The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-04
LOUISVILLE AND NASHVILLE.
The Stockholders Hold Their Forty
third Annual Meeting.

Louisville, KY, Oct. 3.-The forty
third annual meeting of the stockholders
of the Louisville and Nashville railroad
was held at the company's offices in this
city to-day. The only business on hand
was the election Of directors and hearing
the presidents annual address. But one
change was made in the directors. Milton
H. Smith resigned and Albert Fink Of
this city was elected TO succeed him. Mr..
Fink is prominent railroad man, and
several years ago was chairman of the
trunk line railroad association of
New York. but since returning
from this position has not been
engaged in the railroad business
Mr. Smiths resignation from the di-
rectory will not AFFECT his position as pres
ident of the road.
The presidents annual report shows
an increase in mileage of 49, IL miles over
last year. The summary of the general
results Of operations for the year ending
June 80 1894, allowed the gross receipts
from traffic TO be SlS, ,974, ABB; expenses
Of operation $ll ,S637S4 net receipts from
Traffic 81, ll0,552: income from invest
mentsi S272. .2SS; total net receipts $751;
$40. From this has been paid Interest
and rentals s., l65, III; taxes $500, ,35S; loss
on Georgia railroad S24. 784 loss on other
roads forcing claims against them Sl37,-
929: making total of $5.SS0,34O. Tho
net income for the year is 81, ,552, ,490.
THE CHARLESTON RAILWAY DEAL.
The report says that in order TO secure
line extending south and east of Au-
gusta, made necessary by the acquisition
Of the Georgia Central by the Richmond
Terminal, several Of the larger stock
holders formed syndicate and bought
the controlling interest of the junior Sc
curities of the South Carolina
railroad, which were delivered
to the Louisville and Nash
Vile at cost. Litigation intervened
and sale Of the property clear of all liens
was ordered. The creation Of new cor
poration with fixed charges OF S400. 900 per
annum was contemplated. The panic in
tervened; the business Of the South
Carolina railroad fell far below expected
figures, and the management did not view
concluding the purchase of the property
upon an interest charge Of over $500, 600
per annum as safe.
NEGOTIATIONS WITH THE BONDHoLDERs.
Negotiations with the first mortgage
bondholders were entered into prior To
the sale Of theroad under foreclosure, but
their demands were too high, involving
capitalization Of several million dollars
over and above the sum Of Sl,247, l40 al
ready invested by the Louisville and
Nashville Railroad Company. After the
rejection OF final offer made
to the first mortgage bondhold-
ers' committee In March, 1894, the
negotiations were thereupon abandoned.
In the purchase of the South
Carolina railway securities the company
acquired the majority interest in the New
York and Charleston Warehouse and
Steam Navigating Company and now
owns S24l 600 Of bonds out OF q total Of
s297 600. This Is considered a valuable
property. The company has the right
after Nov. !. 1894 on giving SIX months
notice, 10 pay of A,b3i 900 Of lO-40 ad-
iustment bonds 1881 900 Of which are IN
the company's treasury
This right 1t Is proposed TO exercise as
soon as the general business situation will
admit Of satisfactory negotiations, where
upon over $1,000, 900 OF securities viii DO
set free for the use Of the company.