Newspapers / The Charlotte Observer (Charlotte, … / Oct. 17, 1908, edition 1 / Page 3
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CnAPtLOTTB DAILY - OBSERVER,-OCTOBER 17, 1503. a. mi k CAROLINA VS. PWID-ON. YVIlnitniloii People to Have Opix.rtun . 11)- lu-Ja)' of lie . IMervu loot. HhII Mruc-'lo I inT.-iijr Taiu Given liig fw-fid-Oif. , Special to The Observer. , . Chapel-!!!!!. Oct. 1. An enthu aiastlc mM meeting was heli last night to nive th-j varsity football team a send-cff for the Davidson game, which will be played In Wilmington to-morrow, Speeches were made by Ir. C. S. .lan15um, lr. Kemp P. Bat ti Dr. Archibald Iinderon, Mr. W, M. Gaddv. Capt. George Thomai and Messrs. Kelly and Ruliln. The speech es were of , a high order and aroused the students to the highest noint of enthusiasm. Dr. Mangum scored the students for a previous liflt lessness of spirit. His words, though hard, went home and the students responded with an outburst of ap plause. ' " , Dr. Battle rpoka next. . Universally ' Invert, he caueht the heart of the audience from the start. He said that the Scotch Presbyterlana of Itavld.jon would fight to the last, and he commended to the team . their ataunch Scotch spirit Dr. Henderson followed - with a speech that stirred the entire body a It has seldom been stirred before. He sounded the clarion call to victory, -which waa Interrupted tlma and again with spontaneous cheers. -.. ; , Captain Thomas expressed the sen timent of the college when he said 'that win or lose Carolina would give jjavldson the fight of her life. -, The, exact line-up Is not known to- ; night. The following men left tnis ar ternoon for Wilmington: Coach Green Manager Gray, Captain Thomas, Wig gins, Garrett,- Rogers, Deans, Howell, Norwood, Manning,. Tlllett Rufnn, - Kelly, williiMns, Belden and Mann, John TiUett will pljjy quarter, rrrabytcrlans Kxpe-tlng Good Time, . : -If no Vk-tory. -Special to The Observer." ' Davidson, Oct. 18. The football team left this afternoon for" Wllming- ion seven leen regular piayers nu substitutes. Manager McKae, Coach : Levine and Prof, J.-L. Douglas, mK ing a total of twenty In the party. The men are hopeful of victory, but real- lie that the issue is not Wholly In their hands. A greet time; however, : Is expected from this visit to the sea . in, the oyster , season and with the promise of some hospitalities that will : sweeten even the bitterness of defeat. ' 'The-personnel Is as follows: Cap ' tain Elliot, Edgerton, Daniel, Whitley, Dunn, Moore, Johnston, Klutti, Wil- klnson, James, Denny, Clark. MffrB, Crosby, Qulgy, Erwln and Booe. ; 11 FCLENWUDEU IS DRAFTED. ', lilt He Rook, of the Southern League, auu ln" Bid lr Chsrloue'a. Crack Twirler. , ; ... , :, . .' -. .- Pitcher Fulen wider,, the star twlrler . of the Charlotte baseball club during the past summer, has been drafted by - the Little Rock club of the Southern League and he will report there at the beginning of next season Infor mation to this effect was received last night from Manager Tommy St ouch, of the Greenville club, who bad lust ... received a letter from Manager Mike Finn, of the .Little Rock association. Manager Finn stated that he had al- , ready placed the coin and made, re quisition for Fulenwlder and the deal to all Intents and purposes la now sealed. i V .The' drafting of players of one club by another involves quite- a lot of red tape. When . the manager of 'a team desire to secure a player in a minor league he fills out the proper blank for that purpose and, with a check for $200,' forwards- it to Secre tary FarrelL of the national asso ciation. ' Secretary Farrell, on receipt of, this blank and 'check, commu- v xticatea with the president of the club to which the player belongs'" and or ders that his (the player's) contract e transmitted to him. Oa receipt . of this contract, the check for f 200 Is sent to the president of the club to which the player formally belonged ' and the contract ia forwarded to the manager of the club doing- the draft ing.. The player la then notified of the transaction and he must report for duty or be .debarred from the. game. ' " 'S;, .? : , Class A clubs do their drafting be tween October isth and November 3 6th; Class B clubs between Novem ber 16th and December JBth; and . Class C club between December 16th and January 16th. Little Rock, of the Southern League, Is a Class A club : This means that Fulenwlder will not wear a Charlotte uniform- next season. Of the many popular mem bers of last summer's team, there was none better liked than Fulenwlder, Who was always affable, even tem- . pered and alert He has hundreds of friends in. the city who win regret exceedingly to learn of his promotion, , If such a term can be used in this connection, which is deserved bat - none. the less regretted. CADETS PLAY SALE TO-DAY. Wet Point In a llultt-r of Kxcltement Over- Uie Annual l-'ootball (.nine. West Point, NV T., Oct 16. West Point Is a flutter with excitement over tha an nual gtune of the cadets with Yale here to-morrow. Extra stands have been rut Ul5 and special trains will bring enthuai&s tists from New Tork City and surround ing towns. ' - .';.. '. The cadets expect to Improve upon lat years' tie to the extent of at leart one field goal or touchdown. , Coach Tipton has developed a new forward pass while Dean has shown steady. Improvement in both drop and place kicking. Following Is the probable West Point line-up: Underwood, left end; Byrne, left tackle; Wler, .left guard; Philon, centre; lloss. r'gfrt Guard; Bfwn, right tackle; Car terrY, right end: Wood, quarter back: Greble, rig! t halt b-k; Dean, left hali tack; Chamberlain, full back. - New i'aven. Conn., Qct IS. Tha .Tale fontl'sll team 1 .