The Savannah morning news., 1904-11-18

The % per cent. stock dividend de-
clared by the directors of the Atlantic
Coast Line this week was larger than
dividend was looked for The an
nouncement of the dividend and the
increase of the capital stock of the
company to $50, 00O,O 900 was made by the
Morning News the day following the
meeting in Richmond. The Richmond
stockholders and directors meetings
says:
The stockholders annual meeting
was preceded by directors meeting,
at which the expected, but none the
less gratifying, declaration of a stock
dividend of 20 per cent, payable in
the common stock of the Coast Line
Railroad Company, and per cent,
payable in the certificates of indebt-
edness of the Atlantic Coast Line
Railroad Company of Connecticut, were
declared. These stock dividends were
in addition to the regular cash divi-
dend of az per cent, which is payable
Jan. 1.
1T has long been expected that some
important step in the matter of in
creasing the capital stock of the At
lantic Coast Line Railroad would be
taken, and the general opinion had ar
rived at that it would be about Is per
cent. There was some talk of it being
80 1-3, and some thought it would be
as low as 20 per cent. The increase
was from $50. 1865, 900 to $50.O00,OOO. The
fact that a prominent banker refused
to accept $4,000 for the expected divi-
dends on 500 shares of Coast Line stock
Monday showed that, in the judgment
of experienced financiers, a larger div
idend would be paid. The payment of
this dividend is apparently fully justi-
fed by the extraordinary development
of earnings of the Coast Line Rail-
road, as well as in the growth of the
South.
1.-THE low grades of the Atlantic
Coast Line have very much facilitated
its operation, and the remarkable
growth of the trucking industry, to-
gether with the enormous increase of
wealth in the South as a result of the
cotton crop of the last two years, have
"
the earnings of this company. Its past
has been one unbroken success, and
the future appears equally promising.
after the declaration of the dividend,
Mr.. Beverly Munford offered the fol-
lowing resolutions:
:" Resolved, BY the stockholders Of the
Atlantic Coast Line Railroad Com
pany, in annual meeting assembled,
that the management of this company
stockholders for the fidelity, integrity
and success with which they have
conducted it's affairs, and that the
thanks of the stockholders are hereby
rendered these gentlemen for the man
ner in which they have discharged
their important duties to the public
and the company
''In presenting the resolution, Mr..
Munford spoke of the integrity, fidel-
ity and wisdom which had character
lied the history of the Atlantic Coast
Line ever since 1t came under the con-
troll of its present management. The
resolutions were seconded by Mr..
John Stewart Bryan, who spoke IN
similar strain, and pointed out the ex-
traordinary development of the spirit
OF personal fealty throughout the en-
tire force Of the Coast Line as direct
result Of the influence and personality
of Mr.. Henry WATERS.
am replying to the resolution. Mr..
Walters said that he had always re-
garded his position as the controlling
factor In the Atlantic Coast Line as a
trust TO be exercised for the stock
holders. and that he was. therefore,
doublv glad TO be able to vote for this
dividend. which would assuredly make
the present Atlantic Coast Line stock
worth si25 a share. at which price he
had asked the stockholders to sub
scribe about two years ago. The meet
ing then adjourned.
ssThe declaration Of this dividend ana
the secrecy with which II was kept by
those informed as TO what the actual
Size OF the dividend would be, and even
whether any would be declared at all,
il another indication Of that high In
tegrity which has always been shown
BIZ the management Of the Atlantic
Coast Line with reference 70 the stock
holders.
THE road has uniformly proapered,
but its material wealth 10 BY no means
re- greatest asset FOR n has for two
generations been IN the control u men
who recognised ana habitually acted