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


Secretary.
Col. E. ". Mansford moved that J. 7.
Potter, Esq, be requested to act as As
sistant Secretary. Carried.
Col. Tate offered q resolution that all
proxies not regularly stamped with the
seal of the company should be so stamped
by the Secretary Of the company. Car
ried.
Ga motion Of Col. Tate, the Chair was
empowered to appoint g committee of
three on credentials. The Chair So
pointed Messrs. F. w. Sykes, E. w.
Msnsford and William Simpson, who
Immediately retired to examine all
| proxies and credentials.
7 This duty occupied about an hour, at
the close Of which the chairman OF the
committee announced that they were
ready to report, and wished to know
whether the report should be in detail or
in an aggregate.
Col. Bradley offered q resolution that
their report be given In detail. Lost.
The report was then msds in the sg-
gregste, and showed that there were
then represented by proxies, Is, 27s shares,
and in person, 81 ga shares, making 8
( total Of so. 1913 shares, whose par vslua-
ton is 81 ,5O4, ISIS.
Moved and seconded by Col. Aber-
nsthy that the report be received. Car
ried.
The chair then announced the next
business in order, the reading Of the re-
port of the President of the road.
President Wieks then came forward
and read his report, which is substan-
tally rs follows:
PRESIDENTS REPORT.
In obedience to the charter and by
laws Of your company, the President and
Directors submit this, their fourteenth
annual report to ths Stockholders, en-
brsci1g the operations Of your company,
for the fiscal year ending 90 J une, 1868
To the General Superintendent's report
you are referred for the details of the
transportation department. It embraces
RlI the Information necessary to 3 salts
factory understanding Of the 8me
From this report, you vii End the re-
ceipts and expenses hav been - follows +:
| Rscefpts. .-.... ....-..Si, I74.g,4 Is
Leaving net esraingz ss44, sos Il
The general prostratiOS CT the business
Of the country, from various causee, has
| materially reducsd the receipts Of your
~sad, and affected isjuriously every
/ Nee Of industry To sn extent hitherto
bra n II this country.
unkno - receipts, as compared with
Inc grs. year are as follows:
.sLe6 6i2 43
For the year ISL - I,I7i.si4 I3
For the year IS5S.-.... -
has beer IS
The reduction Of expene
follows ,u.ss. o.
Total for 1887 ....-..-.-- %&7 81
Total for S65.---.-..---..-... .......-... So.
Reduction . s2s4,8l7
Reduction in Net Earnings-.~---- 2O2, 81 IS
While it was obvious throughout the
year that your receipts were falling off
very rapidly, it vas not thought good
policy to reduce the expenses any lower
than they have bsen, as 1t would not only
affected the real value Of your
property, but the character and reputa-
ton Of your road. No effort has been
spared to keep your roadway and ma
in good condition, while
additions have been made
to permanently improve your road
bed, bridges, buildings and rolling stock,
as well as to provide pavements between
your depot st Memphis and the river, to
guard against the disasters of the winters
OF 1855 and 1867, against which you are
secure, having 3 fine Nicholson
pavement on two sides Of your entire de-
pot grounds, and three streets paved in
same manner to the river, and psnetrat-
every part Of the business portion of
the city, rendering your depot accessible
st al seasons Of the year. TIE General
Superintendent's report gives 8 full state
ment Of all the facts connected with his
department. You will find, on an ex-
animation Of it, knd q careful c9mpaTi-
son OF bis expenditures with the preYi-
ous year., shows a propOrtionate reduc-
ton ia expenses fully equal to tue re-
ductiOn in receipts, when the fact is con-
sidered that, for a large part Of the year,
from your peculiar position you were
compelled to run 8 double daily ,
passenger train to Chattanooga, /
hundred and ten miles, I
but "A connection beyond there
either of your main lines. You could
not connect with Virginia and Washing
ton, and with Georgia and South Caro-
Ina, without running two trains daily,
rs the roads beyond you only run one,
and those st different hours. With your
JIM Ad OgDA DCNlLEll NOu EOU4U ]
not afford TO lose either connection. This
ass added greatly to your expenses Of
running trains. Your receipts per mile
have been smaller thar usual, on account
)f the brOken-dOwn condition of the
country, but there is 8 point below which
your expenses cannot come without Sc
detrimenting your property, and
you must look to increasing your receipts,
rather than q further reduction in ex-
as the true source Of your pros
An examination Of the General
5uperintendents report will show that
his expenses per mile Of road operated,
with the NUMBER OF trains run as well as
ais expenses per mile, will bsar q favora-
bic comparison with the best operated
roads In the country. The regularity with
the trains have been run, and their
entire exemption from accident,
great credit upon nina as well as
his subordinate officers, and / cannot
too much in cOmmendRtion of him
them for their zeal and fidelity to your
interest. There are several points 10 re-
alton to the business and expenses of the
operations Of your road for the past year,
which your attention IL especially
During the first four months Of
your fiscal year July, August, Septem-
Der and OctOber), which are ordinarily
sfSEaSC mUuSA5 VI buC year Wv l1b w ZIG
Of the cholera and yellow fever
,pidemics at Memoirs, business was
lriveD from your line, and it became al
most impossible to get men to brave its
10 operate your road at any
price; so that the four months, or one
bird OF the year, your
Entire rsceipis were .564 81
your expenses ran up to-. 33 +48 il
Leaving a net profit for one-third
OF the year, Only. ...-.-.-sl4,ll lis 30
So that, from extraordinary causes,
you have been deprived OF ope-third of
The prohts of your road for the year.
The remaining wo-tbirds Of the year
3 net profit of $685. S7 81,
But for these extraordinary casualties.
road would probably have yielded It's
average profit for these four months. Z
which should have been SI65. $40 al q
nearly as much net as the pre. 8
viOus year, say-S506, OBJ 50.
IT VIII be observed that the expenssa
Tor the last eight months Of the vesr
only S456,66 rs, or S57,O s " per