The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1911-02-07
D.U. 4. STOCK leI|
PLACED ON F|VE
PERCENT BIsI5
Resumption Of Dividends, Discenfin'
ned in 1907, Ordered in Anznal
Meeting - Reports Show Dusi-
of Road Very Prosperous.
Resolutions Adopted Expressing Con'
fdence in 0ficers-A. Z. Peters s
Is Promoted To secretar5ship.


action Of the directors In decIar-
Ing dividend was pretty thor
oughiy discounted. The openlno
quotations on the stock h tkS
morning were N "a bid, ~ AK
ed. After the action Of the direct
. ors has been announced ! sale at
~ was reported In New York. q
The stock has had steady -
vance during the past throe
months ever since the reports q
the earnings and the succeto ~
Financial pIans have made Il -
parent that dividend action would
bel ikeIy. Z
A dividend OF Ia per cent for TIE
current quarter was declared IN ~
annual meeting of the Detroit United
railway, Tuesday morning, In the con-
pany's office at No. IL woodward
ave. The dividend IL payable Mnrcn
i. This Is the first dividend to - a.
clared by the company since Aueuo<.
1907, and puts the stock back on the
old rate OF per cont rer year. The
dividend calls for the disbursement az
$156,25O.
There were $4,000 OF the 125. .0<>a
shares Of the company represented ~
the meeting, the most complete repre-
sentation that has ever been had.
Everything was harmonious, the
stockholders adopting resolution o.
pressing complete confidence in the
officers and directors, ratifying their
actions and commencing their work
for the past year. The only change
on the board of directors was the
election of j. C. Donnelly. OF Detrol(,
New York. The other directnrD ~
elected are =. w. Brooks, q g H111
and c, M. Swift, Of Detroit; A. Il.
Ferguson ard J. M. Wilson, Of Mon
trea1: q. w. Moore. Cleveland; Arthur
Pack, Pontiac. and Alonzo Potter.
New York
The present officers were reelected
with the exception of Secretary Ed
win Henderson, Of New York, whose
place IL filled by A. r. Peters Of Do
troit. who Ia promoted from the posi-
tion OF assistant secretary. Tha Of
ficers are: President J. C. Hutchins;
vice-presidcnt, Arthur Pack. A. J..
Ferguson, and e. w. Moore: treasur-
er, George III. Russell; secretary, a.
r. Peters; general manager, +. W.
Brooks.
No announcement was made regard.
ing the traffic arrangement which n
said to have been made With the
Michigan United railways. When
questioned upon the subject Mr..
Hutchins said that there was nothing
TO gay about 10. He also refused 10
discuss the action Of Mayor Th0mp-
son in threatening to block such =
plan.
There we're about IL stockholders
present In. the meeting. most or the
stock being represented by proxies.
Preceding the meeting OF stock
holders the old board OF directors mee
to accept reports OF the business tor
the year. Directors present In the
meeting which began at 10 O'Clock
were: e. w. Moore, Of Cleveland: J.
M. wilson and A. j. Ferguson, Of
Montreal: J. C.. Hutchins, y w.
Brooks and A. z. Peters, of Detroit
and Arthur Pack, of Pontiac. Neither
of the New York members Of the
board was in attendance. G. M. Swift
and George III. Russell, the two other
Detroit ulTeCtofS, WcfS uAA@Ss~ - -
send.
The annual report submitted by
President Jere c. Hutchins at the
stockholders meeting showed q most
prosperous year for the company. The
net income from all lines was 1885,
2ss ~, bringing the surplus account up
to 1920. 0.107.47 With the successfui
completion of pending financial plans
much of this is available for dividends.
In addition there is a reserve fund
for depreciation. ETC., amounting 20
sl.s54.51O.6T. There was 100000
added to this account out OF the M
come for 1910. The total bonded In
debtedness OF the road is S23.sS3.000
but against this there is an Onset OF
81. 1872 900 for bonds held in the treas
ury OF the company.
There was 12.107 miles OF track
added TO the company's lines during
the past year, making total OF 75s.65S
miles now In operation. The rolling
stock consists OF 1,07s closed passen-
ger cars. 204 open passenger cars, 2Sy
! freipht and construction cars. "a line
cars, 81 express cars. IL miscellaneous
and two locomotives There are
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