Year: 1867

Ihth morning - interesting Proceed


ings-RepOrt OF the Directors, Etc.


The annual meeting Of the Stockholders OF
the Pennsylvania Railroad was held at 10
O'Clock this morning. at the Board of Trade
Rooms, Chestnut street, above Fifth


Hon. Morton McMichael was called to the
chair, and Edmund Smith, Esq, elected Secre-
tary.


The annual report OF the Directors, which we
here present. was then read by the Secretary


1t was moved that the report be accepted and
referred to the incoming Board.


Colonel Page to offer an amendment. If the
report be accepted It would follow that the meeting
would adopt the resolutions afixe to which he was
opposed. At the last annual meeting 10Th February
1866 he present, but IL was impossible for him to
address the meeting as he desired.


At the last meeting there a word said about
The ncl Of the stock, although it was in cOn,em
plation. The Directors went to the Legislature and
asked for permission 200 900 shares stock,
more than fifty thousand over the originalstock


They found 1t necessary to borrow more and
through Mr. Cuyler they applied to the agent OF an
English house for half million sterling The agent
was willing to loan It II they had the power to borrow
it. TWAS questionable whether the money could be
borrowed. The agent not being satisfied, would not
hand the money over.


What is the purpose ofgivlng you any report? IL
these Directors are sustained, you might as well
go home, and give thought to your stock in this
IL
please, for this is exactly what they want You do


The speaker then read the following:-


Resolved, That the Report be referred to n special
Committee of seven stockholders for examination and
that the said Committee be further specially author
lied and directed to examine into a report upon the
expedency OF issuing additional stock and borrowing
more money and further to examine into and report
upon the operations and workings of the system of
criminatve free passes, and of private freight ex
presses and to what extent the officers and employees
are interested in the last the effect they have
had and still have, upon the earnings fthe road
the rights and interests Of he with power
to send persons and papers and report the result
of their Investigations to special meeting of the
stockholders to be called by the Chairman OF this
meeting whenever the said committee is prepare ed to
make said report the Board OF Directors in the
while to the annual report be printed for the
information ofstockhoders


Mr. Cuyler said he accepted the challenge which Mr..
Page had made to him. He begged leave TO say that
he was not the obliged party in this company. He
trusted by that little effort he had made that he
was capable of rising above any petty thing which
had been attributed TO him.


Colonel Page made few remarks. in which he
stated that he thanked God the freepas system had
been abolished to great extent


Mr.. Kennedy-The question of policy is one by
itself now, and ought to be decided The retention o
earnings is a necessity. Unless the meeting to-day
approve of the policy, the Board of Directors viii
be under the necessity OF obtaining the power t.
| bo rrow money. The amendment was adopted.
1t was moved that the meeting adjourn to meet or
! the last Tuesday in April Carried.