The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-10-09
SOUTHERN MAKES
GRANT DIRECTOR
Atlanta Man Succeeds Samuel
M. Insnan, Who Declines
Reelection.
STOCKHOLDERS MEET HERR
President Finley's Annual Report
& Shows Great Activity and
Profitable Year.

-
At the annual meeting Of the stock
holders OF the Southern Railway Com
pany. held at the home ofsces of the
company in Richmond yesterday. the
annual report for the fiscal year end.
ing June 80 was approved. Three
members OF the board Of directors.
Alexander B. Andrews. Robert NJ. Gal
laway and Fairfax Harrison. whose
terms OF once expire this year. were
unanimously Reelected for a further
term OF three years. Samuel NJ In
man. whose term OF Office as direc-
tor also expires this year, declined
reelection. asking that he be relieved
from further active duty. His valua-
BILE services a. q director OF the COM
pany began soon after its organization
in 1894 John W. Grant. of Atlanta.
was elected a director for the ensuing
three years TO I'LL the vacancy caused
by the resignation OF Mr.. Inman. Col
onel A. B. Andrews. first vice-presi-
dent Of the company. presided over the
meeting OF the stockholders.
EigAteenth Anasal Report.
The eighteenth annual report OF the
company showed that the road was
now operating 7.0sS.03 miles Of track.
Gross operating revenues for the year
were $s3.59o.328. the net operating
revenue Of the year being $iS.S94.0S..
an increase of S475,s1s. Taxes amount
ed to $2,45:,32S.2s. The balance Of In
! come over all fixed charges was So
763.ll7, the total dividends amounting
to 32,7Oo,OOO, leaving a balance carried
to the credit Of profit and loss OF $f.-
0ls,l27.Sl, q decrease from the net pro-
fft Of last year of $l.ss5.s30.lA. A divi-
dend of 2 per cent on the preferred
stock was paid April 20. and provision
has been made for the payment on
October 2S Of . dividend Of "a per
cent. declared out Of the income earned
during the last fiscal year.
The investment IN physical property.
exclusive Of depreciation. has increased
s5.sss.ssl. OF which $2.7o2sss was IN
roadway and structures and $2.6eS.7Ss
In equipment
Deuble Traek wssk.
Double track construction north OF
Atlanta, between Crosskeys ano Gaines
willie, has progressed during the year.
A substantial part was placed IN ser
vice on June so. 1t 10 expected that
this work will be completed on January
J., 1870 at WHICH tiuIS SAS SSAoteAS
will have in operation on Its main line
betw cen Washington and Atlanta 2SS.3S
miles OF double track. or approx
mately ~ per cent Of the total mile
age between terminals. Construction
OF double track and revision OF grades
and alignments on the main line south
Of Franklin Junction. Va. was COM
pleted and placed In operation durinS
the year. A number Of long lap-std-
ings have been completed and placed
in operation. the aggregate length OF
these being approximately 1914 feet
During the year the company ac-
auired or contracted for forty-fve To-
comotives, thirty-seven passenger cars
and 1880 freight cars
Prsxress OF the South.
In the report President Finley dis
cusses at some length the relations OF
the company to the progress OF the
South. In agriculture 1t Is stated great
progress has been made In increasing
the average yield Per acre OF all staple
crops The latest reports Of the United
States Census Bureau on manufactures
In the United States are quoted to
show the total value of the products
Of the States traversed by the South
ern Railway in 1903 to have been ST.
ass, 81. 900, an increase over 1888 OF
107.SS per cent. as compared with an
increase Of 5s.4s per cent for all other
States
The reports show AS new industrial
plants completed during the fiscal year
at points on the company's lines. with
seventy-three plants under construc-
ton at the close Of the year. Tho
year IL reported as having been one OF
reviving activity in the cotton textile
Industry Of the Southeastern States
The consumption Of cotton in the mills
Of the cotton-growiNS States was in
excess Of any previous year. amounting
to e..I,S:c bales During the year the
cotton growing States consumed $3.50
more bales than the mills Of all the
other States combined. It Is reported
that . substantial number of settlers
have purchased land and located along
the company's lines during the year.
Reo6 IDVrOve0est.
The company 10 continuing its policy
OF active participation in road improve
ments, its good roads train carrying
to all sections models OF modern road
construction During the calendar year
1911. $cl,ss&4f3 was appropriated by
legislative enactments. local and coun-
" bond issues for road Improvement
in the southern States traverscd by the
company's lines
President Finley expresses the belief
that no part Of the United states should
benefit more from Che approaching
completiou Of the Panama Canal than
the territory srave'scd by the southern.
the conditions being favorable for the
production in this section OF many Of
e. -..vf-~$ur~A nrOducsx which arc
.u demspd in the markets OF Central
ana south AmerScs. Asia ana tho raci-
; sfc 1s,sndx. TO which the canal will open
q more direct route
Tho directors place On record their
appreciation Of the loyal and chcicnt
service rendered ~ the osssccrs and
employees In all departments