The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1896-10-15
IN SHIP SHAPE.
The Minneapolis and St. Louis
Roads Annual Meeting.

|
Roads Annual Meeting.
The annual meeting of the stock
holders and directors of the Minnea-
polls & St. Louis Railroad company
was held Tuesday forenoon in the
offices in the Guaranty Loan building,
Minneapolis. A very large percent
age of the stockholders were repre-
sented at the stockholders meeting
and unusual interest was taken in the
election of directors and officers for
the ensuing year. The business to
come before both stockholders and d.
rectors was speedily gotten out of the
way, however, and by 2 o'clock it had
all been transacted and the directors
were making their annual tour of in
spection of the line.
From local point of view the most
important feature of the meeting Tues
day, was the advent of Frank H. Pea
vey into the Minneapolis & St. Louis
as director. Mr.. Peavy has been
known to have extensive railroad
holdings, butihe has held aloof from
taking any active part in roads center
ing in this city or coming into Minnea-
polls. He willssbe an element of
considerable strength to the Minneapo-
lis & St. Louis.
| Four directors resigned, August
Belmont.sR.lB.::.. Hartsenhon, W. A.
Reed and w. l.. Bull, the latter from
his position as president and director.
7 Their places were filled by G. S. Mel
len, of New Haven, Conn.,; Edwin
Langdon,: New York; Geo. Croker,
San Francisco,Iand Frank H. Peavey
of Minneapolis. Mr.. Peavey fills out
the unexpired term of President Bull.
The annual election of officers result
ed as follows: Edwin Hawley, presid-
ent; j. E. Searles vice-president, New
; York; F. H. Davis, treasurer, New
York; Joseph Gaskell, secretary and
assistant treasurer, Minneapolis, and
!, A. L. Mohler, general manager, Min
neapolis.
The annual reports submitted show
ed that the road had been operated
successfully during the year just
!, brought to close and that it was in
, good financial condition. The report
of the president showed the miles of
railroad owned and leased to|be 442.54,
, and that all but five miles we're laid
, with steel rails.
The company continuesIto operate,
r for account of the owners! the Wiscon-
: sin, Minnesota & Pacific railroad (216.-
60 miles), hut its accounts are kept
l separately.
:, The transportation earnings, includ
= ing passenger, mail, express, freight
and sundry, for the year amounted te
$2,O28, 10000, an increase of II FL pei
cent. or $204,3O2.l2 over the proceed
s ing year. The operating expenses
4 we're $1,136,s14.77, an increase of 10.
0 AZ per cent, or $1O7, 259.1l over the
Q preceding year.
= There we're expended during the
year, for improvements and better
8 ments and charged to the operating
r expenses, $135,O55 Oh. The earnings
q for the year endingrJune 80, 1896, arr
! especially gratifying, as they we're
b notwithstanding the unsatisfactory
l. business conditions;of the country dur
n ing that period sufficient to enable tn
IT board of directors to declare a divi
II dend at theIrate of 3 per cent on tn
n second preferred. stock of the company
d After the payment of this DIVIDEND
n and allowing::for all fixed charges, a
d we'll as the dividends of per cent OF
IF the first preferred stock, there remain
surplus ofi$85, 78O.2O on the year
l. operations.
l. In April unreasonable weather rend
70 cred the roads of the country travers
y ed by the company's line almost i'm
/. passible, causing large contraction
< in traffic. From this cause, and from
IS the lack of confidence in the genera
st business situation of the country, du
y to the political agitation. which be
y gan to manifest itself in May an,
n June, resulted the diminuition in tn
IS earnings of the last three months Q
} the year,