Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1877-10-25

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cannot be considered fair aver
age when compared. with that
done on other short lines for a
similar length. of time, for in
stance, as reported by President
Cole at a late annual stockhold-
ers' meeting, taking the bslsi-
ness on McMinnville and Man
chester branch, for 81 months,
showing anaverageof 81, 3S4.84.
1t is 35 miles in length and only
one-half Of that doing the bu-
siness. On that basis too the
gross earning viii not fall far
short of $16,0 600. per annum, and
if SO, will pay very nearly one
half interest on debt to Lewis
burg. 81 i, $500 fVy
10. The Board also reports
the 3 feet gauge no longer an
experiment, combining as it
does, capacity, safety and speed
equal to that of any gauge, and
when completed to Petersburg
and Fayetteville East and Ten
nessee River, West, will COM
mand traffic and business equal
to its capacity; all this too in
view OF the fact that cost of
construction and operating is
not more than one-third of the
amount expended on the ordi-
nary gauge.
1ltn. Reference is made to
the elaborate and very satisfae-
tory report of Secretary Chill
dress to this convention and on
file in the office of the compa-
ny for anyeand all information
in his department, showing, as
itdoes, actual disbursements for
all kinds of work on construc-
ton account together with all
accurate statement of profit and
loss account and resources and
liabilities of 1.-THE company at
this date.
u. The Board have not yet
taken any steps towards extern
sion west from Columbia, for the
obvious reason that the Smiley,
Petersburg and Fayetteville ex-
tensions and connections have
been of primary Importance at
this time, especially in view of
the continued embarrassed f.
nancial condition of the coun-
try, shrinkage in all values, in
dividual, corporate and munich
pal depression, aggravated as
they have been by continued
political disquietude during the
past year, but gradual recovery
from unprecedented prostration
to the industries of the country
inspires the hope of a better flu
tire for our enterprise, both East
and West, from present telanini.
10. Stockholders will not. fail
to observe that this their corpo-
ration is yet in its infancy,
struggling for existence under
great disadvantages and per-
picking embarrassments, that
much remains to be done,p the
main thing being an increase
of business on the line now OPP
Grated, reducing expense ac-
count, and extensions with 9TH
er Experimentation. These
and these only will make the
I road a permanent success and
place its securities, on a. sound
basis in money centres. Pro-
gressive, persfstentf and untir-
ing energy will accomplish the
end. The particular mode of
meeting them VIII engage the
sound discretion and prudence
of the incoming administrator.
The past may not have been
as many expected or desired, but
the present and future cannot
fail to observe and improve the
lesson of the past. -
IL. The retiring Board have
the conscientious satisfaction of
+ a record suggestcdfrom honest
intentions, and if errors and
mistakes arc tracable, as they
no doubt arc, they are accounted
for on the principle that "errors
Of the head often occur with
the best intentions" s
Is. The retiring Board appre-
ciate the honor hitherto con-
ferrcd and confidence reposed
i'll them by the Stockholders,
and return the trust committed
to them with the hope of a bet
ter future for the road, and will
ingly acquiesce in division of
stockholders for the incoming
fiscal year.
A young man, IL years Of
age, died recently at Charles
town, Mass, of hemorrhage, re-