{AMERICAN RAILROAD JOURNAL.

1435

tions with other roads, terminating, as our Read
now does, at Sandusky on the north and Dayton
on the south. '

The entire earnings have been and will, up to
January next, be required in repairing and re-
building the Road and increasing its Equipment,
by which time the Road and its Equipment will
be in good condition, and extraordinary expendi-
tures therefor will have ceased. The Directors
have now no means of making a dividend to the
Stockholders; but the Road has demonstrated
during the past year its ability to pay a dividend
on its Stock, and this may reasonably be expect-
ed yearly hereafter.

The line has been run with very great regular~
ity and with remarkable exemption from acci-
dents. No passenger has been killed, nor has
any passenger even sustained the slightest injury,
for more than two years and a half upon any of
the passenger trains. The general success with
which the Road has been run, is the best com-
mentary upon the attention of those having the
trains in charge; and the business of the Road
justifies the commendation that the employees
and subordinate officers have exercised great care
and fidelity in the respective interests committed
to their charge. v

The company have 17 engines in good order,
and '8 in fair running order, 21 passenger, 3 sleep-
ing, '3 smoking and mail, 2 baggage and smoking,
7 baggage and express, 2 freight train caboose,
331 box, 63 stock, 151 flat, 48 hand and 19 push
cars. Miles run by engines, 559,259, at a cost of
7.6 cents per mile for repairs, and 9.9 cents per
mile for fuel. _

CONDENSED BALANCE SHEET, JUNE 30, 1869.

Railway.....     ....s5,7oo,ooo 00

Materials  74,348 31
Bills receivable . . . . . . . . . . . . . . . . . . . 900 00
Stocks and bonds....    106,965 00
Due from railroad companies, agents

and Post Oflice department . . . . . . 18,081 81
Insurance—-estimated proportion for -

12months  5,550 00
Paid individuals on account to be

ofi‘setbyclaims................ 2,573 25
Cash.......... . . . .  6,038 20
Cashassets...................... 13,786 53
Sinking fund.................... 47,486 69

--——u——

$5,975,729 79

Capital stock....  ....  ....,$2,757,750 00

Preferred stock....   .... .. 428,646 44
San., Day. Gs Cin., 1st mort. $988,000 _
Eastern bonds, (not extend-
 9,000
San. City and Ind. .. .. .... 350,000
Cin., San. and Cleveland . .1,035,056
Cin., Dayton and Eastern.. 19,000
-————- 2,401,056 00
Balance, profit and loss....  .. .. 232,212 00
Interest on bonds................ 25,892 92
Interest on preferred stock .. .. . . . 3,694, 03
Billspayab1e.................... 47,621 07
Taxes (pro. for 6 months) . . . . . . . . 8,000 00
Pay rolls  . . . . . . .. .... 27,541 25
Dueindividuals.........  43,316 08

   

$5,975,729 79
.Pres’t and ;S'up’t.--RUSH R. Snoxivs.

1)i'rectors.——Jacob W. Pierce, Israel M. Spelman,
John C. Pratt, John S. Farlow, Boston, Mass.;
Elisha C. Litchfiold, New York; Wm. Wilshire,
E. S. Hamlin, Cincinnati; Rush R. Sloane, Wm.
G. Lane, John P. Thorpe, Geo. J. Anderson, San.
dusky.

Secretary and Treasurerr-L. H. LATHAM.

Ass’t Szq2er:'ntemZent.——E. S. QUINTARI).

33" The Kent County Railroad has been finish~
ed to Kennedyville, and the ballasting to that
point is progressing as rapidly as the contractor
can push it ahead.

Atlanta and West Point Railroad-
The earnings of this road for the fiscal years
ending June 30, 1868 and 1869, were as follows:

1868. 1869.

From passengers  $122,389 58 $130,986 41
“ freight . . . . . . . .. 205,733 05 203,231 88
“ mail   .. 7,028 07 8,649 96

“ express . . . . . .  8,763 24 6,240 44
“ miscel1aneous.... 7,157 14 13,556 95
$351,071 08 $362,665 64

Expenses, viz :

Conducting transp.  $56,832 48 $59,810 39
Motive power   71,216 50 76,412 28
Maintenance of way .. 72,618 17 73,012 42
Maintenance of cars .. 9,538 43 8,722 93
Taxes......... . . . . . . . . . . . . . .. 4,614 31

$210,205 52 $222,572 33
Earnings less expenses.$140,865 56 $140,093 31

From which deduct extraordinary
expenses in 1868—’69, viz:
Old claims,judgments, etc..$9,931 49
New cars . . . . . . . . . . . . . . .. 6,000 00
Re-rolling iron rails  . . . 5,000 00

—-—————- 20,931 49

u-—:--—_——-

Balance net profits. . . .. . . .. . .$119,161 82

In 1868, the extraordinary expenses were $29,-
197 85, leaving the balance of earnings at the
close of that year, $111,667 71. The percentage
of ordinary expenses to gross receipts in 1869, is
61.3, against 61 for the previous year. The gross
earnings show an increase of $11,594 56, and the
net profits an increase of $7,494 11, which has
enabled the company to continue the payment of
8 per cent. dividends, free of Government tax,
and add a respectable surplus to reserved fund.
The President in his report says:

This result is fully equal to the expectation of
the Stockholders, and realizes the calculations of
the Superintendent, and the hopes of the Board,
as expressed in the last annual report.