-ft to-niel.t for New Tork and wi'l r-niain (hern over night, going- In t in riiirsr to AN'pt Point. During th r nst c ; lit y.i.rs Wnt .'oint has beat ner In l.W't by 6 score of, 11 t , ani tTfl times t!,e sore has been A'A; in I 1 it vas i lo i; in li ( to i arid in 1 - 7 t!,f re si a no-srnro game. Captalri Turch will be unable to take gaxt lr, I "-marrow's tjne, ow ing to in juries wuich ha suftcred yesterday to y-actice. Tale ,'.t pi.l.a.: 1 ne p as follows: Kllpa'ruk. h :: erui; I.U-har.lson, left tackle: !' or Ar.'rua. left guard; T ! '"t. f...,,',l ,11 e,,:,r' l.i',- "' ' " " ' I lr. r! t t t.io 'enii. r!:''t ep-1;' J! :rr' v. n irn-r k; pi .' 'n, 1- ft a'k; i -. r 1. f I , '.; C ;-. f .': : t k. ' I "U-.f . t ) 1 - - V I ! I : - t f - VW H r P.' on the .each tuac::. RcsulU at Bcunlng. ! , Washington, Oct. 16. Jockey ' Earl llayne. ridinp, Bmui'l Kuss' filly. Lady liabel, lurnlshed tU l-aiure al the horse show at BtnniPK tk'-Uay. when, in the thlril race,. on the Rat, he brought his mount at tUe judges' s'iind a m-lnner by a, head after Laving lllen behind more than twenty :e;!gUiJ at the start. Sum mari;.?: . . . . v First race, fLir!on(r: Mlnot,' 8 to 4, Won; Giles, S to 6, place, second; Baby Willi, out, show, third. Time,'l;l f-i. Second race, 7 furlongs: Glaucua. 4 to S, won; Laughing Eyes, 4 to S. place, sec ond;' adalusia, 2 to 1, show, third.. Time, 1:2S. . r ' - Third race, ene and one-sixteenth miles: Lady Isabel, T to 10. won; Lally, f to , plaee, second; Campaigner, out.,'' show, third. Time, JM 4-5. -i ; ! Fourth race. furlongs: Bobbie kvcan. 7 ta 10. won: Sun Fire, 7 to . place, sec' end: Bob Calls han. Jr.,. even, to show. third. Time. 1:15 4-6. . . . t The winner of to-day'S events In the how rlns- were:- k. . Kinrle harness horses t - Byers Broa' Ring King first; Garter and Gerber-s Chetitnut Gelding second; W. V. Hale and Sons' Lively third. " '-'i.-' - ' Thoroughbred .hunters: ': Westchester Farm's Initial first: Westchester Farm's Georgs B Cain second; Wlluam JHUraer, Jr.'s I Hamm third - Combination horsesf W, F. Halo and Sons' Magnet first; J. W. Carter's Robin Adair second; Mrs, Allen PotUr" Moon stone third. ; i ' v ' f'-"Z.'":' Horses to runabout: . WlillL- Way's Sport lirtrt; A. J. Btablefe Roan Princess seconds G. B. Holllngswortlf Zepa third. ' Hmvvweicht hunters: Mrs. Allen Potts' Willow Kln first; Westchester Farm's Jack Frost second; Westchester Farm't Taconlte third. -y -f ;' 1 '' Single harness horse driven by a lady: Byers Brothers' Ring King first Garber and GarberV Chestnut Gelding second; Will H. Way'a Sport third. w Saddle horses over 15- handsr W, F. Hale and Sons' Magnet Brit; Mrs. Allen potta Moonstone second;- Herring , nd Metse's Noble Xerxes third. , - ' Class i, lor horse and runabout: W. F. Hale and Sons' Lively first; Will H. Ways Bport aecond and W. F. Hale and Sons' Qulckiey third., .-.. V-Vj; 'i i-'1. ; Lexington, . Ky Oct W.-Bnth Dllloa took the Brst race, a 8:16 trot'to-day. The 1 paoe went three heals. Tax Title. Reel Foot and Will C eacjj taking; a heat. The race will be unuwiea lu-murrw... . J l trot, purse 81.000: Ruth Dillon won', Red.Cros second; Lady Jones third; Best time. 2:vHvr ' . , 07 trot purse tl.akK Locust Jack won. u-iii, vt.urt second: Lillian R third. 11 LOO: AileenfWlUon won; Rproahles seconds Hedgewood Boy, Hilrd. . B time i.vu. , Roiiiftl to The Obssrver. ' nn.horo. Oct. 16,-The nrsi raos n the Central: Carolina Fair te-d lir won by Possum, the time being WA In the three heats. Sir Thomas upira w" " second race In ts. w ,. . OS TRIAL IX JACRSOX COOOT. Sorond Trial of Theo. Davie for Mnif. xder of W. W. Carter a Vaynes , vlll A'ow Xraring Close at eo ster. " . , , '::; , h". Special to Tbe'Observer. . ; ? v Ashevllle, Oct. 18.-It 1 learned here to-day that the trial of Theo, Davis, charged with the killinr of W. W. Carter at, Wtynesviiie a year or more ago, ia fast drawing- to a elose at Webster; Jackson n county. Tha case, which ' waa removed from Haywood to Jackson county arcer in first trial of the accused resulting In a mistrial, waa - called before Judge Peebles at Webster thla week. The trial attracted considerable attention, every session of the court being well attended. The. prosecution la not asking for a verdict of murder at, this trial. It la said that since the last trial two of the State's most impor tant witnesses have died, one of these being Mr. 