The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1862-09-12

From ordinary sources
For Passengers, SlYO,592 IA
g Freights, &c, 292, i45 90
" Mails, 10000 90
Making S503037 SO
From these figures and statements, and
the Tables of your officers, you will see,
among other things, that of the S904,-
G3l 10 Of gross earnings the sum of S40l,-
593 so was received for work done for
the Confederate States, and that the bal
ance, $500, 037 SO, was received from the
ordinary and legitimate workings Of your
road, and that Of the amount received
from Confederate States $399,7lS IA has
been paid on your floating and funded
debt, leaving surplus of $3.50 81 OF
that fund, and that the sum received
from usual sources, S503,0 37 60, with the
surplus above, making S504,9l3 05, has
been expended as follows:
Paid for Hiwassee Bridge, Sl3,S39 20
Z" Two Engines, 2l,3S5 70
" A" Current expenses, 2lO,I 10 Va
Z" - Interest, l30,324 62
Setapart TO pay dividend No. l, l2S,7Oo w
Making $504,9l3 05
THUS you will see, that exclusive of the
receipts for work done for the Conteder-
ate States, your income for the year has
been sufficient to pay all legitimate de-
mands on your company and to distrib-
ute a dividend of Ten. dollars on each
share Of stock, and this has been ac-
comnlished in the face of the loss OF
large amount of travel usually carried to
and from the Virginia Springs, and the
additional loss of the largest portion OF
females and other passengers who are
unwilling to encounter, such crowds oil
soldiers as have been daily occupying your
cars, and an adherence of the annoying
detention to which all are being subject
ed, going East at Bristol and both ways
at Lynchburg, for the want OF proper
connections at those points. But your
heaviest loss during the year was the di-
version of freight and travel from this
line by the burning of Rail Road bridges
in East Tennessee, and the partial de-
struction of the Nashville and Chattanoo-
ga and the Memphis and Charleston Rail
Roads. But for these calamities we do
not doubt your gross receipts would have
reached u million and q quarter OF dol
lars-at least three quarters OF million
of which would have been from private
sources.
Wehave been thus particular in placing
figures and facts before you, that you may
the more fully understand and appreciate
the intrinsic value Of your property, and.
the desirable character of your stock
1t is true, as intimated in the report Of
your Superintendent, that portion OF
the work you have been doing fer moro
than q year, has not been of the most
profitable character-and that your prop
erty has been much injured thereby
yet, it has enabled you, while thus dam
aging your property, to curtail your Ii
abilities some 100000, and thereby less
ep the amount of interest to be paid an
nually at least $3.50 sum equal to
two per cent. on your capital stock-and
which may increase your annual divl
dends that much in the future. Its also
true, as he says, that it will require some
SO to GO per cont. of your gross earnings
for time, to replace your worn out equip
ments, &C.. but, Notwithstanding al
this, it is palpablo. that your stock must
continue to be ten per cent. investment
and should always rank above, instead o.
below par.
BY reference to the Table OF Earnings
and Expenses, submitted in this report
you will find that it has required only
thirty-eight per cent. of the gross earn
ings to pay all current expenses from
tho opening of your road to the present
time. We will assume that your receipts
hereafter will not be less than the amount
received the last year from ordinary
sources--say, $500, 900, or to make the esti
mate more safe, we will put them dowr
at one-half the gross amount received las
year--say, 100000, and we will allow
not thirty eight-nor sixty, but sersnl
per cent. of that sum to be necessary to
pay for new rails, engines, cars, intepost
sinking fund, and all current expenses
and you will still have left, out of the
$3.50, 900, after every possible demand OF
your company has been satisfied. SlS5,
900, sum more than sufficient to pay {
dividend Of ten dollars on each share o
your stock. These are plain, unvarnishec
facts and figures, easily understood, anc
are placed before you With the hope, tha
in the future tho stccl, Of this comran,