The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1851-06-06


operation two or three years, the dividends
TO be declared will unquesionably reach
10 per cent with handsome surplus 10
reserve The gross earnings of the Geor-
gia Railroad during the year just expired
amounted in the aggregate 10 $72S.923 -
Expense, Al per cent, 302,437 10
Leaving net profits, S426.4S6 05
AS our Road is something over one third
the length of the Georgia Road suppose
we set down the gross earnings Of ours at
one third $242,974 SO
Expenses, So per cent s4,O4O 90
Nett profits 1898 4S
Subtract interest on above $4,000 90
To be divided and reserved 1922, o33 4S
which is 10 per cent. upon The stock and
Si2933 as to he reserved
Blu, am asked, after all this showing Of
profit. what is the danger of issuing pre-,
lerred stock, for it cannot interfere with
the original stock which will be entitled
and will receive its ten per cent. equally
with the preferred? This is begging the
question. | have exhibited the tables 10
show that there will be no necessity for the
issue of such stock when the proper time
shall arrive to extend the road to Knoxville,
but that il is better that 1t should be- done
upon the bonds Of the Company at par, or
that stock in the ordinary wav will be
readily taken, should that be the policy
hereafter to he adopted. Let bonds be isl
sued and fund set apart and invested for
their ultimate redemption; or, which is bet
tel. let them be liz Undated from time 10
time, MS the means Of the Company will
warrant, by purchase or otherwise, and
very soon, compn ralively, the capital stock,
say one million of dollars, will be all npcn
which dividends are to be declared. Upon
that small sum, there will then be one
hundred and ten miles of successful Rail-
road, link through very fertile country,
connecting the long line of roads. the main
horoughare from New York to New Or.
leans. Nett profits of only 5000 900 will
then divide amongst the stockholders TWEEN.
" per cent upon their investment. This
can alone be earned BY passengers and the
mail. leaving an immense amount from
irelshts to pay expenses and to be reserved
tor other purposes. But on the other hand
preferred stock will increase the capital to
fifteen or sixteen hundred thousand dollars,
operating as perpetual debt upon the
Company, secured IN its interest in all
time 10 come against every imaginable
contingency. 1t will forever be an incubus
upon the original stock, which in the mar
ket will be secondary object omongst
capitalists, and will always 90 at a price
under the preferred. The first inquiry
would be, "What is the class of the stock
you offer? If not preferred am willing TO
] BUY II at par, or at premium-but il II is
! will give you ten per cent. more Tor it,o
How keenly would the original subscriber
then leel The injustice of the scheme.
In every view of the case, the Injustice
to the old stockholders Is apparent. Twelve
years have they already suffered for the
want OF return upon their money, and
ust at time when some slight return may
De seen through the future. when their
stock is beginning to be an object TO them.
selves and to the market, a proposition IS
made TO hold them still further in gbeyance,
to wait still longer upon more fortunate
men, before any advantage can be realized.
IL would be acting much more justly in my
opinion, 10 make the oriaina stock pre-
ferred. A STOCKHOLDER.
New YoRK ELEcr,oN.--Tbe Tribune
OF Wednesday thus announces the triumph
achieved by the friends of The canal bill:
Our returns show that we have carried
ut least three out of the twelve Senators.
and probably there are more of The same
sort lett. This is enough TO insure the
passage OF the canal bill. The revulsion
against the disorsanisers has been tremen.
dous.
n woman, in Cincinnati, was sent TO
Jail recently, for twenty days, upon bread
and water, who. twenty years ago, was
the leader OF the ton. She fell from vi,,ue.
and is now the "lowest of the low" Alas.
for poor human nature!
CHOLERA IN SPRING FIELD, ILL.-The
ST. Louis Organ and Reveille of the 9Th
inst, has the following despatch from
Springfield, ILL.,:
The cholera has made its appearance
amongst US very suddenly. -Four deaths
during the last thirty six hours, and several
new cases this afternoon. 1t is on the
increase.
JUDGE TURLEY.-The Memphis Appeal
says oil the manner OF this distinguished
genlleman's death, that on Friday morning,
stepping from the door of The hotel a,
Raleigh, he fell, and his cane, being broken
pierced his left side near the region of the
heart, inflicting terrible wound, Of which
he died on Tuesday night
BAhrIMoRE. May %.
The special Senatorial election in the
State of New York had resulted in the
choice Of three Wings, which secures the
passage of the Canal Bill. The Coneres.
slonal election in Massachusetts had re.
suited in the choice of Thompson and
Goodrich Wings, and Ran:oul the coalition
candidate.