'Abel, of Waynesvilte, -who was killed by Representative Boyd, of Haywood county, some time age.' The defense Is putting up a stiff fight for acquittal and according to an. Ashe vllle gentleman returning from Web ster last night-the chances in favor of young Davis coming clear are fav orable, s -The acc used ia pleading self defense,' three witnesses. It Is said. testifying at the trial this week that at the tlm Davis- fired the fatal shot Carter was advancing on him with a weapon. . - The killing of Carter by Davis oc curred at the skating rink at Waynes ville a year or-more ago and created considerable talk, and - excitement. Both young' men were well and fav orably known and had many friends In Waynesville and elsewhere. It Is probable that the trial will rd this evening or to-morrow.' - . Argument Begins in Virginia Rata tan. ' '; Washington. Oct l.- The Virginia two-cent passenger rate cases reached the argument stage in the Supreme Court of the United States to-day. At torney - General Anderson, Senator Daniel and Attorney A. C. Braxton ap peared for the Mate, and Alfred . P. Thorn, gi-neral solicitor for the South ern Kail way, and Joseph Doran. who holds a like position wlM the Norfolk & Western, for the r broads. yThe rullroHfig challenge the, order of the Mate Corporation CommlsHion fixing the rat ana attack the law author izes it to do ?o as an unconstitutional rtriofHtion of. power by the Virginia Ij gibiature. .Scflrt-liins lor Child in Ashevllle. fpc ial to The Observer. ' - A5hovi;;. Oct. 1. As a result of the k;2nsr.irc In Chicago this week of the ! : .Margaret Frances Mitch ell, mcnt...n cf which was made thrnus'i the viated Press, It Is alUoi t it i!!.(i'vM employed by Mr. M !. t-, rs father, have been -her- sm r h , n k for tha child. Mrs. M,-h-;i ar. 1 her dausrhter spent much of u-. -r h.r Mrs. M.tr !,-: visitor to A A year sen time here wi a cotta?- in of the citv. 1 . "n a'frpquent r ieral years, t conij'-rablo srirl. taking i'jr.ui io section rresident ft Vi'i-- I r. , Fr.ecial to T;h r.r, .( ji.::, h. f"i:n." ' "'. Goes to 'r. D. B. -'.J) Col- i C' r-n 1 r. f. t 1 1 - r a: si i lEErORT OF TIIE SOUTHERN AI IWIRS OF THE ROAD 1107 President W. -W. Klnky. by Order of Hoard of Directors, SiibnUm Report on HusineM of the System for 1 ear ; fouling' June, soth, 190H-Kftet t of . tlie panic on the Road Conserva tive! Eoonomle Made- Mr. Hnley FeeU That Rates Should Be) High. rr Than They Are. " The following report "of President W. W, Finley, of the Southern Rail way, for the year ending June ?th last, wiU be of great Interest to tha people of this State: " - - v.- Kew Tork." October IX 1908 To the Stockholder jof the Southern Railway Company; .. The board of directors "submit the following report of the affairs of the company for the year ended June 0th, 1808: Iff.'' 7.4.ll Miles of road operated, average Gross operating revenues ...... 8S:.M1 -71 51 Total operating expenses $,Si4.7iil3, Kt operating revenue Taxes ...,.,. ' 1 ':, i...',.HS,,M.W ...... i 2.037.1WJS . . ," ...... in.tai.ffi.T.oa Operating Income Outside operations, joint fucill- . ' tiee, hire of ntquipment, etc,. 5J,04!.7 Income from operation 10,40,S4.CT nun WUiWW .... 2,44U&1.71. ' Total Income' ......... 81iS4S.375.M Interest and rentals V..... .....,IH,8,0S.0 Other deductions tront Income.. tW.49M Total deductions .. ,..:....,.8I2,44,62.05 Balance over Bxed charges...' 8401,849.93 Dividends on preferred stock: ',- No. 19, two and one-half per cent paid In April. 1907...... . Balance X .. Additions and betterments..... Balance carried to credit of pro ft t and loas ............... 401.849.93 827,14Ir A statement of the financial opera tions of the company during tha year, in the usual detail, -will be found In tlie report ot the .comptroller hereto' annexed. .'; .; v ., .v. t .. Tha accounts of the company-have been examined, as usual, py certified public accountants, Messrs., Patterson, Teele & Dennis, and their certificate Is made a part of thla report 'T: BUSINESS COOTtTION8 VIUBIXO '. Itttiv w t ' v -, i The problem pon ' which ; atress was laid In the last annual report of providing facilities for handling eco- iwmically and promptly an increasing business the volume of which had al ready overtaxed, and nearly over whelmed, the operations of the com pany continued ta be the apparent and palpable problem of management for only a month after the date of the last annual report The financial panic October, 1807 had , Its effect tn an Immediate business depression -which waa startling In its sudden contrast to the conditions -which .had crowded upon all American industry for several years. This waa felt aa keenly In the Industrial south as In any part of the United State The ' operating reve nues of this company had steadily In creased for ten year, until they had their culmination In earning of $5 147,202.85 for the month of October 107, which waa the largest month .of gross revenue in tha history of the company. But witu November the recession fcegan. Tha ; average dally earnings for the - fourth week, of October had been $18.893, while, for the four weeks In November they -were 4184.622. I17(,28, $172.74 and $ HI. 140, respectively. ' A similar steady decrease i continued.' during . De cember and into January until the first low level of what may be considered the panic condition was reached, with dally average earnings ot $181,487 for the second week in January. 