The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-14

CONTINUED From First Page.)
. TO state this fact is but to repeat
the statement of tho contemporary
plight OF the railroads which has been
SO frequently urged upon the Amerl-
can public in recent years. 1t is men
pllcation to the fortunes of Southern
RAILWAY Company.
TAXES CONTINUE
TO SHOW INCREASE
Referring to the fact that for the
s2,e7s3ss.67.' an Increase of siss.o02..
! 80 over the previous year. or 500 per
cent. as compared with an Increase OF
the report says:
Especial attention would not under
o orr, circumstancea be called to
the question of taxes, but the growth
OF the item is becoming serious. The
nature. and use OF railroad property
r test Of ef its duty we to
the support of the government. 1t is
expected that reasonable increases
crease. but the current practice >of ar
bitrary assessment of nominal value
upon railroad property for the purpose
such assessed values can be Increased
have made such property q main
source OF securing additional govern
WHICH the eWners OF raiwpay prop %p9g
are not consulted. That the taxes OF
this company have been Increased out
OF proportion to the Increase in Its
revenues will be apparent from the
following statement of ten-year
tendency:
Increase in revenue 1914 over 1905,
44.42 per cent.
Increase in expenses 1914 over 1905.
Increase in taxes 1914, over $3.50 per
cent"
FUNDS SECURED FOR
DOUBLE TRACKING
The financial arrangements by which
! the company acquired capital funds for
/ carrying on. despite the business de-
preston. the comprehensive plan OF
betterments and improvements now
! mary account of the improvements
These included double tracking sub
stantial progress in tho construction
OF important and long-needed additional
terminal facilities, the extension of the
automatic electric block signal system.
| and other improvements
II is pointed out that. with steady
confidence that the prevailing business
directors, dealt courageousiy during the
| year with the matter of providing ade-
auate equipment. orders having been
! for additional locomotives and passen-
ger equipment. These orders were
placed at a most fortunate time for the
company, for. because of the lack of
other business the equipment manu-
facturers made unprecedented prices.
| ~ Increased number of items Of equip
ment as compared with any previous
purchase. and to make substantial
! progress in raising the general level OF
Its equipment to modern standnrd,--
o Stati lists ao are presented COMPUTING
maintenance accounts reflect the con-
tinuance OF the policy of keeping the
physical condition of the property up
to constantly increasing standard
The general depression In business
conditions that prevailed throughout
larly, during the last six months of the
South than In other parts OF the coun-
important items of the company's
freight traffic. On Ave items alone
this decrease amounted to 53o,I93 tons.
SALARIES OF ALL
In regard to dividends and salaries.
the report says:
The loss IN revenue since the begin
ning OF the European war and the out
manded strict policy of retrenchmeht,
always disagreeable duty. The con-
segment reduction of service of EN-
pioyes means reduction of the oppor-
tunity OF many men to earn the live
iihood to which they have been accus-
toned. and II has seemed fair to the
sacrifice. SO that as a temporary meas
ure the salaries of all officers earning
In excess Of $4,000 per annum have
been voluntarily and Loyalty reduced
lin fair proportions. Under these cir
cumstances the board has deemed
that, II was fair also for the preferred
stockholders to share the necessities
iof the situation. Accordingly, al
though the full per cent on the pre-
ferred stock was safely earned for the
! year before the current acute condi-
| tons were apparent, the dividends de-
clared for the year were reduced from
I: more, the dividend for the second half
fof the year was declared payable not
{ In cash but In scrip, redeemable in
| five years and meanwhile bearing in
terest ut the rate of per cent per an
num-"