The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-12-10
Total net earnings. $500. 1882 60 $425,638
Disposed OF as follows:

&c, owned by the co. 5 IT ,O38 50 5000 90
Total net earnings. $685., 227 60 s425,688 %
Disposed of as follows:
Paid out on bonded and
floating debt and exch
account 800. $500. S2S0, 459 IS
Dividend of per cent.
on capital stock May l,
For right of way &C.,
chgd. to P. and L.. 3,925 90
Balance carried to cred
it of P. and Lacc't...- Al ,971 90
Total. $685., 227 SO
The following expenditure hav been
made for renewals and betterme nts and
charged in expenses of operating as
above
Cost of laying twenty-five miles, ,592
feet of steel and four miles, 1928
feet of iron rails less value of old
rails released ...................s. $59,392 4S
Eighty thousand nine hundred and
thirty cross ties, cost - - %, 26O At
Thirty-three and half miles crushed
stone ballast ..-...-....'.--..' 19,49o SO
boilers for others, etc ............. 21,72O IA
Cost of 80 new cars built and rebuild
ing nineteen on old trucks, and re-
pairing others .........,....... 1884 40
Total. ................. s144,814 %
These expenditures for renewals and
betterments have sufficed to maintain
the physical condition of the property
in an improved condition. The opera
lions for the year have resulted in pay
ing the interest on the entire Indebted
ness of the Company, three per cent.
dividend on the capital stock, and re-
duclng its floating Indebtedness by the
the sum of Sal ,971 90.
Only three per cent. however, has
been divided, as it was resolved to pay
off the remnant of former debt, Great
ed in the purchase of steel rails, before
dividing more than this sum annually.
The amount carried to the credit of
profit and loss falls short of paying that
debt only 81 1868, "a: therefore it may be
said to be practically paid.
The floating Indebtedness of the Com
pany has been reduced by the proceeds
of tie sale of $35, 900 on the Western
North Carolina Railroad bonds, and
futher by the balance of the undivided
net earnings, as previously stated,
amounting in the aggregate to $73, All.
The decrease in the earnings of the
present fiscal year, as compared with the
previous year, is mainly attributable to
the prevalence of yellow fever in the
Southwest during the summer and au-
tumn of '78, and is really less than was
at one time apprehended The same
causes have, to some extent, aueCJeQ the
earnings for the current fiscal year, but
nevertheless the present lookout is en-
couraging. The increase in the earn
ings of roads in the section of country
traversed by your line, will not be any
thing like as great as it has been during
the summer and autumn on Northern
and Northwestern roads, which have
felt the effects of a bountiful harvest
and the stimulus of an unprecedented
European demand for the products of
that region We may reasonably hope,
however, that the revival of business,
now becoming quite general, will extend
to our section of the country and result
in a considerable increase in our re-
venue.
Four thousand tons of steel rails have
been contracted for and will go into
the track during the next spring and
summer. After this it is estimated
that our annual requirements for steel
will be at the rate of from 2 300 to 5000
tons per annum until the entire track is
rene wed; which at this rate will require
from five to six years.
Your Board regrets to be compelled
to report that the holders of Tennessee
bonds, issued to this Company under
the Internal Improvement Law of the
State of Tennessee, have brought suit