Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-10-05
T.. AND N. RAILROAD.
Annual Meeting of the Stockholders at
I LouisviIIe-The Report Of Presi-
dent Baldwin
Would Make it Appear that the Road is
in a Prosperous Condition, with
Very Promising Prospects.

pauy's business Is promising. ,Ihe company
has hoating debt of S2,O00,OO0, against
which it holds cash assets and market vaiue
in excess OF this amount. President Bald
win estimate that it will require S2,OOO,O0
additional expenditure during the next ak ;
months to complete the Improvements Tor
which the company is already under con- :
tract, including the completing oil the Knox
vile branch and other constructions !
resolution was adopted increaslng the cApl-
al to the amount oil $So,ooV,oVo' such IN
crease amounting TO something less tn an
1000. OOO The following directors were
elected: C. C. Baldwin, George T. Clark y
n Clark. F. d. Csrley, T. v: Evans, Z. b.
Green. John E. Green, J: S. Rogers, Geo: A:
Washington, James T. Woodward, John y.
Rrookman, w. c. Hill and w. s. Wllilsms'
President Baldwin, in his report, says:
.sTbe miles of road operated BY the
company is as follows: In fee or through
ownership of entire capital stock; 15I79o,
operated under lease, 26l.l7; owning ma
iority of the stock, but oper ating the came
outside of its own System, 564 lines In when
the Louisville and Nashville is joint lessee,
Georgia road and dependencies' o9i ~ .o g.o'
1888 miles. The bonded debt Is $oS,lII,no,
capital stock SIS, 133, 513. The mileage OF the
road ON which this indebtedness rests Is lIlo,
or a stock and bond debt Of 81, 1884 per mile.
The GROSS earnings for the past year we're
freight, Ss,05O,33e o.; passengers, SS,oo!,-
464 IA; m ails and express, $527 ,02S %; mis-
celIaneous, $402,9l7 O9; total, S IL 81
net earnings, "a, ,374 20; net from traffic |
per mile, $22Sl 80; ratio of expenses, 6l:91
ner cent. as against 81 80 the year previous;
| realized from investments, $266, Az 80; total
income. 81 S24 BIG 90; interest, rentals, taxes,
etc, S4!OS5 ,90s 70; deficit on the Georgia
railroad lease, $4,000; dividend paid Feb
rusry 10th, three per cent, Se4o,9oo; ne. sur,
| that the extension Of this branch to the
| Tennessee State line will be completed and
omen for traffic during the month OF Decem-
| her The road has been built hrst-class In
| ali respects, and is now in operation to Lon
don eighteen miles from Livingston, the
former terminus. Almost the entire grazing
is done. and the iron bridge structures have
been gotten out; but little of the masonry
| work remains to be done. The road Will be
Z opened to Williamsburg, at the crossing OF
the Cumberland river, forty-eight miles from
Livingston, about the middle OF october:
The length of the extension when completed
will be sixty-two miles. IL Is beileved rnat
the opening of this road into Eastern Ten
pessee and the direct connection with Knox
Vile will add largely to the trsthc OF The
line from January lst next" The president
saws the company has made large expepdi-
! tnre. during the year fer additions and I'M
proyements to the roads, and equipment and
advances to dependent companies. The
bonds marketed did not provide IN full Tor
: these necessary expenditures. The company
: b.s therefore, incurred an additional hoat-
inc debt that there should be no delay in
z improving the property and increasing lis
t sarnino capacity, which floating debt appears
iu table No. of the secretsry's report. In
e conclusion, the president says; 1t is
! gratifying 10 the Board OF directors
|, 70 he able to state that all the roads IN our
I | ,..tariallv imprnvPd DQySlCdl
. condition, and we'll equipped with rolling
!. stock and all necessary appliances Tor the
e | transaction of large business In the future
u The stockholders should. however, remember
d that when the large purchases oil the raiI
roads and capital stock OF other companies
> we're made in 1879, 1881 and 1881, TINS CON
i pany had but little cash capital, and Inc
l. purchases were hence made on credit, tns
e roads purchased being at the time In oae
:. condition: and that to pay Tor the properly
e purch ased, and to put the roads In proper
. shape for active business, necessarily re
a ouired large outlsys of money; but In vlev
l. of the growing prosperity OF the country
l. ment of the vast resources, mineral and agri
g cultural. of the country through which gu
N Epes and their connections Immediately pass
J. we think we may reasonably expect sue
E cessful future for our company, and lor IN IN
% profitable results of the fiscal year 1857 o.