188. After that there was some alight flue- tuatlng improvement, followed y still lower stage of businesa at me a.4 faw There -was thug reatea , f new . problem of management, oner of . re trenchment of expences of operation in greater proportion than the decllna of revenues. It waa realised that, saying In expenses merely equivalent to the loss of gross .would not auffica because of the constant factor of fixed charges. The fact that tha facilities and capacity of tha company hd been built up during recent years through additions to its funded debt now In tensified 'the problem of maintaining the level of net earnings necessary to meet the fixed charge so assumed. The measure adopted were prompt and proved effective In meeting the emergency.- - '. ' ' i They were directed primarily to the obvious economies to cutting out train service which had been operated to meet tha demand of commerce at high tide, and wuhlch. after et was demonstrated to be no longer neces sary: to reduction of forces in shops, at agencies and in yards, where the amount of labor employed is regulat ed by tha amount of traffic handled. and to consolidation, of operating di visions which had been subdivided in the past as the. volume of 'trafllo handled had Increased. ;. It was soon found that for a time at least traffic might be expected about on the level of 104-1905, and, with that index, what may -be called the fixed expenses of operation were limit ed to the basis which had obtained In those years.- ;V":" -. The next step In the campaign of re trenchment was more dltficult - it was less obvious, namely, the reduc tion of expenses by tho enhancement of efficiency. In .transportation a campaign was begun upon the ele ment of train haul, car cistrioution. coal consumption, maintenance of schedules, handling package freight increased tonnage of package cars and uniform practice. The beneficial effect of these ' educational measure could not be expected at once,- and they scarcely became apparent until the results of operation for March, 190. when, in tho face of a decrease of 892.015 in gross earning, as com pared w ith March. 190 ., there was shown a decrease in operating ex penses and taxes of 8929. 353. result ing in an increase of $237,340 In not earning. But, meanwuiie, me great and sudden reduction in 'cross told Us ( story of unrreparednea In December, January and reoruary, vnen.tne op erating ratios were 81.75. 89.14 snj 16.64. reaper tlveTy. In March this ratio was reduced to 7S.70. an! was there substantially held dunns lh re mainder Of the flcal yenr. That .these economies have ben so largviy acccmpi hed In transportation , cr pen's la most crei!:.'ab:-. Of th total decrease of 1 3.2 1 3,S:3.1 in crxrafinr Mp-r.wi for t:,e yftr, $1. 8S0.7t5.68. or 8.8 S per c-t t. -rvja i i transportation etpen-".'. nn-l to t!:at evtent ' 1 - d " .'.: .f , r .'i-ncy. l. .;t t! at ! - t cf t;-,: wj i.-ror p:i,bei in t.-ie lj--t f" rn'mtli f j f ,v.al year: tt is t s y. fi. r t , tre-'c'.jre of ri'f 'y - f-. e.rn'-n cf a !iit n h" C 1' pf. rt at f j (in i ! t I A n i ' X r f 1 : ' X- I r- X t fiscal year gross earnings increased 1.15 per cent - and operating expenses Increased. 8.8 " per cent, ,of which ' T Increase In expenses 27.4) per cent was in trans portation expenses, or a total increase In transportation expense of 4.82 per cent, as compared with the same period of the previous year. During the last six months of, the rural year gross earnings decreased 18.78 per cent, and operating expenses decreased 21.48 per cent., of which decrease In expenses' 48.22 per cent, was In transportation expenses, or a total' decrease in transportation 'ex penses of 18.20 per cent, as com pared with the same period of 'the previous year, ..-vs:,. SUBSTANTIAL,' i BUT , - CONSEHVA TIVE ECONOMIES. ' There have also beett- substantial rconomie. in maintenance charges, but none. It U believed, at the expense of conservative upkeep Of thspropr- v - Increase ' " Per' ' or Decrease. - Cent. Dee. - 67.78 , 7 1507. ' 7.M6.S8 X5s.6Ti7.994.2S r 43,0bS,647. 813,5S,447.10 1,630.734.93 8U,S58,712.17 -': 14S.U8.53 8U.n.B92.4 ,1.7SS.0e2.7 Dec. 8J.71S,77.M Dec. ,:it.ll6.1 . Dec, 8"tfS.4SJ.72 . Inc. ' aU7.X32.42 'Oe. , 8399.M6.14 , Dec. 8L402.tW.g7 v inc. : , &,m.n -1. "s.Tt 24.W U.S9J,6Si.4J Dec 8748409.48 ' (.61 811,0s0,S5.M z.m.oo : Ino, 7.4M.70 Inc. ' 870,S1. , Ino. 81, 139,151. . .'Dea8U8M7U4' " 94 ; 13.43 . .. gi45 v 811,807,364.8 ; 82,90,82L07 , t 81.5O0,O0O,O Dec ttJMt.tMM ; 1790,821.07 636,334.3 Dec;, 8388.47L14 r.'. 