Loudon free press. (Loudon, Tenn.) 1852-1855, 1854-01-17
REPORT OF THE PRESIDENT OF THE
RAILROAD COMPANY.
OFFICE L. T. & G. RAILROAD,

~ Hte OtOCh I1OUeTS cJ Ue East Tennessee
and Georgia Railroad Company.
The President and directors do most respect
! fully report, that the workings of their road
from Dalton to Loudon for the year, has beer
marked by no unusual occurrence-no life has
been lost, no limb broken; nor any accident Of
a serious character transpired, except that Of
the injury sustained by MIR. VIM. Il. Blackwell.
who, 1t gives us pleasure to state, is now conva.
| lescent.
The marked improvement in the agricultu.
raj interests of the country through which the
road passes, is perceptible to the most casual
observer, whilst in the transportation OF its
varied and increased products the Company
! have ample assurance that the time is not dis
tsruJ tIOtI' f,-.----...., ,.~.-.----A:-.s
be forthcoming for their efforts and outlays
in building the road.
With the last of September your former wor-
thy aid efficient President, Thos. Ii. Galloway,
lmpelled by private interest so pressing as to
deny him the pleasure of serving you longer,
rendered his resignaton, which was with much
regret and reluctance excepted-at the same
! time your present executive officer was elected
/ for the unexpired term and entered at once
upon the discharge of the duties of his office
There were pressing on the best interests of
! the Company some highly important matters,
demanding immediate attention. The Difficult.
ties with the contractors for building the Bird ye
at Loudon-an embarrassing and ANNOYING
/ tioahng debt-the necessity ofimmediate pur-
chase OF iron rails for the extension ofthe road
and the hardness Of the grading north of Ten
| neSSee river, growing out of the every slow pay
nents by stockholders in Knox county and
! elSewhere-these necessities and difficulties
combined, were depressing The credit of the
! Company-deterioratin the value of the Stock
embarrassing the officers in prosecuting the
road 10 completion, and very materially
crippling their efforts to successfully and profit
ably work that part of the road already COM
! pleted.
! Settlement has been made with the original
bridge contractors-new ones have been placed
on and are prosecuting the work with vigor-
the iron has been purchased-the debt due the
Company from the State under the law of .52
has been collected--the floating debt has been
paid IN part and the residue is in rapid course
OF hquidaton-the unlet work north of the ri
yer has been put under contract-the working
force largely Increased and we hope the den
quent Stockholders have been, to some extent.
stimulated to a better effort to meet the calls
of the Company.
The President believing the performance of
these duties paramount to all others, and
having diligently devoted himself to their spec
dy accomplishment, trusts the Stockholders will
not hold him responsible for not having more
fully informed himself as to the minutia and
minor affairs of the Company, more especially
when it is remembered that their worthy Secre-
that portion Of the road already completed, With
that industry and sagacity so characteristic of
himself, whilst the efficient Chief Engineer has
heen active and diligent in watching over that
&c
! To the accompanying report of these two
officers you are referred for details and particu-
! lars in their respective departments.
! From that of r. G. Jackson. Esq, your in
defatirable SECRETARY and Treasurer, herewith
submitted, YOU will learn that the gross earnings
| Of the road for the year ending with November
amounts to S93,975 IL, and that the expenses
of working the same and maintanance of way
| is charged at S42,sl6 81, leaving the sum
| of S5l,l5S 22 as profits. You will further
! learn from some report that the cost of
| the SO miles of Road on which this money has
been earned, IN round numbers is 81 SOC, ,000.--
! We have then to the present you with the fact
/ that this road in its unfinished state and'with
| all the other disadvantages under which its Off
GERS have been compelled to work it, has yiel-
ded the handsome income Of 81 per cent on the
cost of construction. No better evidence can
he adduced of the correctness of the position,
that when completed to Knoxville and its Eas-
| tern connection is perfected, 1t must be one OF
the hest paying roads in the Union, and we
confidently predict that its dividends will range
with the highest and its stock will equal in val
ne the most popular. Let no one then feel that
in taking stock in the East Tennessee and Geo
gia Railroad, he has but donatedhis money for
! a laudable purpose. but that in return he holds
/ l. Il i'm,
| more than his outlay, if he sells, and giving
him large interest in annual dividends If he
retains it, The relative cost of transportation
and maintenance of way to the gross earnings
of finished Railroads in the United States, varies
from 40 to GO per cent. On ours the first year
it was 60 per cent, this year it is 45. This does
not happen from any change of policy, but is
! the result of the perfecting of our road, and
with its light grades and easy curvatures, its
current expenses when finished TO Knoxville,
will not exceed 40 per cent. of the gross earnings
Sav. then the gross receipts $3.50, 900, expenses
at 40 per cent. 0,000-baance $l50,00O
nett profits a sum equal to seven per cent on
the entire cost of construction from Dalton to
Knoxville. These fig res are submitted in
good faith and accordance with our best Judge
ment in view of them we respectfully suggest
that II may be proper hereafter to declare semi
annual dividends payable IN stock on all shares
that have been paid mp in full at the time such
divide@ds may be declared.
The report of your vigilant Chief Engineer
NJ. B. Prichard, Esq, herewith handed, is SC
comprehensive that we have but little to ex
plain and less to add touching his department
From his figures it will be seen that the in order
to successfully prosecute the work north of the
Tennessee river TO an early completion, we
have TO realize the sum of one hundrhd and
and thirty five thousand dollars from Stockhol
ders. and provide for dcfct of seventy thou
sand dollars more from etescschere. After the
many dark and stormy days through which you
have so unyieldingly prosecuted this noble
ente rprse, we are sure none will now ialterby
the way side, and that this comparatively small
obstacle will be grappled with and overcome as
becomes those laboring in so good a cause. II
will also he noticed that the estimate now
submitted in his report are SSl 900 more than
heretofore given. The canses of this increase
are satisfactorily stated, and under the existing
circumstances it is a matter of congratuaton
that the excess is not greater and that the dii
Guilty is fairly within the power of the Stockhold
| ers to- obviate.
Mr.. Yonge, the late able superintendent oi
the Weastern and Atlantic Railroad, in his re-
port to the Legislature Of Georgia, very prop
erly refers to the great annoyance to which the
officers OF thSt rcaa sye esp6naally liable and