Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-07

Is properly chufgeaDie 10 cOs0 u INC
road.
The traffic Of the road having grown
to an extent not contemplated by its
original projectors, made these large ex-
penditures absolutely necessary. The
Board has, by resolution, reOpened the
construction account, and debited the
cost Of the road with these various
amounts.
The cost of the road per table No. 3:
rbe last report was.-..- sls,9si,35S D
Improvement account Of 1890. 33,lG 90
improvement account Of leN-l-- 51l,t5l g
Charged 70 construction lh4l-i&..--- oil,.o5 II
/ Memphis, GAINESVILLE and Louis-
Vile Railroad --------------- lso5a,sti ~
Showing the total OF the road to
( Add 10 this the cost OF the Mem
phis and Ohio Railroad per
statement No. l-----.-..---...-.-. 3,l62,661 50
other resources, after deducttng
liabilities mentioned IN table
No ~------ ~---- 2,5752ss %
showing the tota cost Of the
properly of the , y----.--. E2,s9o,l5 a
The actual value Of the Memphis and
Ohio and Memphis, GAINESVILLE and
! Louisville railroads may fairly be esti-
mated as worth two million dollars
more than they cost this company,
making the total value of the eompany's
property twenty-five million dollars,
while the liabilities in stocks and bonds
(the only liabilities), a shown by table
No. 8, are only tweBty-one million two
hundred and twenty-four thousand
/ seven hundred and two dollars and
sixty-six cents.
The Memphis. GAINESVILLE and Louis
vile railroad has been purchased from
the State OF Tennessee and operated as
a branch Of this company since October
first, 1871.
EARNINGS AND EXPENSES.
The Memphis and Ohio Railroad is
being run under the same arrangement
as last year., but it is proposed at an
early day to carry into effect the on
tract for consolidation. The tables Of
Albert Fink, Vice-President and SH-
perintendent, are also referred to as
showing the full details Of the opera
tons of this road:
The gross earnings for the year
Expenses and interest account 9sO,s0S q
Showing a deficit of--- .s l,7S. O5
The total earnings and expenses Of
the lines operated by this company
were:
EARNINGS.
Louisville u Nashville and
Memphis. CiarEsviIIe and Louis
vile twelve months) -.-.---~ 505,55s IS
Memphis and Ohio R~ailroad.---. sSa,576 Is
Total earnings. 4,65s.79 90
Louisville and Nashville and
lssylslE1 y
Interest $3.50 256,9s2 10
Dividends 6SY5l 90
and Ioais1fleytwelv w months 4ss,siO O.
Interest Memphis, GAINESVILLE and
Louisville min mOnthst.... 7f,l2S 81 ]
Expenses Memphis and OniO--- 1921 IS
Interest Memphis and OhiO..--.- 242,fS7 IS
Total expenses, including in.
terest and dividends. --.--s 4,i0S,s6 "a
showing a net profit of-.s 2l9,S8 50
rs Isz2 oS as per last SsP' report sfoSS S SSsS ~ $4,000 90
SUED 5asd 'i during he yeaT- $4,000 90
$4,000 90
Redeemed main stem
mortgage bonds.----.- $1,000
Memphis branch mortgage
Paid to sinking fund in
consolidated mortgage
Ss,UoV- zopU -
Total bonded debt June 80, ISIS S7si,Oc0 %
In this sum is included City OF
Louisville bonds without mort
gage--------.--. .-------.------- Sls-O0 10
Making the total debt for which
the road is mortgaged--.---...-S 7,S95O00 %
Memphis and Ohio railroad bonds
mortgage on that road-..---..-- $4,000 %
Total mortgage on ll.---...-..s 81 ,395,O0O 90
During the year seven per cent. cash diyi-
lend on the capital stock has been paid.
EXTENT OF OPERATIONS.
The report of the Vice-President and
General Superintendent, for the past
year, shows an increase of gross earn
.ngs on all the lines operated by this
company of l.49 per cent; decrease Of
operating expenses of 2.52 per cent, and :
IN increase Of net earnings of 1897 per :
'ent. From the opening of the South ,
md North Alabama road, we may rea- :
expect a handsome increase Of :
rattle over our main stem. :
The company took possession July l, :
So, Of the Nashville and Decatur :
abroad, which viii be run under lease. ,
This gives a direct line to Montgomery :
# four hundred and ninety miles. :
During the past four years this COM q
ANY has addict TO its lines, by purchase, :
ease and cOntrOllinginterest the follow !
ng roads in Tennessee and Alabama: !
Miles.
feInphis and ohio railroad. 80 |
nashville and Decatur ailrOad-.-----...- ~ 9
outh and North Alabama railroad------- l3 :
Total.miles SIS {
This has been accomplished without |
TO our stockholders or contributions I
cities or counties.
The company now operates nine hun
Ired and twenty miles Of road. S
With new and improved connections i
n every direction now completed and 2
Don to be completed-by ~judicious and {
aithful management on the part of e
our officers-the revenues of the COM y
amy should continue to increase, and I
y the extension Of our lines, the coun- d
~ should be developed, and the trade b
f Louisville, Nashville, Memphis, and v
he other cities and towns upon the line {
+ the road should be largely increased. r
The Louisville and Nashville railroad v
5 in its infancy, and requires liberal and &
ldiciOus management TO make it what 3
{ should be. At NJ very distant period il
re may hope for direct connections ria e
Virginia and Tennessee roads with the n
atlantic ports by the extension of our Il
.ebanon branch; also with the Mexican II
iulf ports ria Montgomery, and the d
'aciie ports Uid Memphis, Little Rock c
Shreveport, there connecting with II
be Texas Pacific, about TO be built under f
be auspices Of Colonel Thomas A. o
colt. U
Seventeen consecutive semi-annual i
ash dividends have been paid to the Is
.o~ckhOlders. The property Of the COM Il
any is in good condition, and has in
reased largely in value by additions
lade.
During August past five hundred
lusand pounds sterling bonds Of this
)mpany, secured by a mortgage upon
le Memphis, GAINESVILLE and Louis
road recently purchased of the y
tate Of Teunessee), having thirty years y
run, and bearing six per cent. inter- "
i, were negotiated in London at eigh- =
per cent, netting the company u
currency after paying commissions u
all other expenses about ninety-six :
r cent, showing that the company =
rs good credit upon the London Ex- e
where the securities are daily =
lOted. q
The election for directors resulted in q
e unanimous choice Of Messrs. r. +. =
P. j. Potter, and George H. =
utchings. -
u you are troubled with a slight ell