The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-11-30
SHOWS LARGE EARNINGS.
5. f. & w. sI.oCISH9LDERs HOLD
THEIR ANNUAL MEETING.

directors W ere GlectNu iuE Tue TN
suing Near-Yr. ( r. e. Brown
Chosen to succeed VIZ, n. T.. New
Comcr-NO Meeting of Directors as
Quorum Was Net Present-N hen
The Directors Meet They viii Re-
elect the Present officials and VIII
Declare = Per Cent. dividend,
the First That Has Been Declared
for Several Years.
The stockholders of the Savannah Flor
ida ard Western Railway he'd their an
nual meeting yesterday at the general Of
fees of the company. There was sman
attendance of stockholders. Mr. f. @.
Brown, third vice president and Mr.. r
b. Smith, secretary, were present, holding
the proxies of most of the stock.
The meeting was presided over by Mr.
Brown, in the absence of President Plant,
and Vice President Erwin Both Mr.
Plant and Mr. Erwin We're unable TO at
tend the meeting on account of illness.
There was only one change in the board
of directors. In place OF Mr.. b. f. New
conner of Baltimore, who found his bust
ness in the east too exaeting to admit of
his attendance upon the meetings, Mr.
Brown was elected a member Of the board.
The board. as it will serve another year.
consists of the following gentlemen H.
B. Plant, NJ. F.. Plant, r. G Erwin, F,
@. Brown, ]. II. Estll, Il. NJ. Flagler
and NJ. *. Jesup.
There was no meeting of the board of
directors after the stockholders meeting
owing to the absence Of a quorum. This
meeting will be held al a laier date. 1t Is
customary for the directors to elect the
officers of the company after the annual
meeting; since there was no election, the
present board of officers win hold over IN
til jt is held No change is anticipated in
the present officers. Mr.. II. b. Plant, pres
ident; Mr.. r. G. Erwin, vice president;
Mr.. R. B. Smith, secretary, and Mr.. j.
Moultrie Lee, treasurer.
A dividend will be declared on the stock
of the Savannah, Florida and Western
when the directors meet. This dividend,
if was announced yesterday, will be 2 per
cent. 1t will be the first the road has
earned for three or four years. In re-
cent years there has been a great deal
of money expended annually in improve
ments on the roadway of the Savannah,
Florida and Western and in the purchase
of new rolling stock. This. in large
measure. has accounted for the failure of
the property to make any return TO the
stockholders.
The last year has been a remarkable one
for the road, however. AS had been eX-
a fr.H xracf av q
of business done for the government
Troops. equipment and supplies have been
handled and many soldiers have been haul
cd. The officials have been aware for some
time that the meeting of the directors
would probably result in the declaration
of a dividend, as they have seen that the
movements Of the troops and their SUPP
plies have tended toward a return to pros
perlty. For the Plant System and the
other roads OF the South the war has been
somewhat OF a blessing. The earnings
have. increased and there is likelihood
that annual reports viii show material
advancement.
The report for the year ending June 30
showed the gross earnings to have been
SO, 1852. 965. 80 and the operating expenses 81,
us, S22.S9. This left surplus OF T,0I,-
6i2.6S, an increase of S6,650.69 over last
year; $73S 14O. was paid last year to the
interest account and 1881 oS7.S5 for taxes, a
total of 1864, 227 SO, leaving net earnings
S1SS. 415.2S. The net earnings showed an
increase of $53, u over the report of 1897.
For the past year. however, the expenses
were greater than for 1897. For that year
they were So, 425, %, showing an increase
of $3.50, 59466.
The increase In the operating expenses
is explained by the road having expend-
ed much more than the year before in
improvements on the roadway. Grades
have been reduced in many places along
the line, particularly at the crossing of
the Suwanee river. The trestle has been
elevated and the grade az the river de-
creased. This was an expensive piece of
work, the officials state, and considerable
sums have been spent in putting In i'm
provements at other points
1t is probable that the report for next
year will be the best the road has ever
had For the last four months there has
been an extraordinary heavy business in
the movement of troops and supplies.
These months and the months to come,
during which 1t is known the system wills
handle a great deal of government, as well
as its other business will be included in
the report of next year, so that its re-
ceipts will be greatly increased over those
of last year
The stockholders left early in the after
noon for Brunswick. where. the meeting
Of the Brunswick and Western will be held
to-day. They Travelled by special train
of private cars, in charge of Conductor
Tim Sullivan. In the party were Gen
eral Superintendent Bradford Durham,
Vice President and General Manager NJ. j.
O'Brlen of the Southern Express Com
pany Superintendent OF Transportation w.
j. Haylow, Supt. George w, Haines Of
the second division OF the Plant System
and Supt c. /. Myers and other division
superintendent OF the Southern Express
Company. Mr.. D. f. Jack, freight traffic
manager OF the Plant System will leave
this morning for Brunswick, where he will
inin tho rnarlr. fcllr of iha or,tirn g -