a We have abundant promise IN the e1celien
O, crops throughout the country, especially IN
a Southern country, where our Interests chlen
p E1.President 81 andiford was present, hay
ing in his possession q number Oh proxies
e, He scratched the names of Csrley and T. 3
No Green, and voted for ]. G. Carter and w. d
re r Lomss instead Carley and Green wsr
he elected. however, by a vote of $4,000.
er will be noticed that the name OF Victor New
g. comb has been left from the list He Wa
IS replaced by w. c. Hall, OF this city, and tn
~ directory was increased by the addition {
he several new names-John r. Brookman.
ss prominent New York merchant, and J.
IL Rogers, locomotive manufacturer OF faUe
"a. son. N. J., and w. s. Williams, OF New 1or
III After the vote was declared, the meeting al
&c journed.
Id Subsequently a meeting of the director
ey was held, and Baldwin was elected presider
m aud Smith first vIce-president.
I'D In accepting the office Mr.. Baldwin sait
ne During my past administrations u
Id of trying depression. l have In Il
en- past found, and expect In the future
re- find. the position no sinecure. Its duti
ne have been arduous, exactiug aud responsible
ed and look for them to continue so. l ha
ed in the past, as l expect to do In the fuiur
, brought to their discharge my best abliiti
ne and Judgment. My sole eudeaver has be-
TO BILE property, and to promote the interests
. IL it's owners and stockholders. 10 this e
ly- deavor 1 have sacrificed my personal col
Up. fort and pecuniary interests, but in all n
OF endeavors and exer,iops IN the periorman
ls of nv official functions have had the co
slant and faithful cooperation and assistan
ina of the Board Of Directors. In this CONNIE
bur ton. / am sure other members will not co
re- slider me invidious in acknowledging, esp
re- cialIy nv great obligations to .
ion able. immediate predecessor, who. wi
len his large experience, has so efficient
and wisely aided me in my embarra
me ing, and sometimes discoursging, etfo
ost to serve properly the stockholders OF 1
his company, and I unfeignedly declare to y
oso that it would be source of sincere pleasu
vas To me if were now his immediate preC
FAD cessor instead of having succeeded myself
eds the presidency. 1 accept the office to viii
ed, you have re- elected me with the nrm, fal
ore ful purpose to devote TO the discharge OF
All duties all the energy, judgment ana apii
ed, / can command"
ons President Baldwin and a number OF
Ter. Louisville and Nashville directory we're {
nge tertained at a dinner at the residence
ne John E Green last evening, and tonight
the reception in their honor was given by r.
the Cariey, at both of which there was La
be- gathering of representative citizens. i
her visitors left for home tonight.
bst Chesapeake and Ohio Earnings.
mis- NEW YORK, October 4-The actual or
pts earnings of The Chesapeake and Ohio
the August were 1881 ,454, an increase OF q
ac- 600 over the estimate; earnings, S172,S44,
an forly-ive per cent. of the gross; increase
the earnings over last year, S11SO0O, and IN Z
the Sl25 OOO. The net earnings are sufncleDt
owe paw full interest on the compapy's Don
ing including the currency. An officer OF |
company says that henceforth the month
the net earnings will not fall below 500, O0O, :
nd, within eighteen months will exceed 5000
n Moreover the steel for double track will
,ess purchased without interfering with the
I. earnings. The steel has already been P
chased 10 begin the double track. The
Dominion Steamship Company win hereaf
RIM four or five steamers weekly to Newp
News as the pressure of trade at that port
nts ouires it. The Chesapeake shares oper
-.~or,, this morninr