The Washington herald., 1914-10-14

BY MEN FROM DIXIE
Annual Meeting at Richmond Elect.
New Directors for En-
suing Year.
REGULAR REPORT SUBMITTED

Richmond. Va, Oct. 13.-Dr. Edwin A.
Alderman, president Of the University
of Virginia: John Kerr Branch, banker
in Richmond; DIR. John c. Kilgo. Of DUR
ham, N c., bishop OF the Methodist
Episcopal Church South; Robert Jaml-
son. Of Birmingham, Ala, and Charles
Steele, of New York, were today elected
directors of the Southern Railway Com
pany, thus making the majority Of the
board Southern men and fulfilling the
hope expressed by President Fairfax Har-
rison in his first address before a South
ern audience when at Chattanooga on
January %. he said:
"I look forward to the time when there
may be more Southern men sitting on our
board Of directors"
Mr.. Steele succeeds himself the four
new directors filing vacancies caused by
the death OF Messrs. W. W. Finley and
H. c. Fahnstock, the resignation Of Mr..
George F. Baker. jr., of New York, and
the declination Of Judge z. n. Gary, Of
New York, to accept reelection. Judge
Gary, who II chairman OF the board OF
the United States Steel Corporation, and
Mr.. Baker, who Is allied with a number
of other corporations, are retiring from
the board OF directors of the Southern
Railway largely in Difference to public
opinion of the present day in regard to
interIocking directorates despite the fact
that both have been active and useful
members of the Southern board.
Today's meeting OF the stockholders of
the Southern Railway was the first at
which they have had the opportunity to
directly take a hand in the management
of its affairs, and the election Of directors,
the voting trust which has been in control
since the organization Of the company
in 1894 now being in process Of dissolu-
ton.
A large number Of the stockholders
attended the meeting in person and over 90
per cent OF the total capitalization was
represented. The meeting was open to
the public, and there was full and frank
discussion OF the report covering the
operations OF the company for the fiscal
year ending June %. and OF the recently
accomplished financing before approval
was voted. A number Of the directors
and principal officers were in attendance.
and answered questions asked by stock
holders touching the management Of the
property, and gave all information re-
quested in regard to the affairs Of the
company and the progress of the terri
tory which II serves
Reviewing the effect of current business
conditions upon the business Of the COM
pany, the annual report says:
The effect upon business in the
United States, OF the European war. COM
ing on top Of a period OF general busi-
ness hesitation, has been apparent in
the revenues Of the company since the
close Of the fiscal year. The South par
tIcularly has been hard hit, for II is
peculiarly dependent upon the stability
of the price and market for its cotton
crop. While the tonnage OF this staple
represents a comparatively small per-
centage Of the total tonnage hauled by
this company, any disturbance which
Affects its sale has far-reachlng infiu-
epce on business generally, as II limits
the purchasing power OF the producer.
while the company may be expected
to suffer alike with other forms of in
dustry in the South, II behooves IT to
set an example Of patience and horti-
tude, which qualities. together with
faith in the future. are most needed in
this period Of distress.
Tn such crisis, when more than ever
1t is apparent that the interests Of the
railway company are identical with
those Of the public II serves and that 1t
can prosper only as the communities
which It serves develop and grow, 1t is
gratifying to be able to state that there
has never been a time within its his
tory when the relations Of Southern
Railway Company were more close and
cordial with the people Of the South
than now. The determination OF the
management at all times to deal frank
ly and fairly with the public has been
instrumental in bringing about this con-
dition. The era OF suspicion and distrust
on the part Of the public seems to be
nearing an end, and the purposes and
ideals of the company are beginning to
be understood and approved. No better
omen for the future OF the company
ca be found than that discernible in the
growing goodwill in the public mind"