4fJ ' Dee. V 413.628JJ v 77.12 - ; ; t53,8.78 Ino. $28,155.78 .,' i;';t 3.90. ty. Not only has the roadbed been kept up In-alt respect necessary for the safe and -prompt movement' of trains, , -but It bag . indeed , been ma terially strengthened during the year. The depreeslon'Ot business of course, left much equipment Idle, and as to some of this idle equipment repairs were deferred until there appeared to be a reasonable expectation of the ap proaching need of the surplus 'equip tnent in service. - ' But as Indicating that - even- under- such ' conditions, there have 'been no undue economies In maintenance expenditures as com pared with -previous years. It. may be pointed out that for the ten years 188-1907 the ' average charges for maintenance of way per mile 'main tained were $80.08 while ' for the year ended June 30th; 1308. the charge was $1,015.2 per mile maintained, or an Increase of 14,07 -per cent over the ten-year average:, The cost of main taining engine per mile run in 1908 was 8.08 cents, as compared with 1.64 cent for' the ten-year anerage. The average annual cost of maintenance per . freight car for the last six years waa $71.7, ta compared with $77.03 charged 4.;. against - maintenance:" of freight car equipment per car In 1808. The cosf? of freight car maintenance per system freight car mile shows 2.11 cent in 108 as against 12 3 cents for the ten-year average. V ,' ' i ,v ' In thi connection. It will W of In terest to note that oy reason of the conservative method ' y which this company haa replaced obsolete equip ment In tha past, the book value of all equipment on June 30th, 1903. waa $1,628, 794. S3 above It capital value, after $10,013,620.72 bad been written off for depreciation.- - It Is believed further that y reason of the most satisfactory Increase of efficiency xf Individual labor since the curtailment or forces was made, last winter, a comparison of coat of main tenance is not necessarily a compari son of the amount of maintenance ao compllshed, as there is no doubt but that more work and better work is " V ,, i : . " it m uviws iwiiiy miou lit' mt penpu oi pressure ot neavy Duainess and competitive demand for labor ' Thla successful' practice of economy, accompanied by evidence of Increased efficiency, haa been most gratifying to tho management, and the officers and men, who, by their faithful and unre mitting labor have brought it about, deserve the approval of the security holders, snot only because of the, im mediate results attained, butibecause the discipline and stimulus of the edu cation of thia -year 'upon; th rank: and file of the service, officers and em ploye alike, cannot fail to be of last ing benefit to the property, : ,. . RATES SHOULD BE" ADVANCED. But this has not as yet solved the problem which face tha -company. There , haa been no reduction during the year In the rate of wages paid to railroad employes, -which, It will be recalled, had been advanced from time to time -with . Increasing ' business In previous years, nor- has there been any substantial abatement In the unit cost of the things which a railroad has to buy In order to operatd. , On the other hand there has not been any compensating Increase In the price at which the railroad can sell the' com modity which It produces transporta tion. The result of advancing opera ting costs without any compensating Increase in railroad charges ha been to bring about an uneconomic rela tion between revenues and operating costs. iTha problem of so ..changing this relation, as to establish a proper margin between gross .earnings and operating costs can only be solved by a reasonable- advance In railroad charges or such a reduction la operat ing costs as . could only be brought about, by a general lowering of.the wages of railroad employe, or ISotli. One result of the, lowering, of wages would be to -reduce, the purchasing power of railroad employes, and the maintenance of thia purchasing power is an important factor in the general prosperity of the country, - On the other hand, a moderate Increase In railroad charge -would weigh heavily on no individual. It would seem fair, therefore, that the average level of rates now In effect should be reason ah'.)' advanced, and it . is' hoped that. when general buelneM has somewhat r,vive )t m, generally recognlzej that eiftig conditions are unfair. and that a railroad is entitled to tne raine consideration of equal Justice at the hands of the business publiotwhich the business public ha so clamorous ly clpmande from the railroads. . Attention ia Invited .to the report, hereto erpended, of the vice president an i pcm-ral manager giving the cus-t.-i;;ry detail showing results of o; -rai:-n, and to the charts also ap j en )" l hereto . which . Illustrate e'up -ncally the fluctuations in earn I sn.I expenses which have created l.i- con-.atlons filsctwsed herein. . .. . NEW CAPITAL. . . - St -nas neesary to deal further, f.-.i '.-!.? the year, w ith the obllgatlona t::-n capital account which were as- - 1 at or about the time the d Vf ;.-,-nt mid g'-nrral mortgage wan rr Tiiexe cons Med. .i has been ; 'i1 l in previous riTts. r,f cn ' ' c construction. f,,r the i -,v-' 'fa f.rt-on ff t -i 1 -ferr J ln- WlIXLUX FIRTII, PRES. ; AfiEPJCAN M0B1BW . - 79 Milk Street, Boston, Ilaaj. - - ; ' J. S. COTHRAir.' 