The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-11-18
FINE PROGRESS OF a. c. L.
Extra Dividend Deciared-Capital
Stock decreased to Fifty Millions
Officers Praised for Faithful Ser
vice.

vice.
Wednesdays Times-Dispatch.)
The annual stockholders meeting oil
the Atlantic Coast Line Railroad Conf
r.any Of Virginia was held yesterday
at IL o'clock in the Office Of the compa-l
ry, in the Union depot building. at
Seventh and Byrd streets. The meeting
Eas preceded by a directors meeting,l
at which the expected, but one the less
gratifying, declaration of a stock divi-
lend of 20 per cent, payable in thcl
common stock of the Coast Line Rail-
.Gad Company and 5 per cent, payablel
IN the certificates of Indebtedness Of
me Atlantic Coast Line Railroad COM
rany, of Connecticut, were declared.
These stock dividends We're in additionl
to the regular cash dividend Of 2 1-,i
per cent, which is payable January 1ss.l
1t has long been expected hat somel
important step in the matter of in-l
creasing the capital stock of the Att
iantic Coast Line Railroad would bel
taken, and the general opinion had
arrived at that it would be about 25l
per cent. There was some talk of i'll
being SO 1-3, and sore thought 1t would
be as low as 20 per can't. The increaseI
was from S36, 665, 900 20 $500 o 900. Thel
fact that a prominent banker refused to-
! accept s10.O o for TIE expected divi-I
| Cends on 500 shares OF Coast Line stock
Monday showed that, in the Judgment
OF experienced financiers, a larger divi-l
dend would be paid. The payment of
l %L.- ia &C. ~1a roDf11y f,,l1xy 80
fed by the extraordinary development
of earnings of h Coast Lin Railroad,
a. well as in the growth Of the south.
INCREASE OF WEALTH.
The low grades of the Atlantic Coast
Line have very muchf facilitated its ope>I
ration, and the remarkable growth of
the trucking industry, together with
the enormous increase of wealth in the
south as a result of the cotton crop OF
last two years, hav been reflected in
the steady growth of the earnings Of
this Its past has been un-
Unbroksn success, and the future ap-
pears equally promising.
After the declaration of the dividend,
Mr.! Beverly Munford offered the fol-
lowing resolutions:
Resolved, By the stockholders Of the
Atlantic Coast Lime Railroad Company,
ic annual meeting assembled, that the
management Of this company are emit
tied to the gratitude Of it's stockhold-
ers for the fndelity, integrity n sue
cess with which they a conducted
it's affairs and that the thanks of the
stockholders are hereby rendered these
gentlemen for manner in which they
have discharged their important duties
to the public and the company"
Mr.. WALTERS COMMENDED.
In presenting the resolution, Mr.
Munford spoke of the integrity, fidelity
and wisdom which had characterized
the history of the Atlantic Coast Lin
ever since it came under the contro
i OF Its present management. The reso
Iutions were suconded by Mr.. JOIN
Stewart Bryan. who spoke in a simila
strain, and pointed put the ~extraordi
nary development of the spirit of per
sonal fealty throughout the entire fore
of the Coast Line as a direct result o
the influence and personality OF MI
Henry walters.
In replying to the resolution, Nh
Walters said that he had always re
garded his position as the controllini
factor in the Atlantic Coast Line as
trust to be exercised for the stockhold
ers, and tina he was, therefore, doubl,
gIad to be able to vote for this dividend
, which would assuredly make the pres
ent Atlantic Coast Line stock wort
$125 a share, at which price he ha
asked the stockholders to subscrib
about two years ago. The meeting the,
adjourned.
HIGH INTEGRITY.
The declaration of this dividend an
the secrecy with which it was kept b
those Informed as to what the actus
Size of the dividend would be, and eve
whether any would be declared at al
is another Indication of that high in
tegrity which has always been show
ty the management Of the Atlanti
Coast Line with reference to the stock
holders.
The road has uniformly prosperet
" hut It's material wealth is by no NEAR
y. its greatest asset, for it has for tw
generations been in the control of me
who recognized and habitually acte
or their appreciation of their duty
- tile stockholders. whos- interest the
have in hand.
This dividend was received with ii
y greatest satisfaction by the stockhol'
> ers, only one dissenting vote being cas-
and upon it's declaration the stock In
ne nlediately went to 161 1-2. It sold We
u terday in New York al 153, and with
III the past ten days could have be-
. bought at 40.