Los Angeles herald., 1892-04-07
WEST COAST NEWS.
Southern Pacific Annual
Meeting.
Directors Elected for the En-
suing Year.
H. e. Huntington to be Made Treas
urer of the Company.
President Runtington's Annual Report.
Railway Construction at Bakers
field-Griffith Tired of
Els Ship.


SAN Francisco, April 6.-The annual
meeting of the Southern Pacific stock.
holders was held today. OF $l1s,064.-
OC0 capital stock Of the Southern Pacific
of Kentucky, outstanding, there was
$116.903,0 900 reprented. President Hunt
ington submitted report, in which he
said:
'The president and board of directors
of this company have to report that the
business of last year has been in the
main satisfactory. The surplus or earn
ings over fixed and operating or
current expenses has been small, owing
to many causes, among which NAV be
mentioned the extreme cost of fuel and
many other articles largely used in
operating the long lines OF the company,
which eastern roads are able to get at
much lower prices, and this surplus has
been used in improving your property
and thereby adding to the safety of per-
sons and property that you transport.
But it is gratifying to be able to report
that the crops in the territory traversed
by your roads have been fairly good,
and the earnings are as large as the
owners of the property could have ex-
pected."
President Huntington also submitted
figures to show the extent of the opera
tions during the year, but the figures
are not made public.
The election of directors resulted in
G. P. HUNTINGTON. Leland Stanford,
Charles F. Crocker, Thomas E. Still
man, Thomas H. Hubbard, A. N. Towne,
J. G. Stubbs, E. II. Miller, jr., S. T.
Gage, H. E. Huntington and George
Crocker being chosen. The two last
named are new directors, succeeding w.
Y. Huntington and w. E. Brown. The
directors meet tomorrow. 1t is re-
ported that H. E. Huntington will be
elected treasurer to succeed Timothy
Hopkins, who lately resigned.
while your president and directors
see no way to increase these earnings
until there is a larger tonnage for trans
portation. yet they believe the time is
not far distant when the tonnage COM
ing to the road will be greatly aug
mented by the steady and rapid in
crease OF producers. Although the
stockholders have not received divi-
servedly congratulate themselves that
| IACy AdNC oOlC AuuCI Ill
ing up many portions of Cali
fornia; in i'm proving the condition
OF the people living along the lines
OF road that pass through the dry high
lands in the interior of the continent,
and in enhancing the value of the land
in the far outlying districts of the state
that were worth little before the roads
were built and that are now-many OF
them-worth ten times as much by
reason of such construction. This we
are quite sure will be great satisfac-
ton to the stockholders, for it is in the
direction of the company's future pros
poets.
"The increase of the intelligent and
working population of California will
add largely to the tonnage that the rail-
roads will receive, and this, while nstu-
rally permitting a reduction of rates to
the people who use the road, will also
give to the shareholders some returns
on their Investment.
"Your president and directors hope
that some organization will be formed
in this state for the systematic dissem-
ination of facts concerning the quality
of soil and advantageous condition of
climate that are to be found everywhere
upon the Pacific slope. Such informa-
tion, spread widely among the people
in other and less favored parts of the
United States and in Western Europe,
would resultin harvest of thirty people,
who would be of inestimable benefit to
the state. If these newcomers meet with
hearty encouragement and are provided
with homes at a minimum cost, they
will be SO we'll satisfied with their lot
that they will ask their friends left be-
hind, to join them in similar invest
ments and thus share with them the
greater profits and enjoyments that are
to be found oa this side of our CONT
nent.
SIT is to be hoped that the efforts to
tear down the wall will be replaced by
wise and honorable endeavors to build
up and protect the various industries
which determine the prosperity of the
o%o4