8o,,lnw lUpretctathra, 40 Tnu Bldg, CHARLOTTE. It tt properties, notably "the stock of the v lrginia Southewestern Railway Com puny - It was also neceasary to provide for the maturity In June. 1908 of $3,000,000 of eterllnr noles -which were placed In London in 10 and to reimburse the treasury for tha drafts which had been made upon current cash for capital account Tha plan of tha development and general mortgage contemplated tha funding or all these obligations through the cale of bonds Issued tinder that indenture, but It w not found practicable to ecll de velopment -: and general - mortgage Donas during the year on terma which would be fair to the company,-. Resort waa accordingly had again, aa In 107, to tha Issue .of short term notes, na a measure of temporary finance, pend ing tne contemplated sale of develop ment and general mortrare bonds. In May, 10$ tha boara or director authorised the creation and issue of Southern Railway Company three year .per cent, convertible notea la the aggregate sum of - $11,000.00. and these note were aold on fair terra for delivery in Installment during the calendar year 108. Aa security for these convATtlble notes there - were pledged under an Indenture dated May 1st 1908, $20,000,000 of the de velopment and ' a-eneral mdrtrare bonds which were available under tha normal and contemplated operation of that mortgage, and also certain other hond' which . - were i'-1 treasury assets, -..v:' tha detail of - which, ao far - aa . tha . transaction a had gone at the and of the fiscal year, ara set forth in table No. attached to this report. Tha proviaion for conversion of these new notes are as follows: , Tha holders ot notes have tha rlaht at their option at any time, upon flv days' previous notice, to convert their notea at par into the pledged Southern Railway : development and . general , mortgage 4 per ent. bonds, serlea A, at tne lonowing rate; : until and In cluding May let 190. at 30 percent; tnereaiier until and including May 2d. 1(10, at $2 1-8 per cent: and there after until and Including May 1st 111, at 83 per cent, interest In each case, and upon both note and honda' being allowed and adjusted. Subject to tna prior exercise of the forerolna option, a stated In tho trust Indenture, ' the railway company haa the right at any time to withdraw any or all of said bilateral by payment theraror In cash at the following price: Southern i Railway development - and . general mortgage per cent, bonds, aeries A, at the same prices and for . the aams ! pertoda as provided i above for con version ot tha notes; Tennessee Can tral prior lien mortgage' 4 per cent! bonaa at not less than 85 oer cent Vlrgliria at Southwestern first consoli dated mortgage 8 per cent -bond at ' not lea than 0 percent, with accru ed Interest in each case. Such cash I to be applied by the trustee to tha purchase or redemption of the notes a provided; In tha truat Indenture." : . Of the $20,000,000 of development and general mortgaga bonds Dledred for the convertible notes. $12,341,000 ware taken Into- the treaaury during ine nscai year under the operation of tha provisions of that mortgage, and i this, with the convertable note them selves, and tha operation of -the re funding features of thes first consoli dated mortgage with respect to certain maturing underlying securities, , re suited in a net increase of the funded debt of $2,J51,S00, but by reason of tha fact that the development bonda remained as pledged treasury assets, the net Increase of fixed charges on funded - debt' leasehold, equipment trust and miscellaneous obligations was $768,498.70. The detail of these transactions will be found stated In the-not appended to table t and In table S hereto' annexed. ,. v'r " . CONSTRUCTION, ; ;. Much of the construction decr,lbed in the .last annual report, which It was contemplated would, be -completed during tha year, waa suspended when the unsettled .condition of 'general business were apparent.. The double track between High Point and Spen cer, N. C a distance ot 32.1 miles, and the hitherto uncompleted portion of the double-track between . Knoxvllle and Morristown. Tenn.,- namely.- tha Una tetween Mascot and Jefferson City, a,, distance of 14.3 miles, have been," however, computed-and jut In operation, thus , affording tha full benefit of what were perhaps tha must needed facilities. " The : financial de tails of the construction work accom plished are set forth in connection with table No. I hereto annexed. VIRGINIA. -V SOUTHWESTERN r . ' . IIAILWAY- .s. At the closa of the fiscal year tha final payment upon the tairchuse price of the capital stock of the Virginia & touthwetitern Railway : was made , Thl$ important tramc-developlng Una will continue to be operated under the! d frectlon ' of Its ' own ottlcers, but in clostr " harmony with - the Southern Hallway system than heretofore. Its lines penetrate the rich' coal-bearing region of Wise county in southwest Virginia, where Important -coking plants are In operation, and whence a high, quality of coal is shipped to Southern market., . A foothold In thla territory -will. It. Is believed, greatly strengthen the Southern Railway sys tem in a particular. Jn