Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1879-01-30

D. & S. E. R, R.
Report of President Mead, Show
ing the Financial Condition
of the Road.


To the stockholders of the Dayton d South
eastern Railroad Company:
In the report of the operations and busi-
ness of the company for the year 1878,
there is little more TO be said than to show
some results deduced from the report made
to me by the Secretary, as no new work
of construction was carried on during the
year. might with propriety state that
your road was first open for business be-
tween Xenia and Washington G. FL. No
vember %, 1876, and this section was OPP
Grated until May II, 1871, when the next
section, between Dayton and Xenia, was
opened, and on the 29th of October fol-
lowing. the entire distance, from Dayton
to Musselman's, 69.7 miles, was opened.
At each of these periods there was
marked increase in the business done, but
until 1873 freight had not exceeded
passenger business.
On the sth day of August, on petition
of number of the bondholders whose in
terests were jeopardfzed by the pressure
of the floating debt, your property was
taken out of the hands of your Board of
Directors and placed in those of Mr.J. E.
Gimperling as Receiver, who took pos
session on the 9th of August, and has
since then controlled aud operated the
same. Mr.. Gimperling is gentleman of
large experience in railroad matters and
management, and since it seemed in
evitable that Receiver must be appoint
ed that your property might not be sacri-
feed by foreclosure and sale under the
mortgage, L think you are to be congratu-
lated on the opportunity that was afford
&c for obtaining the right man at the
fright time.
Since August, owing to the favorable
crops and connection with the Spring
field, Jackson 6 Pomeroy Railroad at
Washington C. H., the earnings have
steadily increased, so that for the latter
period of five months the freight earnings
have equaled sixty per cent. of the total
earnings.
In July we began to exchange business
with the Springfield, jackson & POmeroy
Railroad, and this connection has been of
increasing Importance, as by it we have a
route to the coal fields by which cars of
our own gauge are interchanged and coal
is handled without transfer, which is not
the case at our connection with the Mari
eta s. Cincinnati Railroad at tMusselman's s.
This connection with the s., J. & P. R.
R. Company has, however, demonstrated
that the d. s. S. E. r. r. cannot depend
thereon for certain supply of coal, and
that every consideration goes to show the
great necessity of continuing the work Oi
construction until we have completed oul
own line to the coal fields, and have be-
come Independents of our neighbors, who
naturally look to the interests of their owl
people first.
The balance sheets submitted by the
Secretary show an increase in conatruc
ton account of 500, 1870; increase in in.
terest and discount on bonds, chargeabl'
to construction, $37 ,275 Al, and decrease
in other debit accounts, sc, ,4OI O3.
They also show an in increase in paid
up subscriptions to the capital stock, $l4,
969 4s; increase in bonds issued, $126,
900 90; and decrease in floating debt
$29, ,167 12.
While the general balance sheet shows
the condition of the company at the
close of the fiscal year 1873, the fncom,
balancesheet shows only to August9, 1873
There is, however, an appended statement
obtained from the Receiver, showing hi:
earnings and expenses to the close of tn,
year, and by combining the results it viii
be seen that the total earnings and .ex
penses of the road for whole year are a
follows: