-
lures on the main and leased lines and
branches of the company in 1900, and
for other corporate purposes. There has
been no allotment OF stock for nearly
III years, when the privilege was given
to the stockholders of subscribing for
per cent Of their holdinss Since
| then, however, two scrip dividends have
been declared, one for 3 rer cent, in
| 1891 the other for per cents, in 1893. !"
The present outstanding capital stock
of the company Is 1929, 30s, $50, and the
| 10 per cent allotment to the stock
holders will increase it $40, $50, o45,
making total issue of Sl42 235, 995.
In March, 1892, the stockholders
authorized the directors 10 issue from
time to time. as the needs Of the COM
| rany demanded, stock to the full limit
prescribed by various acts of the Legis-
lature, which ISIS 5l5l, 100000. The in
crease authorized yesterday is the first
substantial one made since that time.
The last allotment Of stock was in May,
1880, when the stockholders were per-
mitted to subscribe TO s per cent Of
their holdings at par, after having been
accorded similar privilege in May of
the preceding year TO the extent of G
per cent of their holdings.
The purposes to which the increased
capitalization is to be devoted, "to
meet the construction and equipment
expenditures on the main and leased
lines and branches of the company in
1900 and for other corporate purposes, y
opens uE probabilities of expenditure
for the coming year that will far SUI.
pass those of previous years and bring
about many long contemplated I'M.
provements and extensions.
1t was stated by an official of tbs
company yesterday that the new equip
ment order ed, some 5000 cars. ageregat-
ing in cost ndarly $4,000, 900, the bull
of which will be delivered in 1900, will
not be paid for out Of the proceeds o
this stock allotment. A $40, 900, 600 81.
per cent Car trust loan has been created
OF which about 100000 has alread,
been issued to meet the payments fo
this equipment. The big steel raj
order for 1900, placed sometime ago
and which will require an outlay o
nearly s4.000,000, will, it is said, b.
charged to expense account, so that tn
entire Sl3, 600, 600 Of new capital will b
at the disposal of the company for OK
penditure during the coming year.
Among the moro important improve
ments long contemplated by tho official
OF the company, and which are likely t
be pushed forward now that the neces
sary funds will soon be in hand, IS I'll
building of the now station at Pitts
burg the elevation of the tracks throug
, the cities of Washington and Newark
and those on Trenton avenue in thi
city, as well as the elimination of grad
crossings in other places. The build
ing and extension of numerous shoi
lines in Western Pennsylvania to ia
? new coal fields in that section will ais
receive a fresh impetus, while tn
equipment ard rolling stock of tn
company will be increased so as I
meet fully the urgent demands mad
upon it,