The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-05-06
DISTRIBUTION OF "PEWIKY"
SURPLUS Is RECOMMENDED
STOCKHOLDERS ADOPT REsoLu.
TONS At MEETING YESTERDAY
Proposal includes Forty Percent Cash
Dividend and Doubling o.
Capital Stock.

RESOLUTIONS recommending IN. ai.trt-
, oat.gn OF more than s1oo. 900 % the cor
t,e,ssAte surplus % the Pittsburgh.
pany we're adorted at a melting Of IN.
.toc kholoer-. held In THE city ye-ter-
day afternoon
100 Der cent Of the capital stocs or
1901 $50. b. paid In STOCK. while AZ Der
cent or Izoo.soo. be paid In cash.
The sdopton OF IN. resolutions indi-
20 the board % directors. which viii
To carry the project through IA ~iii H.
Necessary for the directors 20 d.ciar.
ne cash dividend and then call a special
pose Of taking action ON the prooos.d
distribution Of stock
County Back OF Proposition
The proposition was advanced By the
stock 10 the amount OF 400 900 own
% ohio county The suggestion that A
part OF the surplus Be distributed
one Of the commissioners at the annual
meeting held March rs. The matter was
Was taken before definite acton va
taken. with the understanding that a
meeting would be held early In May al
Which, INC proposition again would be
With q majority Of the stock repre-
sented az yesterday meeting. the coun-
"
ton calling for a distribution OF the sur
plus. a. described above. II the project
- contaminated. IL IL the intention OF
NE board OF commissioners 60 eNpend
the funds on permanent county improve
ments. among which T. contemplate tho
G rSrn9Sa OF TIE intirmsry from Elm
Funds also would be expended on the
county roads.
cash from the distribution. and its hold
inE OF capital STOCK would Be doubled
from 100000 to sZ0000O For several
years past the company has declared an
annual dividend OF ~ per cent netting
the county $4,000 per annum With the
capital doubled. under similar conditions
cent would be declared. producing me
same amount OF revenue TO the county
would Leave working Capital.
According TO the general balance sheet
submitted at the last annual meeting OF
the stockholders. the total corporate sur
plus was tbf2,S65.5f. Outstanding bonds
including interest. approximate S25 900
Allowing for the payment OF this liza
pity. the proposed distribution OF 30
per cent cash and 100 per cent stock
would leave a working capital OF about
The balance sheet showed cash on do
posit with the Pennsylvania railroad
company to the amount OF S3Os7s71T
The PennsylVani system owns a major
been reported that Il will not favor a
distribution Of the surplus. Those adj
f'.ANAus the ulStflbuunus however. an
ticipate no serious objection. and believe
thar the proposition will be carried out
within a few weeks
Extensive improvements TO the p w
Ky, property nave been contemplate
ed from time TO time. which. ~ made
would use ny practically the entire sur
plus.
Yesterdays meeting was attended by
President Edward 10. Tayloi and several
Pittsburgh Among others In attend
ance were County Commissioners l. r
Haller. Charles .. Ephlin and John NJ
Garden. None Of the directors was
present. but n Is understood that a d.
rectors' meeting will be called next
week. at which some action Will be TAX
. en- on the recommendation.