The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-04-07

President Huntington's Report for the
Past Year-EIection of
Directors.
Special to the REcoRD-US1oN.

| SAN FRANCISCO, April 6.-The annual
meeting of Southern Pacific stockhold-
ers was held to-day. Of Sis. S64,I7O cap
ital stock of the Southern Pacific of Ken
tucky outstanding, there was SIG, 902, 925
represented.
President Huntington made the follow
| ing report, submitting it with figures
from the Secrctary's annual report, but
these figures were not made public:
| To the Stockholders: The President and Di-
/ rec5ors OF this company have 10 report that
the business of the last year has been in the
main satisfactory. The surplus of earnings
over liked ana operating or current expenses
has been small, owing TO many causes among
which may be mentioned the extreme cost Of
fuel and many other articles largely used in
operating the long lines of the company
which the Eastern roads are able to set at
mucn lower prices, ana this surplus has been
used in improving your property and thereby
adding to the safety of persons and property
that you transport. But 1t is gratifying 10 he
able TO report that the crops N the country
traEersed by your roads have been fairly good
aud the earnings are rs large as the owners OF
the property C, uld have expected.
White your President and directors see no
way 10 increase these earnings until there is a
larger tonnage or transportation, yet they be-
lieVe that the time is not far distant when the
/ tonnage coming to the road will be greatly
| augmented by the steady and rapid increase
OF producers. Although tie stockholders
/ nave nOG ItSelNGu NlNtuellUS upon their
| shares, they can descrVedly congratulate
! themselves that they have done much in
/ building up many portions OF California, i'll
| improving the condition OF the people living
/ along the lines of road that pass through the
! cry high lands in the interior of the CONT
nent; and in enhancing the value OF land in
| the far outlying districts of the State that
were worth little before the roads were built,
and are now-many of Wentworth ten times
as much by reason of such construction
This we are quite sure will be quite a satistac-
ha n isan
| ton of the company's future prosperity. The
increase of an intelligent and working popula-
| ton In California will add largely to the ton
mage that the railroads viii receive and this
while naturally permitting a reduction OF
rates TO the people who use the road will
! also, give TO the shareholders some returns
| upon their investments.
Your President and directors hope that
! some organization Will be formed in this State
! for the systematic dissemination of facts CON
corning the quality OF soil AMI the adyan-
| tageous condition of Climate that are 10 be
| found everywhere upon the Pacific slope
| SUCH information spread widely among The
people in other ana less favored parts OF tho
United States ana in Western Elfrone wouId
result in a harvest of thrifty people vino
| would be of inestimable benefit to the State
] II these newcomers meet with hearty epconr
agement and are provided with homes ut the
| minimum cost, they will be SO well satisfied
! with their lot that they viii ask their friends
| lett behind to JOIN them in similar invest
ments, and thus share with them the greater
! protlts ana enJoynents That are TO be found
on this side of our continent. 1t is to be hoped
| that he efforts TO tear down will be rarlaced
/ by wise and honorable endeavors to build nm
and protect the various industries which de-
| termine the prosperity of the State
| The election ofdrectors closed at . p. NJ.
resulting as follows: c.. 7. Huntingdon
| Leland Stanford, Charles 4. Croker.
| Thomas =. Stillnan, Thomas FL. Huh
bard, y. y. Towne, j. G. Stubs, T.. II.
| Miller, Jr., S. L. Gage, III. E. Hunting
! ton George Croker