The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-03-11
Presidsc It's Aggres-
sive icy Cordially In
dorseI It Annual Meeting
of Stockholders.
Vice President Green Says
1t Is Impossible to Con-
tinue Along Old and Mar
row Lines of Policy.

day the stockholders of the Pcnnsylva-
MIA Railroad Company. by unanimous
vote. empowered the directors 10 in
crease the company's capital stock and
bonded Indebtedness by 'S150O0O 900.
making the total authorized capital
$500. 900. 600
The absorption and acquisition Of the
South Fork. West Chester. River Front.
Western Pennsylvania, Turtle Greek
Valley. and bennington and Lancaster
Railroads was authorized. as was also
the lease for a term of twenty years Of
the Western New York and PennsyIva-
mia Railroad
The aggressive policies outlined by
President A. J. Cassatt in his annual
report 10 stockholders were indorsed
without a dissenting voice.
The proposition to increase the com
pany's capital stock was brought up in
the following resolution presented by
Vice President Green.
THAT the consent OF the stockholders
of this company be, and il IS hereby.
given TO the proposed increase Of said
company's stock OF 1885 600 shares Of
the par value OF $50 each. over and above
the amount of 1904. 600 shares OF the
par value OF $50 each. which said com
pany is now authorized to have and
issue. and to the issuance. disposition
and sale. at price not less than par
of said increase at such time or times
and in such manner as the directors
may by resolution prescribe"
Increase of Bonded Debt
A resolution was adopted directing the
officers OF the company to take a stock
vote upon the proposition on March "a
and providing for certifying the result
This was equivalent to indorsing the
plan.
Another resolution. also adopted
unanimously. referred to the increase in
the bonded Indebtedness, and was as
follows:
THAT the consent of the stockholders
OF this company be. and IL is hereby.
given to an increase OF the bonded in
debtedness OF said company, over ana
above it's existing bonded Indebtedness.
including any portion which may remain
outstanding of the $50 600 600 35R per
cent convertible gold bonds duly author
ICED and issued by and pursuant - reso-
luton adopted by fits board of diree-
tors March -. 1902 10 an amount MT
exceeding $50. 900 900; such increase
shall be made AT such time or times
and at such rates OF interest as the di-
rectors shall by resolution prescribe,
and shall be evidenced only by bonds
convertible. at the option Of the holder,
into capital stock OF the company upon
such terms as the directors shall by
resolution declare and designate. or, II
not so converted. payable absolutely at
such time as the directors shall pre-
scribe, not later than ten years from
date Of issue;
Provided, however. That e. and to
the extent to which. such convertible
bonds shall be issued pursuant to the
consent and authority hereby given, an
equivalent amount OF the increased cap
ital stock consented to and authorized
by resolution precedently adopted at
this meeting shall be. and hereby is. set
apart appropriated and reserved either
for conversion OF said bonds or 10 pro
vide funds required for payment of any
thereof which may not be converted into
capital stock"
The president and secretary OF the
meeting were directed TO submit this
question TO the stockholders for vote
sions for the eertifcation Of the result |
being similar TO those on the vote for
the increase in stock.
Stakeholder COunsels Caution.
The only objection. If such St might |
be termed. TO the policy OF expansion |
recommended by President Cassatt and /
the directors was raised by Thomas I
Spratt. OF Ogdensburg. n. Y. Mr. 4
Spratt said:
1T seems TO me that n there Is 10 be l
any discussion Of or objections 20 this /
proposed enormous increase IN the capt. /
tai stock. now. n any, is the time for /
them 10 be made. While perhaps a bust
ness man. having no expert knowledge \
OF the proposed objects Of expenditure. /
should not question the knowledge and |
recommendation of the great men at l