The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-23
MIR. BRANCH TALKS.
Tell. WHY the Annnni Report II Mis-
lending to Stockholders

leading to Stockholders.
ae sta r snsns ast g nSh, out the
The president and board Of directors
OF the Chesapeake and Ohio Railway
oitered to-day ut their annual meeting
both at June last, and asked the stock
holders to approve same. without Civ
inE them an opportunity OF first exam
n sn,ng II: showing that after paving all
necessary amount spent on betterments
ana equipment to put the property III
the same condition that 1t was year
s5ses.Go. From this pt tSey d dad ae9s
payments on account OF principal OF
equipment trust notes OF $1,3ss.6S6; ex-
and ,,nt sxpense for improvements
On equipment trust certificates and
Potts Creek Branch bonds. less pre-
sn snnlaoa on general Tortgase bonds
dend paid last November Of about
ss2s DOB. making grand total OF about
Ss.9oo,oOo, while they only mad2 net
Of rs about y ssss s. CO. oo6 making sahsr-
ending the soth of June. 1906. leaving
for the past year about SosI.ooO TO the
900 for the year ending June so, 1905
This looks as II most OF the dlvI-
dend that was paid last November was
paid out OF the profit and loss account
ior the previous year.
Why n Dividend:
| THE flrst two items named above
should not have been deducted from tn e
year, nor amounts for similar purposes
in former years. which they have done.
It would have been as proper to have
DEDUCTED similar amount Il II had been
| spent in buying new railroad, and so
trust certificates Of Potts Creek Branch
Of s572.ooo as stated, that; should be
s aed a r9 bosas ns stqe Of ten SUPPOSE
upon the same principle IL they had
sold slo,ooo,coo Of bonds payable nifty
years hence for 5000 900, they, could
Ga sa If Say on sad
past year. Hence consider that the
Rg0rt hat Re as by he
masses of stockholders.
One-fifth Per Centum.
This road the past nent Gtdapa
an average Of less than one fifth Of
amount Of this stock is held by indi..
! share. and they have received an
annun for forty-two years. This, in
the face. OF the fact that the annual
Large proflts, and they were certainly
/ have received The management claim
the f have essn nsna ro
equipment. ! claim that the money
snent for betterments and equipment.
! in addition to what Is necessary TO
keep ZEE, up the physical condition Of both noI
dtion year ago, should be capital
ICED, which. understand, Is the prac-
ttce OF, the New York Central and the
/ the Chesapeake and Ohio Railroad and
| also the practice of the English rail-
roads, and claim that the same policy
should have been pursued by the .Ches-
! have been made In dividends to the
stockholders
l a Hue and Cry,
s. Sstsa last aDGys ne
years have not received an average q
over IFS per cent. per annumL il 10
per cent was paid for the next year
ef te w nar e b gFsat hue o and 6
| that. the Stockholders were making too
much on their Investments even though
the road has been OF great benefit to
Sas Rao so aF snqs that s9a for
am informed that the coal miners can
sell more coal than they can mine, and
cents per tor. on coal which cost them
less than $l.b0 per ton to mine, and yet
these miners are not willing for the
railroads, to increase their rate on coal,
! SO that the stockholders may get a fair
/ return on their Investment.
i Never Again.
Although the majority stockholders
refused y, ), 70 Grant my request that g
In. the future, um satished that they
4 will never make another such report
as the one presented to-day"