The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1880-11-17


items amounting to S,12l g.
May LIST, $3.50 20
Total Se2,OO1 Il
Balance to credit Of profit
! and loss acct for years
! operations, l26,9S0 ~
! Increase in gross earnings 22l,O77 80
| Increase on expenses or
binary and sxtraoEdins
aryi l56,s9O 80
Increase in net earnings, 64,187 so
| The increase in expenses was mainly
due to the increased outlay for renewals
and betterments, laying steel rails, bal
lasting track, and increase OF car equip
ments, as per following statement, which
shows expenditures made for same, and
which expenses were changed to sper-
| ating expenses
! Cost of laying As miles A.
PSI feet steel rails, less
value old aiIs released, &154,188 II
| Cost Of II, 238 cross ties. 81, $50 80
! Cost If q miles l,029 yards
| of crushed stone baLlist,
| and cost of rocks distrib-
! uted ready to be crushed 28,6l7 81
| Cost of new Mogul engine
No. 8, built in our shops, $ll,as 81
| Cost of new boilers, tanke
engines, 1854 ST
brake fixtures applied, 7s5 60
| Making q total for better
menfs ip motive power, 1886 90
| Cost Of building 2 freight
caboose cars, 700 90
| Cost of building q new box
cars, at $512.7O each, 1O,76O 40
coal cars at $393.OO each, 9,s25 90
| Cost of railway velOci
pedes, 50 90
Making total of better
menfs in new cars q, 3ss 40
| Cost of rebuilding cars, II, 961 90
Total, s267, 919 %
The attention Of the stockholders is
called to the reports of Major ]. F.
O'Brien, superintendent and chief engi-
neer, and James r. Ogden, general
freight and ticket agent, and to the con-
densed balance sheet of James G. Nit
chell, treasurer, and Q. H, p, Rogan,
auditor.
The repOrtR, statements aud tables
made by these officers to the board, and
published herewith, are SO elaborate,
and give the operations eff the road. for
the last fiscal year, and the finances of
the company. and the physical condi-
tion of the road in such great detail, that
but little is left for the directors to say.
The expenditures during the past year
for renewals and betterm ents have great
ly improved the condition of the road,
and these improvements should be con-
tinued, we think, until all the iron rails
in the track are replaced with steel,
which it will probably take about four
years to do.
The revenue and profits received dur
ing the year were sufficient TO pay the
operating expenses, renewals and better
ments of property as before shown, in
terest on bonded and floating debt of
the company, and three per cent. divi-
dend to the stockholders, leaving a sur
plus Of 1925, $50 70, which amount has
been carried to credit of profit and loss
account, out of which another dividend
of per cent. was subsequently paid on
the first of October to the stockholders,
amounting to sos, 879.5O, leaving to the
credit of profit and loss account, $67,-
Col ,28.
1t is believed that there will be con-
siderable increase in gross revenue for
the current fiscal year, bat the expenses
of improvement in track, by replacing
iron with steel rails, ballasting track,
and additions to rolling stock, will be
considerably more than last year, por-
ton, however, of the expenditure to be
paid for in the current fiscal year, for
and betterments will be
provided for outside of the earnings of |
the road by the sale of stocks ordered
by the stockholders at their called meet
ing on the 9th of October.
Feeling that the capital stock did not
properly represent the cost of your road,
much of the net earnings heretofore ,
having gone into the improvements of |
the property, the stockholders at the |
called meeting on the 9th of October re-
solved to increase the capital stock to
81, 900, 10000, assigning to each holder of
stock $50 per cent. of the increased
stock, upon the payment to the company
by the stakeholder, of 80 per cent. O
The par or face value of said stock. This
was made necessary 10 meet
bends and other liabilities of the com
sany, which matured during the last
fiscal year and provide means for in
creased outlay for steel rails, and large
Increase of rolling stock, which is badly
needed by the company. This action
IN the part of the stockholders has met
With general approval, so far as your
directors have been informed. At the
anne meeting the board of directors
we're instructed to bay the Selma, Rome
md Dalton railroad from the syndicate,
which purchased it in June last at Sell