Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-05-13

Thus il will be seen, that with increased gross
earnings from al sources of $l,42I449 81, we
have a decreased net profit for tue last year Of
$2I4, 1862 81 This result is net at all surpris-
ing when wa consider tbs low rates At which
Government business has been dane. and it's de-
stIuctive character to rolling stock, aud thai
private rates have only been Increased an aver
age Of about 80 per cant, while every clemens
Of the cost OF working and maintaining the road
aud stock has advanced an average Of 1886 pei
cent, as will appear by 4 comparative ststemsni
OF prices appended to the supsrintendsnts re-
port.
From the ruined condition Of the road and
rolling stock, occAsi0ned by hard usage IN Gov
egnment service, and want of material for re-
pairs, both road aud rolling stock have become
unsafe, and the loss and damage account is very
heavy the truth is, the road is running at a
heavy loss. It has made no real profit iOr the
last two years. and is making nothing aOW
The more business il does the moro money it
loses, and the greatest favor that could be con-
ferTed on tiff public wants psr1ittsd-Would
be the privilege Of quitting business until the
end Of the war
We say uoreal pToft, for il would require
much more than all reported profits, to plsea the
/ road and outfit in the same condition they were
on the first of January, 1861. The books show
q loss, since the hTst Of January last, and it ID
I II any AneIcAo1 VI AatOa osaA 4cADA4tSA
increase the receipts sufficiently 10 meet neces
sary disbursements-EhilS the 6eteIioration oi
| property Is clear loss to the company.
Tho bank has made but little BY Legitimate
banking business, since it loansd its credits and
effects to tue Government in 1861. rs receipts
have .since cons ed mainly ia the interest
received on its Government loans, snd dividends
from stocks held in other roads. The premiums
20 the credit Of profits, have been mainly on the
n n. .r1
| z 80 treasury notes, which have been appre-
ciAted by the compulsory funding in securities
bearing a lower rate of interest. Most OF these
securities the company has sold to meet the
| heavy sAxstion lately imposed upon all asso-
cisted capital, and income from that source,
must hereafter be much reduced. SIhs "di7i-
dsnds on stocka" must also hereafter be much
reduced, from the general dllapidsted condition
of railroads, the increased expense OF manage
nent, and the heavy and unequal taxation i'm
| posed upon that description Of property,
:. The banking charter expires Ia December
next, and the Legislature has TefuFed to renew
il. except upon terms deemed iDadmissible.
Banking charters are noW of no value, and are
in fact q heavy burden upon stockholders.
From very general Misunderstanding OF the
resources Of banks, and the extent Of their
profits. they seem to be considered to Govern
mept both State and Confederate, a never end
ing source Of taxation. II they can so use. their
assets ss to quidAts lhsir Liabilities It Is probs-
BILE that most Of them viii deem it good policy
to surrender thsir charters and wind up their in
stituEons. From past experience, il would
seem the emily mode of securing to the stock
holders fcoiog Of equality with the rest Of
their fellow cilissns. The foregoing we are sp-
pFized presents rather discouraging picture OK
the pTssent condition aud future prospects Of
the company, and Of railroad property gener-
ally; but the truth is duo 20 the stockholders,
and also to the lblie, which seems TO be labor
ing under perfect delusion in relsiiOn TO this
important interest, as important 70 the people,
as Indispensable TO the Government.
Il will be perceived that the usual halfYeAriy
dividend was not declared in April last. The
directors deem it best to reserve any disposAbe
resources they may have to aid the stockholders
in paying the late tax imposed by Congress,
when the amount of thst tax may be settled by
the action of Congress, now in session.
/ is believed that tho last Congress- under
the peculiar circumstances By which it was sur
rounded, did not clearly understand the inc
quality and extent Of the burthsn they i'm
posed by literal Interpretation Of the act,
The directors will here observe that they have
not considered the stock Of the eompGny as q
subject Of taxation to any other, or greater, ez-
tent than that limited by the charter, TO when
shs company owes its existence. But they have
bsen unwilling te claim any exemptions IN the
present condition Of the country, and the press
ing wants of the national treasury. The stock
holders are doubtless willing, without legal obi
CATION. to consribats their full hare to the pub
lie buTEheHs. Il wall scarcely be insisted that
they are under sny moral obligation to do more.
In behalf Of tho directors,
JOHN P KING, President.
The convention then went into an election for
3 board Of directors for the ensuing yesF. The
old board were rs-elected, each receiving 81
100 votes.
BOARD OF DRECTORs-John F. King, pres
ident, John Bones, James Hamilton, Asbury
Hull, George 7. Jackson, RichsEd Peters, Sam.
Barnett, John Cunningham, Nathan L. Hutch
inf, George W. Evans. Wn. D. CoByers, Elijah
E. Jones, Antoine PoullAin, B,nj. H. Warren,
MAssillon p Stovsll, Edward r Ware, James
w. Davis.
There being no further business bsicre The
convention, on motion, the Convention then al.
iouraed sine die.
RashEens fer may-Anserrstang is ear La