Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-12-21
Eleventh Annual Report of
the Officers. Of the Mis-
sIssiprslind Tennessee
- RAILROAD Company.
what the Road has Accom-
pIished during the Year
Ending Sept. 30. 1867.
An Interesting Synopsis of
the Operations of the DIFF.
ferent Departments.

I
been placed in possession Of the annual
report Of the President and Directors Of
the Mississippi; and Tennessee Railroad
for the year ending September 80, 1867.
During the year the sum of $s6,254 &C
was expended for reconstruction Of the
road. The entire amount thus expended
since the summer Of 1865 was $751;
OH SO, of which the sum Of Sl77646 o?
was expended for equipment Of road and
machine shop. The remainder wa, for
roadway aud buildings. In addition to
all this, there has been an expenditure,
charged 10 operative expenses, Of $72,-
600 for cross.ties, trestle'work, etc. The
President compliments the General
Superintendent, road masters, conduc-
tors, etc, by mentioning that although
s6,59S passengers have travelled over the
road, an aggregate distance Of 3,l0l,5OO
miles, not one has been injured by an
accident on the road. The trains have
run with remarkable regularity, and
have, with hardly an exceptional in
stance, been on time. He recommends
the adoption of the Chief Engineers
suggestion to use in future the improved
doubl clipped, wrought iron rolled chair,
twenty-four inches long, in the place of
the small insecure chairs heretofore
used.
The gross receipts of the road for the
year were $5l2,75O go; actual operating
expenses, $3O4,9l3 80; net receipts,
$2Os, S46 SO. The Company now have
twelve locomotives, of which eight are in
good order. Two more locomotives are
under contract. The machine shop is
well supplied with FIRST class machinery,
and able to do all the work the road will
require. Since the last report six box,
six platform, and two new passenger
cars and one baggage car, have been
added to the stock Of cars. The present
stock is; 8 passenger cars, l second
class passenger car, baggage cars, 2
second class baggage cars, 43 platform
cars, SO box cars, 2 caboose cars, 8
bounding cars, Is hand cars, and l6 road
cars. During the year, 1903 lineal feet
of pile treste were built. Permanent
span bridges are needed across Yocona
river, Long creek and Hickahala, the
present structures being liable to wash
away. But these improvements must be
postponed for the present in conse'
quence of the financial condition of the
company.
The President complains OF unsatis-
factory connections with both the Mem
phis and Ohio and Mississippi Central
railroads. With the latter, particularly,
the relations are unsatisfactory, it being
impossible to effect any desired connect
ing arrangements 1t is suggested that
permanent relief can be had only by
opening railroad communication with
Canton or Jackson, by way of the lower
Tallahatchie and Yazoo valleys. 0fthe
financial condition of the road, the Pres
ident says:
At the date of our last annual report,
the floating indebtedness of the Company
Amounted ,5g5 w
1t now amounts t0'...-,''''''''''''''' oSz,zfz oz
Showing decrease of..~..........slSSSS,SSss2 IS
The funded Indebtedness at our last
report was as follows:
State of Tennessee loan, six per cent-S 500 90
First Mortgage Bonds, seven per ct. 6OOe0g w
Income Bonds. ten per cent-......." .g.'5O0 W
sl,O506OO 90
of which Bonds the Company had on
hand as available assets, state o,o "a
of Tennessee B0nds.................. S50U y w
First Mortgage Bonds....."..'...''.o'. $4,000 W
$4,000 90
Leaving real funded debt at that so,o ooo ~
090S,oVO w
The present funded debt is as follows
State of Tenn. loan, 6 per cent?. $9lzs00 90
First mortgage bonds, per cent. 6l0,09O ~
Income bonds 10 per cent............ 64,Q0i 20
Consolidated bonds, per cent-....... oIS,l4l 43
Total .................. $50, cal 43
Ofwhieh there is on hand as available assets |
State of Tennessee bOnds...."........ SlSS,00n
First mortgage bonds~................. 56,00Q w
Consolidated bOnds..................... S0OOU w
TOta...... SZi9VOO w
Total liabilities .....'....a..'...sl,S5 g gdI 4S
Total available assets................. 2I5VoO w
Leaving actual funded debt~-",$l ,5sc91 43
or an increase of $62l, 343 43 since the
date of our last annual report. The
coupons of first mortgage and income
bonds, and the accumulated interest on
same; together with the accumulated
interest on bills payable, which have now
been funded in eight per cent consoli.
dated bonds, and also the accumulated
interest on the State Of Tennessee loan,
which was funded by the State in a
further loan Of State bonds, we're never
shown in any previous statement of our
The item of interest,
which has accumulated during the last
six or seven years, could not be correctly
shown until the same is funded. These
items, added to the bills payable and
ledger balances which have been funded,
make up this increase in the funded in
debtedness, aud show why the funded
debt of the company during the past
corporate year seems to be increased in
such greater proportion than the floating
debt is diminished.
Now the company is secure
from bankruptcy, and is in a condition
10 make certain the payment Of good
interest on their debts The company
does not expect to be able to pay any Of
is old floating debt in cash. The hold