Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-08-27

II M"I1G LILO Il
month, and it is believed, with the pres
ent improved condition of your roadway
and rolling stock, that this low rate OF
expenses per month may be obtained in
future. At least a fair estimate may be
set down at $50, 900 per month, or SI2OiOOO
per snEum. With the present hattering
prospect for q good crop of cotton, as
well as cereals of every kind, 1t is be-
lieved that your roads receipts must
greatly improve during the next year,
and we may hope we have passed
through the fiery ordeal and have seen
the bottom of our troubles, u may
confidently look for better times in fu-
ture. Your receipts in future, it is conf
IDENTIFY believed, will reach q sum suth-
cieRt to pay interest on all your bonds,
and a semi-annual dividend of six per
cent. to your stockholders, which will
require 1916, 007 80, as fellows:
J Two semi annual dividends OF three
per cent. On S5,5l2,75 stoc E.-.-.....- 33iS,565 %
Interest on State of Tennessee debt
at SIX per cent. on 81 ,595,5 S0--.---... 1881 50
seven per per cent, on s., 2gS,6O6~-"-... sO,5lO co
az sever per cent. on 00600''...1 10000 co
Total sum required -.--............. $575,OG7 30
Your floating debt being all paid, or
ample means provided, you will have no
outside interest or other matters to pro-
vide for. With q considerable amount
of bonds Of other roads on hand, and
other assets that may be made available,
it is believed you may expect your re-
receipts in future, with your reduced ex-
penses, to be amply sufficient for the
payments above stated. You will have
no negotiations to make, yOur finances
being easy and your property In good
condition. 1t is only q question of q lit
tie time, to allow the country to reeupe-
rate from the terrible ordeal i5 has passed
through during the past seven years,
most of the time In a civil war,
which has left behind it all the ele-
ments OF destruction to the material in
terests of the country generally, incident
to such conflicts. To sustain these views
aud show that your business has been re-
ducad temporarily, and will surely revive
with the country, it is only necessary to
compare the through with the local re-
ceipts for the years ending June so,
1867 and 1858. You will find that 80 per
cent. Of the entire falling off in freights
and passengers has been from the local
business, and Only IS4 per cent. in
through business. This latter small fall
ing off shows really an increase in pro-
portion TO the amount OF through bust
ness done over the whole country and
with but little Improvement in the gen.
eral business of the country, yea will
soon exceed your original receipts on
through business.
Deficit in total business Of 1868
Deficit IN local siness@~-..-.--..8 per cent.
Deficit in through usiness--.---lsZ per cent.
ROADWAY DEPARTMENT.
Your roadway department has been
under charge of g chief engineer, and to
his report you are referred for its condi-
ton, together with details of his opera.
tons, as well IS the itemized statement
OF the new Improvements made in road
way, buildings, bridges, etc.
The roadway was never in better con
dition, or capable of higher speed, with
greater safety; il has been dOne with a
proper regard to durability, as well as
economy.
A comparison of the road way expenses
proper for theta with the previous year,
shows g decrease of Sl22, SS6 So in that
department, while its condition has been
greatly improved, thereby reducing your
liabilities to accident and rendering your
wear and tear to machinery much less,
and enabling you TO greatly increase your
speed with safety and economy.
FINANCIAL o~oNDrrIoa.
The abstract attached 20 and forming
a part of your Tressurer's report, gives
the receipts and disbursements Of the
road foT the fiscal year in 8 condensed
form, that will snaGle ycl az a glance to
comprehend the operations OF the Treas
ury Department.
Your floating debt has been reduced
during the wear EI4En 8kA 40
AaG g5SF fenSded debt increased $500. $4,000 %
TO-wit: IncfeassG issue Of second
mortgaged bonds, S!83,5tS.
Less first mOrtgsged bonds redeemed
Yo1g entire funded debt il now" $3.50 90
Your floating debt IS nOminally-.-. 3B 52 Y
But S large amount OF this is the ball
ance standing t. tie credit of old divi-
deuds, ~pay-rolIs, unpaid G0lpo2s, amount
to credit of individuals, that sre settled
Snd Cancelled monthly, and will rarely
ever be less than now. Hence you have
only to provide Cor your
Bills payable. gIll. 22s S
And D~roSably one-haIr OF your pay
rolls and unpaid OupODs.---........ y $50 70
~ one-hale Of your unpaid divi-
Se Department r.--l-.....-.' LISP 20
-q.~~-..~-..- slsz,s 90
MAKING IN 6 have cash
o. banF-,..~~--. 10y La
Aud in hands Of Wins -s. 1859 81
nier & Co New York. - H,S5 =
Due from O.. ;. GoverumeH. s,579 A
Due by sg nts.----.-~~--..-- -.
Making a total equivalent TO cash O.. 90.
Most Of your bills payable do u ~ss.
until next fall and winter, COZ
quently your finances are easy. Besides
this, you have S464, 600 90 OF coupon
bonds Of other roads that will finally be
good on most Of them. Your dues from
railroad companies, individuals, bills re-
and other sources not enumera-
ted above, will be simple to meet all la
to individuals, railroads, ETC., not
specifically provided for, and leave q
.arge balance over. These and balances
standing to the credit Of unpaid coupons,
unpaid dividends and pay rolls have been
accumulatipg for owe ten years, and
many of thSn viii never be called for,
the evidence Of liability having been de-
,troyed during the war. They viii
have to be charged OF TO proht
and lOss.
Your road and its rolling stock being
n fine condition and your tnances easy,
fine prospects OF crop and business
this fall, you may reas onabiy nope thSG
our worst troubles are PASSED Q zoos
0 the future with brightaV antielpstlons
han at any time during th g past year.
YOUR CONNECTIONS.
I cannot close this report without al
udiul; to the Importance Of you future
2ailro al connections. The most Gmpor- !
snt o. which Is the one that viii give
Iou q direct connection from some favor
.bla point in North Alabama to Atlantis
md thence to Charleston and Savannah.
have recently had correspondence with
Judge King, Of Georgia, and Mr.. G.. ii.
.szelhurst, both prominent Railroad
men of that State, who say the Railroad
Tres are again beginning to burn in
Georgia, aud they are anxiously looking
20 the building of the Atlanta and De-
Railroad, and AJAX "Can you do
anything for it west of Sand Mountain"
The time is probably near st hand when,
with proper cooperation, this road can
be speedily built. AS to its Importance
rs a connection for your line, las well
IS to republish his views regardidg other
important connections for your road, l
cannot more forcibly impress upon you