The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-21
FORCED SALE BRINGS
IN IMMENSE PROFIT.
Chesapeake and Ohio Clears $1,:OO,-
600 on Its Kanawha and
Michigan Stock.
WAGES STEADILY INCREASED
Extra Charge Since 1910. Equal to
AZ Per Cent on Stock OF Conn
pany, to That Extent of Curtailing
Dividends and Improvements.

The stockholders of the Chesapeake
and Ohio Railway Company, in annual
meeting yesterday at the general offices
OF the company in the First National
Bank Building, re-elected without
It confirmed the recent appointment by
the board of c. e. Graham, of New
york. as member of the board Of d.
resigned.
large majority OF the stock was
The stockholders approved and ratified
the acts of the board since the last
meeting, and received the annual re-
The average mileage operated dur
ing the year ending June 80 1914, by
ing to the Presidents report. was
v,ious year of 2s.s miles. Unexpected
it was pointed out. nowa aggregate
about IL per cent per annum on the
company's stock. and to that extent the
proyements OF tho physical or other
assets OF the company has been di-
KANAWHA AND MICHIGAN SALE
President Stevens reported profit
Oh lQo, goo to the company re-
and Michigan Railway Company S"h hold.
ings which was made necessary under
s court decree entered March IA, 1914
IL
dents report describes the transaction:
In March and April. 1910 your com
pa Pan ~ purchased certain shares of stock
company from the Lake Shore and
Michigan Southern Railway Company
ana ana others hers at cost for the 4o.2s2
S2.901 ,024, upon the par value or which
dividends have been received at the
rate or per cent per annum. with an
;tddltlonai per cent paid during the
fiscal year 1913. Under a decree handed
d inHros M La emit -. 1914; by the circuit
coSr for In th the United strtss
trict Of Ohio. Eastern Division. in the
case of United States of America VS..
Railwo Shore Geu,n and Michigan southern
this stock was ordered.
The Lake Shore and Michigan
Southern Sou Railway. Company owned a
court held that this ownership by the
Two companies of majority OF the
I 500 q, or the kanawha and Michigan
the Federal antitrust law. Accord :
ingly, your company has sold it's hold
, mish,r o, steck k,, Of the kanawha and
Toledo and Ohio Central Railway Com o :
n pa,ny as Of June l. 1917 and is to re-
from June !, 1914. to the date of CON
sumption OF the sale and transfer of
5h nS oS stock, payment to be made So
4 note of the Toledo and Ohio Central al
Hallway Company maturing September
J., i?l5: guaranteed by the Lake Shore
and Michigan Southern Railway Com
Pany, and otherwise fully secured.
This represents a profit to your COM
pany of about s1.100,OO0. Inasmuch as
this stock OF the Kanawha and Michi-
| gan Railway Company has been de-
posted under your company's first lien
and improvement mortgage, the pro
! ceeds of this sale will be deposited
with the trustee under that mortgage
and can bo expended for improvements
and Investments which are permitted
under the terms of that mortgage"
The board of directors as elected
yesterday by the stockholders consists
of Frank Trumbull. New York, chair
man; Decatur AXtell. Richmond: Frank
II: Davis, New York: James II. Dooley,
Richmond: c. Il. Graham, New York
Henry Il. Huntington, New York: Fred
erick Fl. Rawson, Chicago; Theodore
T. Shonts. New York, and George w.
Stevens. Richmond.