The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-11-22

INCREASE DECLAREDf
IN ANNUAL DIVIDEND
Mr.. George B. Elliott Is Mad.
Assistant General Counsel
Headquarters Of Presi-
dent Will be Moved
From New York
to Wilmington.

Tho stockholders OF the Atlantic Coast
Line Railroad at their annual r1eetanx
held yesterday morning at the company.x
offices, in this city. elected Mr.. 7. II.
Emerson president, In place OF Mr. r.
T. Erwin. who resigned. &. @
The announcement OF the resignation
Of Mr.. Edwin came like a thunder c1ap
to the stockholders, who filled the room,
The president had Just finished reading
his annual report when Mr.. Henry Wal.
tera chairman OF the board, and the
controller Of tho majority stock Of the
company, arose and quietly proposed 1fr.
Emerson for president. Mr.. walters
took occasion to praise the administra-
ton Of Mr.. Erwin and to tell the stock.
holders that the retiring president would
still be closely identified with the az
fairs Of the road. serving on the board
OF directors and as president OF several
subsidiary companles controlled BY. the
Atlantic Coast Line. s3y fs ,.ss{ltss ,slt5
Nh. Erwin seconded Mr.. \ hur.erpd1n's
nomination, and after mpllmentinr sthe
stockholders on their selection Of Mr.
Emerson, who he said had served the
road for thirty years. concluded by say
ing that there would be no rivalry NJ be.
tween Mr.. Emerson and himself other
than in affection for the coqnpa ny. 5E#
Mr.. Emerson. In accepting the presi-
idency said that he had been connected
with the company since 1915, four years
longer than Mr.. Erwin, and that he
hoped to be connected with 1t FOR thirty
years more :
Mr.. Walters announced that the presi-
lf 70 "a ri far "a
at Wilmin gton, M c. 5s lis; 4s
| The reason given for Mr.. Erwin re-
i stirement was his far rem oval from the
base 4 Of action; ne having moved S@@ q
Hartford. Conn., with Offices In New
York. u was found i'm PRACTICABLE sto
distance, and so Mr.. Erwin deter
lmined to retire as the head OF the road
hut to still retain the other Offices he has
Eheld for some years.
Increase in Dividends.
The next action OF the stockholders ssir$
|@importance was the abolition Of the
finance committee OF the duties of which
viii in future be managed by the sse ~ ~
ecutive committee. Il:
Previous to tho meeting OF the Stock 4:
holders. the directors Of the company
met and declared Ia per cent. serntLTs5
annual dividend, In place OF the "a pe.
cent. semi-annual dividend which l!a .13ss "a
been declared last year. This acton
was In the nature OF a. DISAPPOINTMENT S
to many as 1t had been thought that8Ag
per cent. semi-annual, or s per cent
annual dividend would have been ae lt.:
clared. The stock went down a point
on the news, which, strange to say, came came
to the brokers here over the New YooHsk ork
wire, although the meeting was he'll
in this city. al u 81 -
The directors also elected Mr. George
B. Elliott as assistant general counsel
OF the company, with headquarters AT
Wilmington, N. C, He will take chargag
OF his new office on December list. There
were several other changes talked over
which will be made and announced later
5. Directors Elected.
The meeting, with forty stockholders
present. was called to order at II o'clock,
and Mr.. John p, Branch. as has been
the custom for years. was made chair
man, and Mr.. L. B. Borden, secretary.
Mr.. Alexander Hamilton, Mr.. Frederick
w. Scott and Mr.. Borden were appointed
committee on proxies While these gem
tlemen were out. engaged In examining
the proxies. the announcement was made
by Mr. Branch that the dividend had
been Increased one per cent. per annum.a
ut will be increased another one per
cent. next year. said Mr.. Branch, and
the stockholders laughed pleasantly S5ss5@
Amongst those present were Mr.. Henry
Walters, OF Baltimore, chairman Of 4 the
board; Mr. Morton f. Plant, of New
York; Mr.. r. G. Erwin president OF the
Atlantic Coast Line; Mr. I. Nj. Emerson
the newly elected president; Mr.. NJ. J.J
O'Brian. president Adams Express Com
pnny Of New York; Mr.. Sig. Neustadt. off
New York; Mr.. Michael jenkins, of Bal-s
timore; Mr.. Alexander Hamilton. OF Pitts
burg; Mr.. Fred w. Scott Mr.. John p
Branch. Mr.. George Cole Scott. Mr. Ed
ward w. Scott. Jr, Mr.. Thomas b. Scott.
Mr.. I4ilburn Myers, Mr.. George r. Seay,
Mr.. Waldo Newcomer, Of Baltimcre,
Judge w. Y. Leake. president OF WASH
ington-southern; Mr.. ]. j. Lucas oe
North Caroina; Mr.. F. j. Willis; ~,
r. f. Baskerville. Mr.. II. T. Cabe AIR.
W. Brydon Tenant. Mr.. Frank a,
Davenport, Mr.. Crump, Major sully Mr.. I
r. l.. Borden, of New York: Mr.. r. n,
Borden, OF North Carolina; Mr., ], , h. 4
Post. OF Wilmington; Mr.. q. II. Williams.
Of Norfolk; Mr.. Donald MacRae, or
North Carolina: MI. Hugh MacRae. Of
North Carolina; Mr. H. B. Short. of
North Carolina; Major John George and
Colonel Maury,
Il was stated after the meeting that
the combined wealth OF the directors ef
tha Atlantic Coast Line assembled
amounted to more than one hundred and 4
twenty-five millions OF dollars 81 M
Vice Presidents.
EThe vice presidents We're elected az fas-
,ans. US Flrst Vice President, Alexander
.1an,,l,on, Of Petersburg; Second Vice
naut nn.ui,aant q. S. Gadsden. Of Charleston;A
a,,1.a Vice President Z, e. Kenly. of (
wilmington ., h.,d 4,
.,,Ismen last year. except that Air.:
fSa,,av ssna goes up from fourth TO third ytca,
rresident. No fourth vlcerprestdept was
elected. Ssg
on motion Of Mr.. Walters. the follows
tay examining board was elected; Asssk. II