Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-05-11
STRONG INDORSED.
Harmony at the Annual Meeting of the
A., T. & S. F.-Mr. Smith Resigns,


A., T. & $. F.--Mr. Smith Resigns,
TOPEKA, May 10.-At the annual meet
ing OF stockholders of the Atchison, TO
peka Il Santa Fe railroad here yesterda,
6ll,oll shares were represented. Thil
was the largest vote ever cast at a meetinl
OF the company, being 10000 shares
more than were ever before represented
A unanimous vote was cast for the fol-
lowing directors: Benjamin F. Cheney
William b. Strong, A. F. Spear, Boston
=. *. Holiday, Topeka; T. Z. Purcell.
Manhattan, kas. l.. S. Evelin, Emporia,
Kas. George C. McGowan, Thomas
Barring, New York; Oliver Peabody
George c. Corker, Boston; Edwin H. Alb.
bott, Cambridge, Mass. William Libby,
John j. McCook, New York. The las
SIX are new members, elected in place of
a. W. Nickerson, George @. Shattuck, |.
L. Barr, Warren Sawyer, W. F. Wharton
and G. r. Goldman, OF Boston.
The annual report was presented, adopt
ed and ordered to be distributed to the
stockholders.
The newly elected board of directors re-
elected the old officers. Subsequently the
resignation of G. W. Smith, first vice
president, was presented, to take effect
June l, and was adopted.
AT the request of Mr. Strong resolutions
were passed transferring the presidents
Office from Boston to Chicago.
George q. Magoun was elected chairman
OF the board. The executive and finance
committees were elected, consisting of
Magoun, Strong, Cheney, Speare, Barring,
Peabody and Abbott.
Before adjournment Mr.. Strong ex-
pressed his thanks to the board for its
renewed expression of confidence in his
producing the best results
in the way of economies and an enlarge
ment of the business of the company in !
the interest of the stockholders.
The members of the board expressed
their fullest confidence in his manage.
ment. and their determination to give him
heir heartiest cooperation, with object
1f securing the largest benefits to the
THE ANNUAL REPORT
5oes on to discuss the rate question at
yreat length, and takes the ground that
he prevailing legislation and the public
entlment in favor of lower rates and
gainst pooling, are unjusttoward vested
and in the long run will be seen
o be against public policy.
The report continues: "The recent
to the inter state commerce
ct, by which reduction of rates without
lotlce is forbidden, is a recognition of the
rlnclple that nnrestrained competition is
n evil, and it is hoped it will be followed
y other needed changes. The long and :
hort haul clause has had the effect to {
ulld up certain towns and cities at the 6
xpense OF others to disarrange the COM :
lerce OF the country; to force business to j.
natural channel, and to enlarge the =
attic OF few lines while crippling and ;
estroying that of many. q
I'm addition to these discouraging con- T.
itions, rates have been established by j.
W III several of the estern states which -
re ruinously low. 1t is but natural that .
ebraska and Kansas should object to :,
aging what transportation is worth, ,
hen Iowa and Illinois can get it for less. u
ne result IS a constant pressure upon
lllroad companies to make their rates y
inform to those established by law in +
elghboring states. Another influence y
hich seriously affects rates is the diff
llty OF maintaining the price of trans
ortatlon when the price of everything else
rs depreclated. Hard times increases ft
e difficulty of maintaining rates." n
The report discusses the effect of hard CT
mes ON grain and coal rates, and takes st
e ground that the pressure for still low er d
tes is unreasonable. The report con- A
lues. t,
The expense OF operating averaged
l9 less per average mile operated than fc
1887, the increased total expense being b.
holly due to increased mileage. The d
ndition of the property has been fully tr
and was never better than Ct
w. The unfavorable results from oper- h
ing the road i'll the past year have 81
used more or less criticism of the action cl
the directors in increasing the dividend &C
the fall OF 1887 to per cent. There re
Is every reason to believe at that time sy
at the earnings of the road for the last tn
If OF 1887 would be greater than for the a.
st half of the year, as had usually been CT
e case, but through the partial failure al
the corn crop and other unforeseen SO
uses, the year 1887 formed remarkable to
ception to what had hitherto been the th
sular course of the company's earnings IN
the close of 1883 the capital stock in. dc
lding scrip outstanding, amounted to St
) 100000; bonds outstanding. $97, I'D
y; expenditures for real estate, con-
uctlon, permanent improvements, ETC.. :,
5,999,0lS, OF which $262, 900 is charged u. u.
auxiliary roads,. CO e