The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1855-01-05
ANNUAL REPORT OF THE PRESIDENT
EAST TENN. & GA. II. r. COMPANY.
OFFICE E. T. g. Ga. RAIL ROAD,
Athens. Ian. l. 1855.

Athens, Jan. ], 1855.
To The Stockholders Of The East Tennessee ana
Georgia Rail Road Company
by referring to our last animal report it vii
be seen that the gross earnings for that yea
amounted to S93,935,l3 and that the expen
SEES during the same time were S12,32l g
cents, leaving rs nett profits S5l,6l3 %, o
3 per cent on the cost of that part of the roaC
on which the money wss earned, being the 8:
miles between Dalton in Georgia and Lou
don in Tennessee. The report of the Super
intendaht of Transportation now submitted
exhibits the earnings of same portion of road
for the year ending 30th November last a
Sl25,02S 81 cents, and the expenses for work
| ing the same and maintenance of way n
S45,726,53, leaving as nett profits the sun
OF $79,30l,74, or per cent on the cost Of
construction.
1t will be noticed from the above figures
that while the receipts have been increased
S3l,093,24, the excess of expenses IS only
S3,4O4,72, leaving the increase of nett profits
at 1927 1882, or at the rate of 81 per cent
per annum. while the relative cost of trans.
portation and maintenance of way has been
reduced from 45 to 36t per cent.
| Notwithstanding Tue uUONc Shp"mS 10
certainly an encouraging one, yet 1T comes
far short of our reasonable expectations at
the beginning Of the year. Cholera at Loudon
and Knoxville, Yellow Fever at Charleston,
Augusta and Savannah, extreme and long
continued low water, short crops, scarcity OF
money, the general want of confidence and
consequent stagnation in business throughout
the country, have all had their influence to
cut off travel, lessen the amount of tonnage
and place our income below our wishes and
anticipations.
The aggregate nett earnings OF the road
are to Both Nov 1852 S22,0o4,72
to 30th Nov 1853 5l.6l3,22
to Both Nov 1854 T9,30l,74
making the sum of Sl52,9l9,6S cents. In
July last dividend of three dollars on the
share was declared amounting to S26,535,
payable in stock-a similar one has been or
dered TO day, payable in like manner. This
will leave of the earnings of the road to this
time about 100000 unapproprated, which
we suggest TO the stockholders to set aside
as the nucleus of sinking fund for the pay
ment the State loan and the redemption of
the Company's bonds. 1t is true wisdom in
corporations as well as individuals to be hon
est. We have now given the original stock
holders and those who have paid up in full Il
dividend of six dollars on the share, for the
very good reason that their money Quilt and
sustains the road on which these profits have
been made. The work will very soon be
complete and in rs much as the greater por-
ton of the funded debt has been created in
the construction south of the Tennessee Ri
yer, it is equitable and right that part of
these earnings should be set aside in ad.
vance as sinking fund. A well digcsted plan
for creating growing fund of this Character
should at an carly day be adopted and rigid
ly adhered to. This is the policy of judi
cious individuals in the economy ofprivate
business, and we acknowledge no policy us
judicious which uses one caste of principles
in private affairs and quite another in public
matters.
The number Of Company Bonds sold prior to
Both November, 1853, was two hundred and
sixty three of one thousand dollars each
this year twenty-three have been sold and
eight paid to contractors, making the whole
amount of Company bonds sold 294 Fiji
teen others have been hypothecatcd on which
interest is payable sem-annually
The State loan amounts to $4,000, IN
Guiding $4,000 to be received in II few weeks
on bridge account making the entire amount
of interest to be provided hereafter on State
aud Company bonds $7o,slO per annum, or
S3542O first day Of each July and Janua-
ry.
While on the subject Of the receipts and
disbursements of the Company it may not lie
amss, as an act of Justice to its officers, to
state some things not generally noticed in
reports of this character. The year has been
an unusual one, perhaps no one in the histo-
ry Of the American people tells the same
melancholy tale in respect to sickness NOR
tality, accidents, dcfalcations, bank failures,
short yield in The products of the Alanulac-
turer and Agriculturist and deficiency of
money in proportion to the demand-a year
unparalleled for the destruction of property
and human life and unelualIed in its distress
ing embarrassments in every department and
channel of commerce and public works.
Last year this Company received and dis
burscd the sum of S3OO,S53,l4 CENTS
This year the Treasurer has paid out in cash
the sum Of 1901 ,O5O,6 cents,which has beer
distributed through the year as follows: