Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-08-11
Election of Directors.
Full Proceedings of the Meeting.

The annual meeting of the stockholders
of the Nashville and Chattanooga Railroad
for the election of directors and for other
purposes was held yesterday. A large
number of the stockholders met at the
rooms of the company in the depot build
ing at 10 A. M. Col. Hayden March, of
Franklin county, was appointed Chair
man, and Col. George W. Rice, of Jack
son county, Alabama, chosen Secretary.
President E. w. Cole read the follow
ing report, which was received:
To the Stockholders Of the Nashville and Chatta-
noOga Railroad Company:
OFFICE NASHVILLE AND CHATTANOOGA
r. K. Co., NASHVILLE, Aug. 10, 1870
Your Directors respectfully submit the
following report on the condition of the
cOmpany's affairs during the year ending
Both June last:
The gross earnings of the company for
the fiscal year amount to 81, 37S, sos. 80,
derived at follows:
Freight ............................S $40, 173 GO
Passage ........................... 408, 039 90
Mail $1,000 90
Minor sources. 6,292 fl
Total .........................S1,3 1913, sos 80
The gross earnings for the previous
year were 5 ,0S5, 59452, showing an in
crease for 1869-TO of 1922, go. so, or
about 81 per cent The gross earnings of
company for the fiscal year ending Both
June, 1868 (the period from which the
present Board dates its management,
were only $3.50, 479,73, showing an in
rease for the year just closed of $41S,-
005.59, or about A per cent, nearly nine
tenths of which were secured from the
freight department, notwithstanding the
strong competition with which we had to
contend. It is believed that these results
will be highly satisfactory to the stock
holders.
In our last annual report, we did not
encourage the expectation of doing more
than to maintain the gross earnings
reached at that time; but, by industrious
and well-directed efforts, we have sue
ceeded in making the handsome increase
mentioned above.
For the details concerning the differ
ent departments, the Board would refer
to the intelligent report of the General
Superintendent.
From the reports of the Superintend
ent and Treasurer, it will be observed
that the whole of the net earnings, after
paying the operating expenses, interest on
State bonds loaned to the Company, and
Company's bonds endorsed by the State,
have been expended in the restoration of
your property the road and rolling
stOCk-and in making additions to the
latter, both in locomotives and cars. The
extraordinary expenditures thus incurred
during the past fiscal year seem large, as
indeed they are, and some explanation
may not be out of place.
At the time of making our last report,
the amount necessary to be expended up
on extraordinary work was put down at
1920, 600, instead of which, 5000, 362. 70 !
were spent. The estimate was made by
the Superintendent and based upon the
opinion, as expressed in his report, that |
ten miles of new iron would be required |
during the year, but the quantity had to !
be increased to thirty -twO miles.
As referred to in our last report, on
taking control of your property, two
years ago, we found the road and rolling
stock in very bad order. Much was done |
to improve the condition of both during |
the years 1869, but at the commence |
ment of the last fiscal year 1t was discov |
cred that the light and very inferior rail !
laid down by the government officers, in |
place of the rail taken up by them and |
sold, had worn so rapidly that the road
was no longer safe without heavy out
lay for new iron rails, and it was deemed
best to commence at Nashville and renew
the whole track continuously, and as
rapidly as possible, which was at once
commenced, and you now have first
class road for fOrty-twO miles, between
Nashville and Christiana-new rails, new
ties, well ballasted and ditched. The
work OF renewing the track will be push
ed forward as rapidly as possible, having
proper regard for the financial condition
of the Company, until the entire road is
relaid with new rails, either iron or steel.
The railroad mind of the country seems
now to be directed TO the use of steel rails,
and many of the principal companies in
the North and East are using them to the
exclusion of iron rails. Many tests and
estimates have been made to ascertain
how long they will wear, and yet be safe.
These have been varied, as the tonnage
passing over the roads was more or less,
or as they may have been influenced by
grades or curves, or by both. Some of
these estimates of the length of time they
will wear and be safe are almost incredi-
bic.
We had an opportunity some time since
of examining, in person, a section of rail
which had been in use for twelve months
on the Erie railway, in the State of New
York, which was laid on an eighty-ive
foot grade, and over which three millions
of tons had passed, and which showed
even wear of only about one thirty second
part of an inch. The difference in cost
of steel over iron rails, is something more
than one-third. If our company was in