The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-11-17
Among the Railroads.

|
The Atlantic Coast Line is a great
railroad system. 1t has grown from
a little line from Wilmington to Wei
don to the greatest Southern railway
system. 1t is one of the few great rail.
! way systems that has treated its small
| stockholders fairly. The owner of a
single share of stock has gotten every
time his proportion of the wonderful
dividends that have been earned and
declared. This week, at the annual
meeting. as printed in the Associated
/ Press story yesterday. A dividend of
! Is per cent. on the common stock was
declared-20 per cent, payable jan
uary 2 in common stock to the reeie.
! tered holders and 5 per cent, PAYABLE
January 90, in dividend certificates OF
| indebtedness of the COMPANY The
capital stock was increased from SIG.
COS, 600 to $50, 000 900. James Caskie
was the only stakeholder who disan-
/ proved of any action. He voted
against increasing the capital stock.
The Richmond papers give addition
al particulars of the meetings and
comments by Richmond bankers and
| financial leaders. After the r1u4tne
business had been disposed of. MI
John p. Branch, by way of compli-
menting the officials said: Il knew
| this road in lS40 when it was but two
streakS of rust from Weldon to VIII
mington, n. C. Now the property
embraces over LOO miles of the best
road in the best part of the country,
and having the brightest future that
any road has ever had. We owe all
this to the able and efficient manage
ment of the affairs of the company.
| John Stewart Bryan, in comment
| ing on the condition of the company
! Il n, 49,.
to be justly proud of. The road today
has one of the most loyal bodies in
the world in its official and operating
departments. Every man from the
| humblest track walker to the able
chairman of the meeting, Mr.. Branch,
| is entitled not only TO praise, but to
| the unlimited confidence of all the
stockholders.
After the declaration of the Givi-
| dend, Mr.. Beverly Munford offered the
| following resolution
Resolved, BY the stOckhOld
ers of the Atlantic Coast Line
Railroad Company, in annual
meeting assembled, that the man
agement of this company are en-
titled to the gratitude of it's stock
holders for the fidelity integrity
and success with which they have
conducted its affairs and that the
thanks of the stockholders are
hereby rendered these gentlemen
for the manner i'm which obey
have discharged THEN important
duties to the public and the COM
pany."
I'm presenting the resolution, Mr.
Munford spoke of the integrity, fidel-
ty and wisdom which had character
lied the history of the Atlantic Coast
Line ever since it came under the con-
troll of its present management. Ihe
| resolutions we're seconded by NJ dno
stewart Bryan, who spoke IN similar
strain and pointed out the eNtidordl-
nary development Of the spirit OF per-
sonal fealty throughout the entire
| force of the Coast Line as direct
result of the influence and personality
| of Mr. Henry Walters.
"In 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 stockhold-
ers. ard that ne was, therefore, doup-
| ly glad to be able to vote for this div
idend which would aSsuredly make
the present Atlantic Coast Line stock
worth $125 q share, at which pllce
| he had asked the stockholders to sub
scribe about two years ago. The meet
ing then adjourned.
1.-THE declaration of this dividend
| and the secrecy with which II was Kept
| by those informed as to what the act
uSl size Of the dividend would be, anC
even whether any would be declared
| at all. is another indication of that
high integrity which has always been
| shown by the management OF the At
lantic Coast Line with reference 10 he
stockholders.
THE road has uniformly prospered
out its material wealth is Ey 10 means
| it's greatest asset, for it has for tW"
generations been in the control of meI
Who recognized and habitually acted
or their appreciation of their duty to
tre stockholders. whose interest they
have in hand.
''This dividend was received With
the greatest satisfaction by the stock
holders, only one dissenting vote DelnS
east and upon it's declaration ire
stock Immediately went t. 1G -. 1t
sold Yesterday in New York al 1853
and within the past ten days could
fave been bought at 14O.
The Railway Age says: "One OF
the perils of our railways under the
trend of events in recent years mas
been the excess. We domination or wan
Street influences. There has been dam
ger of too much financing and too
little real railroading, too much re-
gard to the technicalities of the bal
ance sheet and too little substantial
progress in the science of transporta-
ton" The demands upon American
railway systems are becoming greater
and greater with the growth OF our
wealth and population. And, consld-
e,ing the enormous loss of life during
the past twelve months, if as the
| Railway Age asserts, there is more
concern about the payment OF divl-
dends on watered stock than In keep
| ing the equipment up to the proper
standard of efficiency. then it is time
that our juries shorld begin to reach
up to the boards of directors, and hold
them responsible for the sacrifice of
| life. Somebody is. responsible some
where. for any needless sacrifice OF
human life.-Presbyterian Standar6.
Attorneys are in Wilmington in
connection with the suit in the Federal
court against OnsloW county to COM
r., in Ers act mn