which It was hitherto incomplete..,, : .. . . .:'' TENNESSEE CENTRAt. RAILROAD. With the close of the fiscal year Oils company ceased to operate: the eastern . division; of the Tennessee Central Railroad, which It' had held under option for the past three years. It was found by experience, after the mo.st earnest efTort at development of. traffic,-that the earnings reason ably to be expected from this property would not. for a long time to come, support the additional interest charge which would have been involved in the exercise of the option, and the subsequent expenditures npon the line necessary to put it into condition for economical operation. While the coot- pany regretted to .w ithdraw- . from direct service Inthe Important City of Nashville, it was deemed that the man agement shcruld concentrate Its ener gies In upbuilding the linea which ar already a permanent part of the sys tem. , '. . " v The acknowledgment of tha board and of the stockholders ere due to nil ur.K-ers and employes for the faithful discharge of their duties during -the year. ! Respectfully submitted, by order of W. W, FTNT.ET. ''--.' .President. MnUri JlitUcw Pslo LI'MJil. ' The C!1t F'unrtard GROVF.r TA ? T KT.F. -' $ --C : I !L TONIC drives i t t- . r 4 s 1 t : ' . . i; p the s -i ' i'3n !-; and i!. .- THE C2ek '.Fliri&ioC'G Oc . ; j;;-V- Hie Best For Leaky Roofs. , ; ; t:J For sale only by GMARLOTTllGUPPl - , ' (We carTy everything' AMCBEMENT8 .. "HUMAN HEARTS."'..? "Human Hearts'' the ldyr of tha Arkansas hills, will b produced at tha Academy of Music this afternoon and to-night Like "Shor Acrea" and the "Old Homestead." time oniy in creases its hold upon tha hearts of the ikd1s. ' The prattle at an innocent child, tha teara of an old buna motner, the. strong love of a simple country slrL the truth of a half-wit tha love of an old-time negro, the passion of an adventuress and tha tender mem ory ot a dead mother of tha past of tha Governor af Arkansas, are au clev erly Intermingled by tha deft hand ot tha author of thla absorbing tale of the Arkansas hills Each succeeding season of thla thrilling play'a annually increasing business, has Induced the management to engage for thia sea son's production one of the strongest eempaniea aver organized In one cast To tha lovers of a good play, not one on tha list thla season will appeal mora atrongly than "Human Hearts." OLOA VON HARTZFELDT. Counteas Olga von' Hartsfeldt will be seen la John Saunders and N. Har ris Ware's musical eomedy creation, A Daughter : ot America." at the Academy of Muale Tuesday night with her comnany of fifty artists. - "A Daughter of America" was especially written for Miss voa uartsreiot in taJ title role of which her full rich memo soprano voice- meets every require ment of Ita melodic investiture, white her dainty personality and quaint, .de mure style of ' portrayal enhances a hundred fold tha cleverly composed and Ingeniously contrived story. "A Daughter of America"' is a mosu am bitious production 'and has thla far fulfilled in every particular all that It purporta to be, vocally, dramatically and aclentlflcally. , Seats will go on sals this -riornlng at Hawley's. .... . , .---V ADELAIDE THURSTON. : ; The "stage direction : of tha com. pany, the personal overseeing of all details and , the portraying of the leading malar role Is quite a position for one man ta havef snd to hold suc cessfully. However, Frederick Paul ding manages to do tha above to th satisfaction of all concerned. Mr, Paulding, being, tha author of Miss Thurston's new play, "The Woman's Hour, can -readily see with whst pride this splendid sctor-author looks after the offspring of hlg own brain. Mr; Paulding , is most enthusiastic over the success scored by Mlas Thurs ton. -This first dramatio treat of the season, from all Indications, will be greeted by a, splendid and represent ative audience on Its preaentatlon at tha Academy of Music next Wednes day, Thursday and Friday nights. C::fey? VICTOR'S BAND. 4 --Vlotor'a Band la - tha attraction at the Auditorium next Tuesday night The Nashville Tennessean In a recent Issue had tha following about , thla well-known musical aggregation: -.;.. Victor , and his Royal - Venetian Band were given an enthusiastic re ception at the By man Auditorium last night. The house was literally pack ed, mora' than" $.000 'people being present Of the admirable - pro. gramme of classical and popular music which -waa presented, notable were the vocal solos by Mme. Grace Key-MUlcr. Tha demonstrations which her effort evoked were tremendous, y . "Victor is less than ostentatious, "but a man of decidedly mora pleasing per onallty than Creafore, who. rwlth hi -band, has appeared at tha auditorium mora than once during tha past year, Victor works11 earnestly, but does not indulge In a large number of super fluous glrsUons; nor Is bis counten. a nc-a distorted .with grimaces. . His hand, however. Is admirably trained, and responds o hla direction ' with sympathy and Intelligence. - "Oenerally trading . without refer ence to the-printed score, Victor In terpreted the numbers which compris ed the programme with warmth and Imagination, and rach of the i lee- tion was rendered with perfect tech- nlque. .'The concert was quite free from any suggestion of mechanical Imitation, every selection being play ed, with feeling, . Knc-orea ' were sup plied very,librrally, the encores, la deed being more aumeroua than tha et number. . - ' ' ' , :. Trh opening number af the pro gramma .