Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1901-02-20
ANNUAL REPORT OF
Mr.. B. A.IDENMARK,
President of The Southwestern Rail
road.
TO STOCK HOLDERS IN MEETING
At Macon, Ga February 14th, 1901.
A Clear Statement of The Financial
Condition of This Valuable Proper
ty. Report is of Much Interest.

Report of Mr.. b. A. Denmark, presi-
dent of the Southwestern Railroad
Company to the stockholders at their
annual meeting held Feb. IA, 1901.
Office Southwestern Railroad Go.
Macon, Ga, Feb. IA, 1901.
10 the Stockholders of the Southwest
ern Railroad Company;
We submit the following as our an
nual report:
Accompanying is the itemized &C.
count OF the secretary and treasurer,
showing all receipts and disbursements
OF money from February 1st, 1900, to
February 1st, 1901. This account has
been duly examined and certified as
correct by committee from your board,
Our lessee, the Central of Georgia
halfway Company, has promptly paid
the rental as it fell due, and it has been
promptly declared and paid out in
dividends to the stockholders. In all
respects our lessee, so far as we know.
has strictly complied with the terms of
the lease. Many of the stockholders
fail to promptly collect their dividends.
fact to which we have called attention
IN former reports. It is the earnest de-
sire of your board that every stock
holder should collect his or her divi-
dends as soon after declared as prac-
ticable.
We now have in our reserve fund
$SS, 0OO In 43 per cent. state of Georgia
bonds, registered in the name of the
| company, which, as will appear from
the treas urer's Report, have cost $lO1,-
O9O. IA. They ara worth that much or
more on the market today. We have.
besides, to the credit of this fund the
sum of 81 1898.
In oar last annual report we called
to your attention the pendency of the
suit IN Blbb superior court brought by
Il. M. Farrar of Atlanta against your
company, in which said Farrar as the
alleged assignee of the owner of GER
tain certificates of stock-Whicb as
slgnor, upon Investigation, was discov-
cred to be one Julius M. Alexander of
Atlanta, represented by Henry A. Alex
ander, son of the said Julius M the
claim is made by said Farrar, who is
not now and never was a stockholder
In your company, that this reseryefund
should be distributed not to the pres.
ent stockholders, or to those who might
be stockholders at the time of the dis
trlbution- but to those who were stock
holders in the months OF June and De-
cember of each of the years during
which the old Central Railroad and
Banking Company of Georgia, on ac-
count of Its bankruptcy and receiver
ship, paid no dividends and no rent to
your company ---"~
Since our last annual report the
plaintiff, Farrar. has amended his bill
so as to claim, not only q distribution
OF this reserve fund to the class of
stockholders named in his bill, but also
that all money paid out by the South
western Railroad Company to attorneys.
bankers and others who aided in the de-
Tense Of the suits brought against it in
the rehabilitation of the company,
should now be refunded by the com
pany to those stockholders who were
such during the months of June and
December of the defaulted period
aforesaid. The claim is also made that
those who were stockholders in any
June or December during the defauIt,
but who were not stockholders during
the month of December, 1895, when the
declaration Of the 10 per cent. dividend
was made, and who, therefore. did not
receive dividend during the defsulted
period, as claimed by said Farrar in
his petition should now have a claim
against this company. What this part
of his claim last above stated amounts
to is not easy of computation. 1t may
be very large sum, but the claim for
the distribution of the reserve fund and
of the amount paid out in fees, expen-
ses, etc, together with interest, which
is also claimed at seven per cent. would
amount to not less than $500, 600, Mr..
Farrar is the only party complainant in
the bill in Blbb superior court. This
case has not been heard.
In December last a proceeding was
filed in the United States court for the
Southern District of Georgia, which
Henry A. Alexander, the attorney of
the complainants, calls an ''interven-
tion" in the old receivership litigation
against the Central Railroad and Bank
ing Company of Georgia in that court.
The same claim is therein made as is
made by the original petition and
amendment in Bibb superior court. In
this suit the said r. M, Farrar, one
Jnlins M. Alexander (the father Of the
said Henry A. J, Mrs. s. s. Alexander,
administrative of Joseph A. Alexander
of Atlanta; S. S. Solomons of Charles
ton, s. c., the Alexanders and Solo
mons beng kinspeople or related by
marriage), together with George w.
Woodruff of Columbus, Ga, and Mrs.
Amelia @. Brown of Covington, Ga,
individually and as executrIx, are the
complainants. To this proceeding in
the United States court your company
has filed it's answer through It's attor-
neys, which is intended to cover all of
the points of defense covered by the
answer of YOUR company in the case
pending in Bibb superior court and
also other points applicable to the pro-
ceeding in the United States court, but
not to the suit in the state court.
Among other thingsin your compa.
Dy's answer to the so-called interyen-
ton In the United States court is the