The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-01-16
ANNUAL DIVIDEND
On THE \. {, R, R,
Meeting of the Directors Here
Yesterday.
TAKES $3.50, 900 TO PAY IT
SUIT BROUGHT by EVERITT
COMPROMISED.
THE BOARD AGREES TO PAY HIM $3.50
If Its Consolidation Scheme Goes Through the
Seaboard Will Probably Go to Green's
boro Seaboard Building
Into Columbia.
Into Columbia.


Railroad Company met here yesterday
and declared an annual dividend OF Oi@
per cent-315 per cent payable on Feb
ruary 10Th and 3 per cent Playable OH
August 10th.
The capital stock of the company is
$1,000. 600. therefore to pay the dividend
this year will require $500 0O0-or 9l4o,-
600 on February 10th and S12O,00o on
August 10th.
Next year under the terms Of the
lease of the road to the Southern Rail
way Company, a dividend of { per cent,
or 81 per cent semiannually, will be
paid Under the terms of the lease, the
State is hereafter to get per cent on
the par value of the stock. AS Il mat
fer of fact, as the stock in the road is
worth $160. the State is getting only
a little over per cent on the market
vale of it's stock.
THE suit that was recently brought
against the company by Philip w.
.Averitt, for $3. 100 Attorney fees and eX-
penses, was compromised by the payment
of $3.50. 1t will be remembered that
Mr.. Averitt, who is now i'll the asylum,
was paid $1,000 and on account of GER
tain criticisms went to the Governor
and returned the money to the State.
Later. through his guardian, he brought
suit for this amount and for other money
he claimed was due him for services and
expenses amounting in all to $500.
The directors meet at noon at the
Ylrborough House and were in session
some two hours. Considerable routine
business was transacted. but none of it
was of general public interest.
president John $. Armstrong presided
over the meeting and ex-Judge Spencer
+. Adams was secretary. All the direc-
tors were present except Messrs. w +.
Ellis. of Winston, and VIM. Gilchrist,
of Wilmington. Those present We're:
John s. Armstrong. Is. Cameron, W. Il.
OBrien. John G.. Angler, X. +. Hoke
j. 4. Smith, H. W. Fries, Lawrence
Holt, Hugh MacRae and V. S. Lnsk.
The board of directors will meet agaiIr
in July.
There are plenty Of reasons why the
Southern Railway should fight the Sea-
boards consolidation scheme. Here is
one of them:
1t means Il further invasion of the
Southern's territory by the SeabClrd.
1t means that the Scaboard will 20 to
Greensboro, anI Greensboro is the vital
Carolina.
DO You contemplate any early extern
sion of Your road!" | asked Mr.. W. G.
Petty, president of the Carthage road.
Yes" he slid. Il may build ON to
Greensboro 1t is pretty certain that l
will do SO if the Scaboards consolidation
plans are perfected"
''The Seaboard then is back Of the en-,
terprise?'
YES. the Seaboard is anxious to get
to Greensboro and this is perhaps about
the best way to get there. And it Will
be an invaluable feeder to the main line,
as-it opens up the west TO it..
How much new road Will you have
to build to reach Greensboro"
About 10 miles lit will not he an ex-
pensive road either. for the country is
comparatively level and no costly
bridges or tresdes will have to be erect
ed
Plans for the expenditure of SO
00O,000 in improving the physical con
dition of the Baltimore and Ohio Rail-
road have been completed and within
the next three years that vast amoum
of money will have been expended.
improvements of roadbeds. bridges,
tracks and equipments will be made
on all lines of the system.
The present rapid development 0f
eerning power of the SYSTEM has led
the directors to the belief that Il large
percentage of the S25000,000 can be
spared from surplus earnings. Although
the detailed plans of Improvement have
not been made public yet. it is said that
great percentage of the money will
be spent in improving the line between
Chicago and Pttsburg.
\ Camden special to the Charleston
News and Courier says: THE Seaboard
Air Line Company are putting i'll side
track near the proposed site of the
passenger depot. and are running
spur track to the base bail park, which
will he the site of the freight depot.
The track has been laid distance OF
three miles beyond the Wateree River,
towards Columbia
The Baltimore and Ohio Southwestern
is spending S1,500,000 Strengthening ana
shortening its line through Indiana more
than five miles. preparatory to cutting
the schedule between ST Louis and
Cincinnati from nine 10 eight hours.
-Four thousand men Will he worked JuSi
as soon as the weather permits, and
the road will be practically rebuilt across
Indiana. One of the greatest changes
is made by tunnehng the hills in the
Willow Valley and the big hull west of
MITCHELL Ind The Willow tunnel will i'e
$50 feet in length and will cut of
more than two miles and many sharp
curves. The big tunnel east of Ni;cn-
oIrS il bpinsr lowered ninp Taat *
LOO feet in length There a-o -
different contracts and some of item
provide for rebuilding tie track 10 or
IL miles. sometimes departing mic
from The present right o. way.