Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-03-12
p. r. r. Stockholders
Ask Pay From, Nation


ontinucd from Page one
,aid the railroad by the Government
mared 10y john Gribbel follows:
The President Of the United states,
by proclamation bearing date OF the
l6th day of December, 1917 assumed
possession and control on Dccetnhor
"a. l9l1, but effective from an account
ing standpoint January |, 1918, OF the
railroad, equipment. and appurlenan-
COS of tbs company. and the lines di-
rrCtly operated or leased Ivy 1t:
"wher,aa, by pending legislation ~
the tDnCr, ss OF the United states, II
Il provided that such pos session and
control snail continue during the
ptr,ud Of tne present war with th"
Central European Powers and Tor
reasonable time thereafter not *
cc, ding twtnty-ouo months after tue
date Of tha proclamation of peace. ana
in and 10y said aci authority Is 10 he
confer red upon the President OF tn"
United states to enter into AN agree
mcnt with carriers whose fallloauS
and piop .Tty have been thus taken
possession and control OF which Shah
provide for the payment nj Just COM
pcuSutiuu to tn, carrier ana Shal
make due provision for the niaint"-
nance and depreciation or the prop
,rtioS therefore,
Resolved. That the lizard Of direN.
powered 90 approve and authorize the
execution upuu behalf of the company,
by such officers of the company rs
such board shall designate. OF an
agreement with the President OF the
l'uit,i :. ateS of the character defined
in the diore slid act Of Congress, Whl'l
shall. IN the Judgment of tn" board,
secure tor the company luSt ana aur-
uudtc compensation fer the use oi IN"
properties during the period ot ftu-
cral control. and make proper prov
sion for the maintenance. rtlIrNa'S
and d,urrrlatiDu thereof and Tor tht
return uf the said properties, toSrtIl''
with ull additions thereto or eNteh,
SiouS thereof constructed or a'pu'l'"
during such control. at the end or ihr
prrind uf Federal control m sunS'an-
ti,Uy as good condition IN Hu re
spccts as they were at tn" hegInnl"S
thereof
PROVIDES I'OE BORROWING
The S1S. .uoo .ooo increased mdebtedne~
MA. forecast IN the conpauy's anuu'
report The resolution offered 10y {
stuart Patterson, sets forth:
That. for the purpose of erecting
such increase. bonds or other ohIlS' +.
tiun. of the company may h" lsSueu
from time to time in Such loth' an"
of such character as Shall Seeh w
SiI.blp tt tue hOhIu ~ h''''l lNt'' ~
Guiding therein bonds secured by TN"
mortgage. the execution of which NtN
apnrovcd hy the stockholders at IN"
annual meeting held on the lOth DAY
of March, l9l4, designated ana klioN'
as the general mortgages OF the COM
pauy. to secure bonds to be issued
frou time to time hereunder and aS
precedcutly authorized by the stock
holders. the consent of the St"ch-
.l,N % e
i suHurr from time to time, when ana
as the board of directors shall deem
advantageous for the cumpany'S III
tcrrst. aud upon such terms ana con
ditiuus as shall be approved by said
hoard. of bonds secured by the said
general mortgage to an amount MOI
exceeding in the aggregate the amour,
Of the Increased Indebtedness hereby
authorized. viz. S75.000.000, IN add
lion tp Sgl 600. .O0O of said bonds. the
! issue of which has been previously
authorized.