The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-11
SOUTHERN HOLDS
ANNUAL MEETING
ELECTED FOUR NEW DIRECTORS
AND APPROVES THE An
NUAL REPORT.
INCREASED EARNINGS
TOTAL FOR THE FISCAL YEAR EX-
CEEDS SIXTY MILLIONS.
DIVIDENDS ARE
INCREASED EARNINGS

The eighteenth anndal meeting o!
the stockholders Of the Southern Rail
/ way Company was held in Richmond
yesterday, First Vice President A. Is
Andrews presiding The annual re-
| port of the fiscal year. ending june
so. 1911. was approved, and Messrs
/ II. G. Fahnestock, William w. Fin
| ley, Ebert Il. Gary and Charles Steele
! were elected directors OF the third
class for term Of three years.
The annual report of the company
which was made public last night
gives much Information of public in
| terest.
| The company is one of the most i'm
portant in America. 1t owns and OPP
crates 7.041.95 miles of road. Its
gross income for the Year was $780,
| 345, 062.64. an increase over the fis-
! cal year. ending June 80, 1910, OF 49,
I $50, $500. Total operating expenses
were s40.926, 1905. an increase OF
$2,2s1, 044.l4 over the last year.
The Southern Railway is a pretty
extensive taxpayer During the year
! II disbursed 10 the item of taxes ST.
! 212,ss7.
! Total gross income for the year is
$50. 455, S0s.30. an increase OF approx
| imately ST.. o00 over the previous year
| Dividends OF l per cent. were paid
| on preferred stock in April and an
other similar dividend will be paid
this month, the aggregate sum paid
! out for dividends for the year being
| 100000.
Prospects Are Good.
! As To the business condition and
prospects of the company the report
| says.
| The financial condition of the com
ma h.,
such action entirely consistent with
H sound and conservative policy. a
/ dividend of / per cent on the pre-
| ferred stock OF the company was de-
| elared and paid in April. 1911, and
provision has been made for the pay
ment in October Of a similar dividend
! out of net income earned during the
year. 1t was considered that, as a
! fair recognition, under all the cir
cumstanees. of the Just expectations
of the holders Of its preferred stock
/ who Lad received dividends for a Sc
! ries of years until the conditions which
eliminated In the financial panic in
! the fail of 1907 and the suoseau Mt
business depression necessitated their
suspension, reasonable proportion
Of the company's cash resources could
properly be devoted TO the payment
OF dividends. Ii Is the expectation
of the board Of directors that. with a
continuance of favorable conditions,
the rate Of dividend may gradually be
increased until the fun dividend can
again be properly paid.
The surplus as shown by the profit
and loss statement as OF June 80 1910.
was $s.ss5, 1891. while the surplus
as of June 80, 1911. after, as herein
before stated, charging TO the account
of s3.ooo,0a0 for discount on securi-
ties. amounted TO Si144b, 9650s a
gain of s2,T6o.0G5.I1 over the pre-
Nious yeor.
The report gives Very considera BILE
list Of bonds of subsidiary corpora
tons retired during the year and
states that, in order to facilitate the
movement OF trains. II has begun the
+ construction of thirteen lap-sidings in
Georgia. Tennessee and North Caro-
lima.
Prai-s, for Erylman Act.
Inc report praises the Erdmau act
as providing a way for the adjust
ment Of labor trou bles between rail-
way companies and their employees
suggestion is made that the Southern
Railway Company is becoming more
and more factor in the development
OF the South, and that It Is aud win
he the policy of the company TO ex-
ert itself for the upbuilding Of the
territory served by It
The report closes with a tr;huta To
the efficiency and loyalty Of the en-
pioyes OF the company. indicating that
II VIII be 'ts policy to ill by promo
uon all vacancies that occur