-was a march.- "Southern Beauties," by Victor himself.-. Io this . .. Why Cohls Are Dangerous. Because you have contracted ordinary colds and recovered from them without treatment at any kind, da not for a mo ment imagine that eolds are net danger ous. Everyone knows that pneumonia and ehronle catarrh have' (heir origin -In a common cold. Consumption is not caused by a cold but the eold prepares the sys tem lor the reception and development of the germs that would sot otherwise have found lodgment It Is the same with all infectious diseases. Diphtheria, scar let (ever, measles snd whooping cough are much mors likely to be contracted when the child has a cold. Ten wiu see from this thst more real dancer lurks In a eold than in any other of the com mon, ailments. The easiest and quickest way to cure a eold la to take Chamber, latn'e Cough KemedT. The many remark- ,7 'riZJTSl larg part of the world. For by W. L. Hand s Cv - 6& 7. J .- "At Vulllc Auction. 25 hr::.l Horses TO-DAY, nt 11 o'cl C -1 . ... i . l.-v ,,io I . - . . . v CK.i?I!V mS M it M lb in Mill Furnishings . composition tha conductor baa demon strated considerable ability as a com poser. - Among the most elaborate features of the programme were a grand selection from "Cimin" with incidental . aolos by Slgnor Tontreili. D'ltalla and .perillo; tha famom minuet Paderewekl, with ' clarlnr-t eadeasas by Signor Cianl. and the t tette from Lucia da Lammermoor an t aoloa by. Pontrolll, Curgurle, D'ltalla. Puerlllo, Dlpalma and Laulle." . Beau may, be reserved at Jordan this morning at t o'clock. , All t h first floor and the first three rows of tha balcony will ba reserved. ,: Good Road In Buncombe. Special to The Observer. ! i Black Mountain, Oct 1. The good roads movement for Black Mount :n township is progressing rapidly. Un der the efficient, management of Dr. C. E. Cotton. Mr! W. C. Hall and Mi. W. H. Burnette, the official com m it tea which has charge Of the work, averythlng aeema to be fast gettin? ready for the actual' commerrcemenc of this . long-needed improvement. Bids will be opened the 1st of No vember. - These bids were to have been opened earlier but were deter red On account of the request madi to tho county for the use of the con victs for grading the roadbeds. Th',4 request haa now been granted, so ail things ar in working order.. FOOD F0H A YE"Ll Mesh)...;........,...... 300&. ' Milk ...... t. ...... ...... 240 qtw Butter...;.......;....... loom. Eggs.,........;..,. 27 d.. Vcgctablca ' 5t)0 D. ThU rcpriscnts a fair nllon f.r a man for one year. Dut some people eat and eat ar ! yet grow thinner. This rr.e.--; a defective digestion and unst: ' ' food. A one-dollar bcltU c f Scoll's Emulolzn cqudi- In nourishing prcrerl'c -, ten pounds of meat. Your physician can , tell . you how u 'doesit.''-'- ;.. 5 Scad this advertisement together Kh name cf . saver la which It appsais. your Uias ami fcmr ernts te orMT pestsse, aad we will scad you "Complete tfcndyAUttol the WorU" B s SCOTT 4 IH. iVNR 409 Pearl Strut. New Vk EXtClTOIfH NOTICE IX . , , CIU:DU"OKS. Harlnr Qualified . as tcntor e' 11 I.sst Will snd Testament of U. CI -, deceased. I. hereby notify all persons ho; t- Ing claims against said dm-edent I - snt Hie same, duly verified, to the t - derslgned executor for payment on or fore the lath day of October, l'. er tn notice will be pleaded In bar of their re covery. All persons' Indebted to v t estate will plus make immsdlste p.- Uient to the nnuersignea. , This the lh day of October, ir. GKO. W. BRYAN. Executor of the last will and ttm iiiivi I ef H. C Eccles. aeceasej. a. i;ev, "r ' t it... Every voter la Mecklenburg coin, must register for the Kovember ei-c- tlun. Do sot put off until to-morrow. Register to-day. " Tha boundaries t your precinct and tha names of jo,,r registrar have been duly advertised i tha nrwspapera and at tha court hou. dor.' Tha registrars will be at th. !r respective polling places on ai -? 8a turd ay, - and their places of bu-i-neaa on other, days, until Saturdj. , October 34th. trom a. m. to sun down. If dnable to read and wi:'.-. do not fall to regtstrr under th "grandfather clause." The last im portunity to register under'this cl.i'. . IF YOU CO 1;ot RICI3T: . - r-you a;:;QT vote. JAMES A, BELI. Chairman County" Democratic Ex , -u-tlve1 Committee. 1 1 Ksti:r,tsT ttAlIn,. si, I XI?, f CH Ar.I.OTTr S FAVORITE SIIO e " e e is m i TttO Id)l ef tha Arkansas liill. - rHrong Cast of Pleven Beautiful ProliK-tloa Seats oa sal at iiawley"a. ruici s: Mofmee Adulit 50; ChtMren r Mch.....i 2'., SO, 7S, fl' .. . Goc.l J 1
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 17, 1908, edition 1
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