Evening star., 1898-01-12
The Annual Meeting Of the Stock
holders Held Today.
YEARS. RECEIPTS And NET EARNINGS
Auditing Committees Recommend
alton About Salaries Paid.
ELECTION OF DIRECTORS

Inc annual meeting of the stockholders
| CT the Capital Traction Company was held
| today ~ the offices of the company in the
Union Station building, Georgetown. Only
few of the stockholders were present
in person, the larger proportion being rep
resented by proxies. resolution was
adopted giving the directors authority to
issue and sell at the market rate, but not
less than par, 100000 of bonds. or as
much as may be necessary, payable five
years after date. the interest not to ex-
ceed per cent per annum, and secured by
first mortgage of deed of trust on the
property of the company. The bonds in
the discretion of the directors may be
used as collateral to secure the necessary
advances for the change in the improve
ment OF the rapid transit system and in
the route of alignment of the compary's
roads, or in the event that they are sold
they are to be offered first to the stock
holders pro rata and to be issued in sums
Of $500 or multiples thereof. This resolu-
ton was adopted by stock vote represent
ing loS,169 shares out of total of 100000,
there being no votes cast in the negative.
The Presidents Report.
The report of the president, Mr.. George
I. Dunlop, referred to the disaster by fire,
which, on the Both of last September, de-
stroyed the power house of the company on
Pennsylvania avenue, thereby putting q
stop to the operation of the Pennsylvania
avenue and 14th street lines by cable. The
fact that a change in the system to the
underground electric system had been de-
cided upon and the change was in progress
was also mentioned. The report further
stated that for the year ending December
81, 1877 the total receipts were $90S ,839
and the net earnings were $2G2, ,042. 1t was
further stated that the necessity CT pur-
chasing horses to equip the lines of the
road above mentioned was new item of
expense incurred during the
The result of the election for directors
resulted in the choice of the members
of the old board. as follows: George I.
Dunlop. Charles C. Glover, Henry Hurt
John G. Parke, John R. Mclean, Edward
]. Stellwagen and VIM Manice.
About the Salaries Paid.
The report of the auditing committee
was presented by Mr. George E. Truit,
| who. in c,Mrection with Mr.. Anthony
| Gaegler. signed the report. 1t was stated
that Mr. Charles B. Bailey who was
| member of the committee, owing to the
pressure of business, did not participate
in the work of the committee and there
fore. did not sign the report. This COM
mittee also made IL report for the year
ending December 81, 1886, which was sub
| mitted last February.
The report for the year ending December
81, 1897, read by Mr.. Truit and gave
| d list of the officers and employees of the
report also contained statement of the
operating expenses and other details of the
management of the road. In concluding
the report the committee made the fol-
lowing recomme EGation:
Since the filing last February of the
committees report for 1896 there has been
much discussion among the stockholders
both resident and nonresident of the sal
ares paid by the company to its officers
This matter has also been the subject of
| dlscusslon IN the newspapers, and in the
circular letters of certain local bankers and
brokers to their customers and Others
so Widespread and general has been the
interest in this matter, and so numerous
nave been the requests made to the COM
mittee for information and for the embodi-
ment in this report of some practical sug-
gtstions or recommendations to the stock
holders at this annual meeting that the
committee has enlarged the details of this
account in this report over the previous
cne and beg leave to submit certain con-
| clrsons at which the committee has ar
rived.
| "Tpcn comparison with other corpora
tions doing business in the District of Co
lumbia whose capitalization entities them
| to rank in the same class with the Capital
Traction Company, it has been found that
the Capital Traction Company Is much
more liberal in the matter of salaries than
other companies of its rank. In fact at
| least Cne other corporation whose capital
ization very closely approXimates that Of
the Capital Traction successfully and dc-
| ttpldDly COUuuC1S It's business on less than
one-half the expenditures of money in sal
aries paid by the latter for the same pur-
pose.
| For what the Capital Traction Company
pays In round numbers $50 jOp0 this other
| company obtains for 10000 The commit
tee Is satisfied that efficient service can be
| obtained at a greatly reduced cost in sal
| aries. We therefore recommend to the
stockholders the adoption of a resolution
| requesting the new board of directors to
reduce the rates Of salaries of officers an
| other employees of the company to a more
| economical basis. giving to each a fair and
equitable salary according to their position
and responsibility Of employment"
To Compensate the Committee.
Upon the conclusion of the reading of the
| report, a resolution was adopted providing
| for the printing of the report and its distri-
| button to the stockholders, and also the
! payment of a small bill which the commit
| tee had incurred in the discharge Of its
duties. The directors were also authorized
| to pay the members of the committee a
proper compensation for the time and trou-
] BILE which it had taken in preparing the le-
port.
An auditing committee for next year was
| appointed as follows: Henry NJ Baker, T.
| Il. Jewell and John S. Larcombe.
Court Employees Honor Judge Scott.
| When Judge Scott took his seat on the
| bench in the Police Court this morning he
| found on his desk a magnificent bunch of
| American Beauty and other choice roses,
| the gift of the officers and other attaches
| of the court. in honor of his confirmation
| by the Senate. The fragrance of the
| flowers filed the room, and Judge Scott
| was much pleased with his present. AT the
| close of the proceedings Judge Scott made
| a short speech of thanks.
'G4yat>sAts ef-Stas4 4-a>fNts @tS q 9$e4-tt@trA1s D
| a =