The times. [volume] (Richmond, Va.) 1890-1903, 1894-10-04
l.. and y. sIockHoLDkHs.
Albert Fink Enters the Dircctory-The
Pr-sideni's Annual Repor,

LOUISVILLE. KY, Oct. 3.-The forty.
third annual meeting of the stockholders
or the Louisville and Nashville railroad
was held at the company's offices In this
clly to-day Ihe only business on hand
was the election of directors and hearing
the presidents annual address But one
chahBe was made n the directors Mil
ton II. Smith Resigned and Albert Fink,
oi thlS city was elected TO succeed him.
Mr.: FINK Is a prominent railroad man.
ana several years ago was chairman OF
the Trunk Line Railroad Association. OF
New York. but since retiring from this
position has not been engaged I'm the rail-
road business. Mr.. Smiths resignation
from the directory will not affect his
position as president OF the road
The presidents annual report shows an
increase in mileage of l3Il miles over
last year. The summary Of the general
results Of operation for the year ending
June 20. 1894. showed the gross rAceipts
from traffic to p sB.974, i8; expenses OF
traffic, S,llO.552; income from investment,
%ZIL,2SS, total net receipts, 1852. $40.
From this has been paid interest and
rentals, S.lD,26; taxes, 5000, ,S5S; loss on
Georgia railroad, N4,'a; loss on other
929, making total OF $3.50. $40.
The net Income for the year Is 81 So, ,49O.
The report says that IN order to secure
line extending south and east OF
Augusta, made necessary by the acquisl-
ton Of the Georgia Central by the Rich
mond Terminal, several Of the largest
stockholders formed a syndicate and
bought the controlling interest Of the
junior securities Of the South Carolina
railway, which were delivered to the
l.. and n. at cost. The litigation inter
vened and sale OF the property clear
Of all liens was ordered. The creation
OF new corporation with fixed charges
of $4,000 per annum was contemplated
The panic intervened; the business of
the South Carolina railway fell far be-
low expected figures and the manage
ment did not view concluding the pur-
chase of the property upon an interest
charge OF over 10000 per annum as
safe. Negotiations with the first mort
gage bOndhOlders were entered into prior
to the sale of the road under fore
closure, but their demands were too
high, involving capitalization of several
million dollars over and above the sum
Of 81, ,2i7. 40 already invested by the l.. and
y. Railroad Company. After the rejec-
tiOn OF a final offer made to the first
mortgage bondholders committee i'm
March 1891, the negotiation was there
upon abandoned. In the purchase Of the
South Carolina n .lway securities the
acquired tie majority interest
I'm the New York and Charleston ware
house and Steam navigation Company,
and now owns S2il 90 of bonds, out OF |
r. total OF $2J7 coo. This Is considered |
q valuable property. The company has |
the right after November /, 1894, on |
giving six months notice, 10 pay of |
I, ,53l 90 OF 1910 adjustment bonds Gj3l,- |
treasury. this right 1t Is proposed 10 |
exercise as soon as the general bust !
ness situation will admit of satisfactory |
regulations, whereupOn over 80 10000 OF |
securities will be set free for the use |
IF the company.