Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-09-08

ordinary and extraordinary rs Ine9
matured-eontinually adding largely t.
the value Of its property in permanent
works and equipment-paying promptly
I the interest due to the State of Tennesl
see-and also providing for the payment
Of the past due coupons on the first
mortgage bonds, which are now being
paid in New York"
The extraordinary circumstances thai
initiated against the business Of the rosC
are briehyIsummed up as follows: During
the first three months Of the fiscal veal
the prevalence of the cholera in Mem,
phis and Nashville, destroying bushes;
and driving away travel the genera
| failure of the cotton and other crops the
very disastrous hOod in November last
seriously injuring over two miles Of the
track in the neigborhoOd of Corinth, fol
lowed by one of the most fatal collisions
that ever occurred on the road. The ex.
trsOrdinary and unprecedented freshet
in the Tennessee river in March last, by
which the road and bridges west of Ste
,venson were submerged from five tC
eve feet deep for a distance Of nine
miles and the destruction Of bridges or
connecting roads, putting 8 stop to al
through business for forty days. The
impossible condition of the streets o
Memphis, rendering transportation o
freight between the landing and the de
pot almost impraetieable, and compelling
the road to refuse receiving through
freights any longer, thus leaving it en-
tirely dependent on its local business fol
support. In addition to all which, tbs
legislation Of Congress, placing under
military government ten Of the Southern
States, Immediately following these dis
asters, had q tendency to destroy all con
idence, and TO give alarm TO bushes:
men and capitalists to such an extent
that the business of the country had be.
come Frustrated, paralyzed, and re,
duced to the actual wants of life. Thi:
combination of circumstances will salts
fsctorily account for the falling of o.
business for the last quarter.
Notwithstanding the disastrous season
just closed, and the combination of Incl
dents to reduce the aggregate amount OF
business, it should be gratifying to every
Stakeholder to know that the gross re-
ceipts for the year Of 81 ,66I SIP %, are
larger than any annual receipts the
Company eve had previous to the war,
except one-and show most clearly that,
with a fair average crop, and an ordi-
nary business season, also a relief from
such q combination of disasters as &C.
cured last year, and which a rarely
ever occur again in the same space Of
time, the receipts must be largely iu-
creased and scarcely any combination
of circumstances can occur which would
increase the expenses. Hence the Board
confidently look forward to a very salts
factory increase in the net receipts for
the future.
The Indebtedness Of the Company in
funded. debt is 50, 126 $50, and in float
ing debt, 1921 ,937, Of which $780, 7s has
been provided for, and a considerable
amount Of the remainder is to the credit
of dividends and pay rolls, which are the
sccumulations from the beginning Of the
operations of the road, a large pro-
portion Of which will probably va
be called for, leaving a balance
of floating debt actually to be pro-
vided for of s258 ,8s5 90; of this
sum, 500, 900 included in bills payable,
is on a permanent loan, with collaterals
which would more than pay the debt at
any time-the payment of which, how
ever, it is not expected will be reqaired
for several years.
Provision has been made for the pay
ment Of the past due coupons in New
York, to be refunded from sales Of Sec
ond Mortgage Bonds. An agreement
has been made with Government for the
liquidation Of their debt, by the spplics-
ton as credits on same monthly, Of all
services performed by tine Company, and
a cash payment Of $4,000, to be paid
monthly. This will give about twenty
months in which to pay this debt, allow
ing shout one-third Of it to be paid in
transportation.
The report refers to the completion Of
the lines Of road 70 Louisville, aud the
more direct line to Nashville, giving
the Nashville and Chattanooga rail-
road a direct all rail line to the Missis-
sippi, as likely to reduce the business
of the road to Nashville, as well as the
through business to Georgia from st.
Louis. The President says:
at would be folly to try to disguise
these facts, so patent to all who will ex-
them. Is there s practical remedy
for them? Your board think there Is,
and one by which YOU will not only re-
claim all the business you have lost, but
increase It four-fold; and it is one Of the
necessities that will not only force itself
uDon you, but the roads in Georgia and
South Carolina in connection with you
that is, the building of 8 road from some
point on the line Of your road In north
Alabama to Atlanta, Georgia.
"From Decatur, Alabama, to Atlanta,
a practicable line of road can be built
one hundred and fifty miles, st
not above the average cost Of your road.
This would give you practically an air
line road from Memphis to Charleston
and Savannah, on the shortest line that
8 railroad can be built between the city
Of Charleston and the Mississippi river,
not exceeding six hundred and fifty
miles, and TO Savannah not exceeding
hundred and thirty-ive miles. The
Of this link of road would
to you q line which could forever
uceessfullyeompete with all competitors.
built OF TO be built, for the great through
business from New York and ali the
manufacturing districts in New England.
and for all imported or manufactured
goods to be consumed in the Mississippi
at the south Of Memphis, as ID is
the shortest rail with the cheapest water
connection that can ever be made be-
tween the points named.
at would also secure to you almost the
entire trade from st. Louis, the great
granary Of the west, to supply with west
srn produce the whole Of the states of
Georgia and South Carolina. You would !
have the cheapest water transportation
known from st. Louis TO Memphis, time
only two days, and at a cost OF not
over twenty cents for one hundred
The distance from Memphis TO
Atlanta would be only three hundred
and forty miles, or at least one hundred
and twenty miles nearer than any other
all rail route from Atlanta 20 the Missis- 1
slppi river-Atlants being the distrlb-
uting point for Georgia and South
Carolina. These advantages must
secure you this vast trade, al
most without q competitor. BY running
= day and night through freight train
the time from st. Louis % Atlanta would /
be reduced to not over four days, and the
cost OF freight to about one-hslf or two
thirds OF It's present cost. II this road
was finished, 1t would reduce the time on
between New York and Memphis
to from five to five and a-half DAYS
These results, in both time and cost
would certainly secure q very bsevY
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