The uncertainty of all Railroad investments is
much increased by the growing policy of "State
aid” in neighboring States as well as our own. No
Railroad built with the capital of the shareholders,
to satisfylthe real wants of the country, can be
long secure against a rivalry and competition,
under the patronage of the State. No policy
could be more unjust and oppressive than the
policy of “State aid.” It is a distinguishing fea-
ture in this policy, that the citizen who has built
his own enterprize with his own means, is taxed to
build up rival enterprises, by which his ownmfzy be
ruined ! In other words, he is forced to contribute
money for the destruction of his own property.
The effects of this policy are no longer left to
theory. Proof is abundant, that roads will be
built with little regard to the wants of the public,
if men can organize and build them at the expense
of the State. Hence, vast amounts of capital are
wasted that might have been better employed——
too apt to be followed by loss of credit, and the
bankruptcy of the State, and general ‘financial
paralysis ! Our Road has suffered, and will suffer,
perhaps, more from the effects of this pernicious
policy in a neighboring State than in our own;
though to some extent, we shall suffer in both.
The Board may, perhaps, however, safely repeat
the remarks_ made in the last annual report. The
Directors there say: .

“We have suffered by the progress and comple-
tion of rival improvements, and will suffer further
from the same cause.
dicted from the beginning of our-enterprise, We
have suffered still more from the war, and its di-
rect and indirect consequences. This was not
foreseen,” &c.— 1

Some roads are inprogress which may affect
our receipts -injuriously. and others beneficially.
The roads which may affect us in)’ uriously, are the
,Sel[na, Rome and Dalton Road, the North and

This was foreseen and ‘pre-4

- South Alabama Road, and perhaps, to some ex~

tent, the Griflin and North Alabama Road. Those
from which we hope to, derive benefit, are the
Montgomery and Selma Road, the New Orleans
and Mobile Road, the reconstruction of the Pen-
sacola extension of the ‘Alabama and Florida
Road, the Air—Line Road, (if completed), and the
Columbus and West~Point Road, if the same
should be built.

Surrounded by so many difficulties, and in-
creased and increasing competition, any strong
and decided opinion upon the future would be
hazardous, but with the advantage of the flour-
ishing city of Atlanta as a terminus, and the
business which still remains to us, and will con-
tinue to remain to us beyond competition, a
strong hope his entertained by the Board that the
Stockholders will continue to enjoy dividends
equal to that of the past year.

When it is stated by the Superintendent, that
there has not been a single failure of the mail on
our Road for three years, it will scarcely be neces-
sary to repeat the assurance that the operations
of the Road have been conducted with great reg-
ularity, and that the officers and employees have
generally performed ,the duties assigned them
with commendable zeal and fidelity.

The company have 14 locomotives, 6 passenger,
4 baggage, 1 express, 2 cab, 1 shanty, 54 box, 18
stock, and 21 platform cars. Number of through
passengers carried, 10,514 ; way do._, 39,7 38-—
total, 50,252, against 42,982 in 1868, a. increase of
7,270. Tons of freight transported, 54,535, against
40,480 in 1868, an increase of 14,045. The Super-
intendent in his report says :

Since our annual report, the management of
the Montgomery and West Point Railroad passed,
virtually, into the hands and control of the Gen-
tral Railroad Company of Georgia. The interests
of this company and ours, in reference to the
transportation of all merchandise, travel, etc.,
from the Northern and Southern Atlantic seaboard
to all points on the Montgomery and West Point
Railroad; and the same in reference to travel
and all shipments of freight eastward from the
line of the latter being the same, and this power
and control having been used to its fullest extent,
you can form some idea of the embarrassments
to which we have been subjected.

As the business of Columbus and the country
contiguous is of vital importance to this road, I
obtained a’ charter for a railroad from West Point
to Columbus, and have had a thorough examina-
tion of the route made, and a careful estimate of
cost compliedtherefrom. Without the construc-
tion and control of that line, we have no reliable
guarantee of freights beyond our immediate local
trafiic.

The assets and liabilities of the company July

1, 1869, was as follows:

. A.53ETs‘3-
Road outfit and real estate.'... . ...$1,200,235 26
Bills receivable . . . . . . . . . . . . . . . . .. 21,357 20
Alabama and Florida Railroad Co . . 26,586 29
Supply fund..."  2,500 00
Due by agents and connecting roads 28,091 50
Cash.............  . . . . .  59,622 10

   

$1,338,392 35
Lmniniriss.
Capi€aI”"§tock....    ....$1,232,200 00

Bonds of the company.. ..   47,000 00
Dividends unpaid..... ....   2,100 00
Due to agents and connecting roads 10,711 44
Profit and loss................... 46,380 91

   

5'

President.-—HON. J om: P. KING.

Directors.-R. Peters, L. B. Lovelace, John E.
Robinson, W. B. Berry, F. Phinizy, J ohn‘F. More-
land. _  ,, “

Gen’l"Su,»pen'ntmdent.—-L. P. GnAN'.r.

L, i§'eg.-retary and Treasurer.—-Winriiaiii VP. ORME.

$1,338,392 35