The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-23
SAYS C. & 0. REPORT
IS too MISLEADING
NJ in GRITTY Stockholders
Create Sensation at
Annual Meeting.
j. p. BRANCH AND
OTHERS WALK OUT
Method Of Charging Expendi-
tures Severely Condemned, but
Proxy-Holders Refuse to
Send Back for Cor
rections-Old Di-
rectors Retained.

Minority stockholders at the annual
meeting OF the Chesapeakc and Ohio
Katiroad Company. held here yester-
day, made violent protest against the
manner in which expenditures had beer,
charged to capital account and not
against lncome.- but, were voted down
under wlilrlwind OF proxies. The
meeting was stormy and sensational at
times. Mr.. John p. Branch and other
bookkeeping and accounting, Mr..
Branch finally leaving the room. The
old board OF directors was reelected,
with the exception OF Martin Erdmann.
of New York. who was put on to fill
the place made vacant by the resigna-
ton OF ]. 3. Thayer. submitted some
montns aGo.
The meeting was thrown into an up
roar soon after 1t was called to order
by Decatur Axtell. when Mr.. Branch
declared that the annual report was
misleading. He dill not charge crini-
nal wrong against those responsible.
but he objected to having big items
charged to profit and loss. For in
stance. IT was brought out that ex-
penditurcs for a period of ten years
had been included as of one year, when
only one-tenth OF the amount should
have been charged The effect was to
keep down the dividend. With In
creased earnings. however. President
Stevens said that stockholders might
expect larger dividends hereafter, and
crease.
Hit ut s"Stock GambIers.-
There was sharp and exciting mo-
ment when Henry T. Wickham, reply
ing to Mr.. Branch. said the report as
whole was correct. and that in its
preparation the trainers were not gov
.erned solely by the interest Of stock
gamblers.
Frederick W. Scott and Mr.. seay, his
nusiness partner. took exception to
what Mr. Wlckharn said. They declar-
ed that the majority stockholders-had
no right to run roughshod over the
minority because they happened to
have the voting proxies. Mr.. Seay
resented the insInuation that because
q man criticized the management he
should be assailed. insulted and char
acterized as a. gambler In stocks. Just
here Mr.. Wickham took the floor, and
said that IT any person intended to
convey the impression that the report
was incorrect that person was stock
gambler
This statement merely added fuel to
the flames. After Mr.. Branch, Mr..
1t. Mr.. Axtell attempted to smooth the
anger of the minority element by ex-
planning for Mr. Wickham. Mr.. Scott
said that Mr.. WickhaEn wasAth proper
man to make due amends. which the
latter proceeded to DO.
Wanted Report Corrected.
Getting back to the original propo-t
sition, the minority stockholders again,
criticized the report, saying that 1t
was misleading. and Offering mo-
tton that 1t be referred back to the.
directors for correction. In this con-
nection Mr.. Branch and his minority
associates said that while they did
not like the report they did not mean
to cast reflections upon Mr.. Wickham,
Mr. Axtell or President Stevens. or
any other official. They did not charge
any wrongdoing, but they did take ex-
ception to the manner In which the
report had been prepared. There was
long discussion on the motion to
refer. The officials finally retired, and
coming back they took. the proxies.
and the Branch motion was killed. Mr.,
Branch and several other minority
stockholders loft the room when the
vote was announced.
Mr.. Branch, In the course Of his re-
marks, said that the directors repre-
sentinE the Pennsylvania and the New
York Central Railroads had not man
aged the Chesapeake and Ohio with