The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-03-05
-gg G. AND SIS STOCKHOLDERS.
The Company's Annual Meeting at
Charleston Yesterday.

Tbe Company'5 Annual Meetlng at
Charleston Yesterday.
Tho annual meeting of the stockholders Of
80 charleston and Savannah railway was
lid at Charleston yesterday. General
1Ta.ager Haines and Treasurer J. NJ. Lee
-ront over Sunday night and returned yes
day afternoon to attend the annual
,ae+ing of the Savannah, Florida
rd Western railway stockholders,
biob will be held here
to-Ioorrow. The following party came over
'rith Mr.. Haines: President and Mrs. Plant.
Tica President Newcomer Of the Whining
ton and Weldon railroad, and his wife, Vice
P-es-dent NJ, F. Plant of the Brunswick and
Western railroad, Judge w S. Chisholm
,,ica president of the Plant system and wife,
y r Haskell of the Boston Herald, and
Secretary R. B. Smith. After the meeting
bsra tomorrow the party will leave on
General inspection tour or the savannah,
2 orida and W estern railway and the Bruins
wick and Western railroad;
General Manager Haines submitted his
onnual report to the meeting at Charleston
Yesterday, and the following officers of the
company we're reelected:
President-H. B. Plant
Vice President-W. s. Chisholm.
Treasurer-J. M. Lee
General Mauager-H. S. Haines.
Mr.. Haines said last night that he could
NOT even give the substance of his report. A
Charleston special to the MORNING NEWS,
however, shows what it was, and gives the
vear's operations compared with the pre-
yious year as follows:
1887. 1885, Increase.
0 cepts $685. 7es "a s554t9o "a s5s,42s 80
OiD Dgs! l'' 481, All 80 5ss78s 70 $500 90
op penses o $685. so1 SO 446e5s OF 1855 So
Surplus ... $3.50 II 1904 43 10,464 32
There has been an increase in the gross
receipts in operating expenses and in the
surplus of about ~ per cent. The freight
receipts show an increase of 4 per cent. In
four years the tonnage over the road has
increased 81 per cent, and over one-haf of
the increase has been in the past year.
This large increase is mainly in the fruit
and vegetable shipments from Sa-
vannah, the tonnage out Of Savan-
nah having increased from % S44
tons in 1885 to 60,40S tons in 1885, The
phosphate shipments from Charleston in
creased in the same time from 1905 tons
to 81, 593 tons, and the shipment of phos-
phate rock from the mines on the road,
which in 1855 were SO inconsiderable as to
be unnoticed in the statistical reports
amounted in 1888 to II, 1877 ton. This rapid
increase in tonnage has been accompanied
rates which seems to prevail
all over the United States, and which is at
bottom, the cause of the ge eral reduction
or disappearance of dividends to railroad
stockholders. The average freight rate
per ton on the Charleston and Savannah
railway in 1885 was 81 %; in 1885, az cents,
dec ease of 25 cents per ton, or about ~
per cent.
Mr.. Haines said that this margin of
profit is gradually narrowing down.
The first general reduction in
rates came about the same
time with great reduc ion in the cost of
rails, with an increase IN the capacity of
freight cars from twelve or fifteen to
twe ty tons, and with corresponding in
crease IN the power of locomotives, and for
a while it was practicable to appropriately
maintain the net earnings i'll the face
of such great reductions in freight
rates, hut the point has been
reached where further economies in op ra-
ton are not SO attainable and there is to be
seen a general increase in the percentages of
operating expenses to the gross earnings.
The situation does not affect railroad stock
holders alone, Mr.. Hainss said. 1t calls for
the earnest attention of all who are in
terested in the welfare of the country.