American citizen. [volume] (Canton, Miss.) 1864-1890, 1866-04-14
! THE RAILROAD REPORT.

Directors OF the jackson Railroad Com
.pany to the stockholders. at the annual
meeting held in pursuance Of the charter
on Monday last. appears in full in this
mornings paper. VI -e,sr1e re-.
II is in.the main a reproduction Of the
report made to the State Legislature or
the lsth Of December last, which has
been alresdy printed in the Picayune
There are some additions, bringing the
statement Of the operations Of the com.
,pany up TO the close Of the fiscal year
Feb. 28th. ..---...-
No material change, Of course, can be
reported in the amount of debt and LA
blities, which are the burden under
which .he company staggers and the road
is languishing. ..
The road was turned over by the mill.
tary authorities to the stockholders on the
cath Of June last. 1865 The gross re-
ceipts reported by the Treasurer up te
the LIST of March last, seven months, were
$76O.3l9 10. The total expenditures,
S629.7544 3. Nett earnings $is5, 56i
81. Among the expenditures are reck-
oned about $4,000 for material and
stock still available, showing the real net
earnings about $4,000.
The General Superintendent, Gen
Beauregard, makes report of the cons
dition 10 which he found the road, which
was very bad, and the improvements
made since. which. he says, have put it,
with the exception OF a few miles between
Jackson and Canton. in as good repair as
an of the Southern roads. He estimates
that the repairs Of the coming year. in
order 10 put 1t in as good q condition as it
was before The war, will require $464,-
400. or about $3s, 1886 per month.
The gross income Of the current year
be estimates at 81, 10000 The aver
age expenditures for all objects. including
the repair OF the road at $85, 900 month.
or per annum, 81 .02O. 900. which makes
net annual income Of $4,000 per
month. or $439.000 year.
Gen. Beauregard concludes his report
with the expression of his confidence
that, should no untoward circumstances
occur, the condition of the road at the
end Of the present year will be about
equal to what il was before the war;" and
that its rolling stock will be sufficient to
meet all demands.
The estimates Of Gen. Beauregard
leave a margin Of nearly $5cO,0Oo sur
plus for the coming year,. But in esti-
mating uaese. the coalition Of the eom-
pany, as distinguished from the pros
poets of the road. there must be taken
into consideration sundry important items,
namely. the floating debt of the compa-
ny. including the unpaid interest on its
mortgage debt. the interest on the debt
for the current year, and The debts
recognized and sdmitteds and the unad
justed claims. The fixed Of. bonded. debt
is few thousand less than So, 200, 900,
Of which the unpaid interest. including
the January and July dividends. is about
81 zoo. 600. and the floating and over.
due debts were by the January report
about $500 900. We give round figures,
leaving out several items which might 90
to increase this aggregate, The actual
cash liabilities ofthe company, asdeduced
from the report, cannot be less than two
millions Of dollars. and the great problem
is. how this isto be met, aud the road
sa,ed to the present owners, il possible.
from the sale pressed by the creditors.
Our readers are aware that biz for the
OF areceiyer, With view to
foreclose the mortgage. has beea fled by
a number Of 6rst mortgage creditors. in
the Circuit Court of ihe United States for
ibis district. The board has. employed
counsel to defend the. suit. The city and
State viii OF course resist any SEMINARY
process to divest them Of their properly;
J
but the fact still remains; that the debt is
due. cad has to be provided forinasome
way. The effect Of any Successful pro.
seedlings would be 10 work change Of
owners. The psblie need oct aPqrehend
that so valuable piece Of property will
not be worked 10 The interest Of somebody.
The immediate question is. how can these
debts be provided for or secured, and at
he sane ,ime the in,erests Of those who
have given their money to build up a
great public work saved from sacrifice.
There is q great deal Of personal feeling
reused 10 NE matter. but the parties will
We hoEe. be hro1gkt 10 an undertaking
which will preserve the rights ssd prop
cry o. bclh, without further contention in
he eouru.-N. o. Picayune.