Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1912-04-10
ANNUAL MEETING OF
N. & 0. RY., COMPANY J. |
STOCKHOLDERS ELECT DIRECT.
oRs AND DIRECTORS ELECT
OFFICERS.
REPORT OF AUDITOR SEEDS.

"a GOOD showing, But Mt Receipts
Reduced by increasing Demands
For Renewals.
Tuesday evening Of last week the
stockholders Of the Manchester &
Oneida Ry. Co. held their annual
meeting in the council rooms OF TINS
city.
A few minutes before the stock
holders meeting, the Board OF Direc-
tors held. a special meeting to act
upon the resignation of Director r.
r. Robinson, who rendered his reslg-
nation on account OF his having NOV
ed to Florida. Mr.. Robinson's res1g-
nation was accepted by the Board
The stockholders meeting organized
by the election OF E. M. Carr as
chairman and L.. Matthews as secre.
/ tary. A roll call disclosed the fact
that 5,455 shares of the company 8
stock were represented in the meet.
ing and only SIG shares not repre-.
sented.2 s:,52
IA motion prevailed that the chair
appoint committee of four to re
port, for the stockholders considera-
ton, 4 list Of five directors to sue
coed the five whose terms expire
I this year, and one to fill the vacan-
cy caused by Mr.. Robinson's resigna-
ton. Messrs. E. H. Hoyt, Joseph
Hutchinson, M. F. Leroy and G. J..
I Seeds were named by the chair as
such committee, and they reported
in favor OF the election of Chas. }.
Seeds, E. NJ. Carr, e. H. Hoyt, Geo.
4 w. Durham and w. H. Hutchinson
AN directors for the regular terms
and Allen R. Leroy as a director to
I Till the vacancy on the Board caused
by the resignation Of Mr.. Robinson.
"a motion to adopt the report Of the
committee and elect as directors
those recommended received Sass
affirmative votes and there being no
negalNe votes the motion was de-.
clared unanim ously carried.
Auditor Seeds then Submitted the
following report, which was read
. and On motion accepted and placed
on file:
Manchester, Iowa, March 81, 1912.
4 TO the sharehold Of the Manchese
ter & oneia Try. Company II
3 Mr.. C1airma n -
Coveringsthe business for the year
1911, II beg to submit as follows:
Gross receipts from opera s3s
3 ton .tss.. N. 1924 1898
Other Vceipts. 81. $500
Making a total Of. ..s24,4s3.s3
Expenses account OF opera
ton. ST, o57.31
Taxes, 861.36
Interest on bonds. 3,25O.OQ
Making total payments Of. $50, 1857
Total net earnings. -. 81, 315.26
While the net earnings are Every
good, they are not up to those OF
the year previous, nor are they liable
to be as good for the current year.
After some ten years of constant use,
our rails and equipment are showing
In a marked way, that from now on
we shall be called for much more
money to be expended in their re-
newal While we have no heavy
power we are hauling just as large
individual units as any road, with
the resulting demand that we must
keep our rails and road bed in shape
to carry the same. This of itself
means large increase in the way of
additions and betterments", and
that same must be made from bet
4 ter quality than we have been able
to safely use in the past.
During the year ending June !, 3d.
1911, (the regular fiscal year,, we
carried over. $4,000 tons OF freight,
and some 10000 passengers. While
\ this was substantial increase in
I volume of business, it was without
an increase in the net earnings, and
4 is but an illustration of the general
DRIFT Of all business; |. e., that "more
and more" is being exacted and CIV
I en- for q certain sum, rate or charge.
We are but small road, and, I'M
+ der certain conditions are entitled to
a charge a higher rate for some things.
II However, we are practically prohibit
ed from so doing from the fact that
N our rates must all be on the through
4 basis, OF which we get a percentage,
{; for II we do not make and accept
such rates, it would mean that the
4 other roads would get all the bust
ness. Y
5' Our people, as a people, are more
Z Interested in their own individual
4 business than in the progress Of this
or any other road. Nevertheless, the
time is fast coming, when the PEG.
pie and the railroads have got to be
little more fair toward and with
each other, or all WILL suffer thereby
The continued demand for more and
4 better service, coupled nearly always
with a demand for lower rates, will
have to be made in more liberal
way than Is generally done, or the
railroads will have to cease making
many OF the desired improvements
The people want fast and secure ser
vice and they should have It, but
let us all be willing to stand oul
fair share Of the cost thereof.
We are well equipped to handle
more business, and CIR e connection