Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1870-09-16
The Repsrts er the Onicers.
EIec;ion ETA Beard Of Directors.

Election oC "a Beard Of Directors.
The annual meeting OF the Stock
holders Of the East Tenn, Va. X Ga
Railroad Company took place at the
Office Of the Company, in this city,
yesterday, at hall-past one O'Clock p.
IN.
The meeting was called to order, and
on motion, Rev. Robt. Sneed was call
ed TO the Chair and james G.. Mitchell
requested to act rs Secretary.
The Chairman on taking his seat.
referred TO the decease of the late
President, Col. Thomas II. Galloway.
who, with himself and some Others,
were the original stockholders Of the
East Tennessee & Georgia Railroad
Company.
One ~ one, he said, they had depar-
ted this life, and he was now the only
one remaining. He spoke of the de-
ceased as a man Of extraordinary mind
and ability, which he had always ex-
erted in the interest of the Company,
and which, together with his honesty,
had caused him to he a successful and
influential citizen.
The resolutions in memory of Col
Galloway are published elsewhere
[EDs. NEWS
On motion, the reports of the
Vice President and Superintendent,
were called for and Were read by the
Secretary. They were very lengthy and
gave a complete statement of the bust
ness OF the road for the year ending
June 80, 1870.
The reports showed that the debts
n nj
were still unsettled and remained the
same as at the last annual meeting of
the Company, and the officers were
confident they would be Rmicably ad-
iusted.
The debt due the State of Ten
ncssee, from the T.. I. and Va.
Railroad Company, was.............fe,tOs SO 20
Prom tho Z. 7 and Go. Co............ l,553,sso 10
Total consolidated debt........... 4ll7,76l 10
The earnings Of the road for the year ending
| June 80. 1870, wore as follows.
From passengers. 5os,l0s -
" express reights................. 2e4S4 a
4" Z. mail service .,............. 80. $50 81
Is miscellaneous sourecs.......... li.2s2 AZ.
Total ACKNOWLEDGEMENTS. 1.g7s, SOS 50
The expenses ot The road, Tor the year ending
/ June 81, 1870, were ~ follows:
ordinary expenses ................... SIl6,ls2 Il
Total .................-.,........ SOS o5i q
The expenses Of operating the East
! Tennessee and Virginia Railroad, foy
the year ending June Both. 1863 was
! 81 $40 per cent Of the gross earnings.
| The expense of the East Tennessee and
! Georgia Railroad, for the same time,
was 03 40 per cents of the gross earn
ingS, making aud average expense of
or 62t per cent on the gross earnings.
The expense of operating the con-
| solidated roads for the year ending
Jnne so, 1870, was SO per cent of the
gr0oss earnings, making a difference
of 81 per cent less expense or the gross
earnings Of the road and in favor OF
the consolidation.
The increased earrings of the consol-
| idated roads, for the year ending June
| 3Oth, 1870. were SOD. l3l, 90, more than
for any previous year of the roads
! while separate, which shows the adj
! vantages derived from consolidation
and the management OF one board of
| officers, instead of having each road
| controlled by r separate Board.
The nett profits of the road, for the
year ending June 3Oth, 1870, were
| $3.50. GSl 68.
The State debt Of S4,l17,7Gl 10, has
all been cancelled, as shown by the GER
tificate Of the Comptroller, in the fol-
lowing manner:
BY an act of the Legislature, the
road was allowed to issue first mort
gage bonds to raise money to purchase
State bonds enough to liquidate the
roads Indebtedness. The bonds were
issued and sold for 20 cents, running
for twelve years, with the same lean
on the road rs the State formerly had
With the proceeds of the bonds sold
the entire debt due the State was paid
i'm Tennessee bonds, and coupons
which were purchased at 55 cents. The
transaction showed profit to the road
of Is per cent.
During the past fiscal year, there
has been about twelve miles Of new
track laid, and 1852 new cross ties
put down, besides heavy bridge repairs
and rs the means of the company
would warrant, they have built new
cars, "a they were needed.
1t was urged by the Vice President
in his report, that double daily pas.
senger train, should be run, as the in.
tcrest of the road demanded it
j. r. Anderson, Esq, read late
Act of the Legislature, which gov
1 tINtu tue nUlllNtI Al 4tAANGNbAS Ant
road was entitled TO.
On motion, it was decided TO cleo
fifteen Directors. Their being 10 fur
Their business to transact, the officers
appointed to hold the elections pro
ceeded with their duties, and the FOL
lowing gentlemen were elected rs hi
rectors for the ensuing year:
G.. NJ. BTanner, J. Il. Anderson
II. Dickinson, Jno. White,
:. ID. Reynolds, JOS. ii. Earnest
Robt. Snead, w. Galbraith,
Joseph Galloway, II. T. Wilson,
Thos G.. Barrett, G. NJ. Mctihee,
l.. w. Cole, r.. G. Jackson,
Joseph Jacques.
After which the Convention adjour
cd