The herald and news. [volume] (Newberry S.C.) 1903-1937, 1916-10-17
SOUTHERN RAILWAY COMPANY
HEARS REPORT PRES. HARRISON

annual meeting Of the stockholders of
Southern Railway company in this
city today, President Fairfax Harri-
son submitted the twenty-second an
nual report of the company. Referr-
ing to the conditions under which the
railroad was operated during the year.
the report says:
"The industrial characteristics of
the year in the south have been reyiy-
al and expansion. The march OF pro-
gress, which was interrupted at tbs
outbreak Of the European war by the
depression in the price of cotton. the
south's chief staple, has been resum-
cd. This fact is reflected in the rev.
enues Of Southern roadway company.
During the months of July, August
and September, 1915, those revenues
continued to be on the footing Of the
conditions which obtained during the
previous year, but beginning with Oc-
tober they swelled progressively until
they reached a volume greater at any
similar period in the history of the
company. The result was that for the
entire year the revenues amounted to
S69,997 ,675.24, or only slightly less
than in the year ended June 80, 1914,
which still marks the high record on
that side of the annual account. On
the other side of the account this year
there are reflected the lessons or ex-
perience learned during the previous
year of depression. Expenseh were so
controlled that in the aggregate they
were actually less than in the preVl-
Gus year, TO the great advantage OF
the income over all charges, which
grew to s9,245,7O3.5s, or s2,215,73S.S9
more than in 1913, the last previous
record in that respect. IWhile this is
a gratifying achievement it must be
noted also that the net operating in
come (s21,O04, ,Oo5.O9), which is the
basis of the results secured this year,
is the equivalent of return of only
5.31 per cent. on the investment $685.
722,7S5.06) in the railroad and equip
ment which produced it. 1t may per
haps be said that there is no indus
try except railroad in which so large
a capital is risked for such return
in it's most successful year.
The report summarizes the contin-
ued healthy growth of manufacturing
in the south and says:
ga notable feature of Southern man
ufacturing development is the rate at
which the consumption of cotton, one
OF the principal raw materials Of the
south, has in creased in southern
mills. United States census figures
show that in the twelve months end
ed July 81, 1915, the mills of the south
consumed 3,526,7S7 bales, as compar-
ed with 3,026,969 bales last year, an
increase of 499,S1S bales, or 1851 per
cent. The mills Of all other states
consumed 1859, ,1S5 bales in the twelve
months this year, as compared with
2,57O,39S bales last year, an increase
of 2ss,792 bales, or 1852 per cent.
Fully seventy-fve per cent. of the cot
ton spindles of the south are in mills
along the lines of Southern Railway
company and it's associated compan-
ies.'
An outline map printed with the
report shows the distribution OF the
cotton industry along the lines of
Southern Railway company and its as
sociated companies, each ten thousand
spindles being represented by dot,
requiring 900 dots to represent the g.
100000 spindles.
In concluding the review Of the op,
erations and accomplishments of the
year, the report says:
During the year the organization of
the officers and employees was knit
closer than ever before. The conf
dent claim that it is now an efficient
organization, working smoothly ana
heartily together for common pur-
pose, seems to be justified.
Demands made on behalf of a COM
paratively small portion OF the entire
industrial army, in nationwide wage
movement of train service employees,
were apparently supported but half
heartedly, if at all, by our older men.
What they would have done in case OF
strike it is unnecessary now to con-
lecture, but it is apparent that they