| From the Memphis Appeal |
| |
| September 4, 1861 |
| |
| Our Railroads |
| Memphis & Charleston Railroad |
| This road was originally
projected as a great commercial artery between the Atlantic ocean and
the Mississippi river, but in the present disrupted state of the
country it has proven to be the strong arm of military defense,
serving not only to unite the Southern Confederacy with iron bonds,
but enabling the Government to unite its forces at any point desired,
either on the Atlantic coast or in the Mississippi valley. As will be
seen {hole in paper} statements
herewith presented, the road {hole in
paper} its receipts during the past
twelve months {hole in paper} 12
1/2 per cent. Under the circumstances {hole
in paper} country, this is most
extraordinary. Its {hole in paper} ??mons
receipts of $1,811,122.00, on a capital cost of $7,000,000, is ample
evidence that the stockholders made a wise investment; and the
increase of the stock, upon its completion, of 60 per cent. upon what
each stockholder actually paid in together with the payment of 8 per
cent cash dividends, annually, shows that it is one of the paying
institutions of the country, either in peace or war -- whether in the
old "Union" or in the Southern Confederacy. The stockholders
have reason in congratulating themselves upon the prosperous condition
of this great work -- the fine condition of the road's machinery, and
the quiet, systematic order that characterizes its management. It is
purely a great Southern enterprise, built by Southern capital and
Southern men, and managed still by the same parties who built it,
never having materially changed its organization -- still retaining
its old Board of Directors and officers, or others who have been
promoted from the ranks of their operatives. |
| Comparative
Statement of Receipts, Memphis & Charleston Railroad, for
past three years |
| Receipts |
1859 |
1860 |
1861 |
| From Passengers |
$754,953.01 |
$?75,259.33 |
$1,022,565.40 |
| "
Freight |
5??,801.06 |
681,583.23 |
729,875.93 |
| "
Mails |
55,175.00 |
55,175.00 |
54,064.50 |
| "
Express |
13,122.73 |
22,?89.08 |
34,570.01 |
| Total |
1,330,81?.80 |
$1,625,066.67 |
$1,841,122.00 |
|
| {the numbers above
are very hard to read and contain errors} |
| Memphis & Ohio Railroad |
| This road forms an important
link in the chain of railroad connecting Louisville, Memphis, and New
Orleans, extending from Memphis to Paris, Tennessee, a distance of 130
miles. The road was completed 57 miles to Brownsville, in 1853; to
Humboldt, 82 miles, in April, 1859, and to Paris, the other terminus,
May 11, 1860. In consequence of the Marksville road not having been
completed, direct communication was not made with Louisville until
April 15, 1861, on which day the first through train left Memphis and
arrived in Louisville in twenty hours. The time has since been reduced
to eighteen hours, and on the completion of the Tennessee river
bridge, we are assured it will be still further lowered. The distance
from Memphis to Louisville Ky -- Memphis & Ohio Road 140 miles;
Memphis, Clarksville & Louisville Road, 83 miles, and Louisville
& Nashville Road, 157 miles -- total 380 miles. The short ?????
since the opening of the route, and the interruption of trade in
consequence of the wa{hole in paper}
of a correct estimate of the ??{holde in
paper} that will be transacted by this
road when {hole in paper} trade
be restored. For the present it can only {hole
in paper} ??ments of freight over the
road, as indicated by the statements elsewhere contained in this
report. Each year's earnings of the road have evidenced a decided
increase over the preceding year. In 1860 the receipts exhibited an
increase over 1859 of 67 per cent; and in 1861 over 1860 of 20 per
cent., of which $50,000 were from passengers, $2?,??1 from freights,
and $2,001 from mails -- total increase $91,565. The total receipts of
the past year embraced $362,565.38; operating expenses same time,
$190,754.78; leaving as nett earning, $171,840.55. The road, as we are
informed, has cost about $2,500,000, including buildings and
equipments. The financial condition of the road may be briefly stated:
Tennessee bonds, maturing in 1895, '96, '97, '98, and '99, $1,493,000;
Company 6 per cent. bonds, due in 1906, $97,000; Company income bonds
10 per cent due in 1870, $432,000 -- total funded debt, $2,022,000;
floating debt, $278,000 -- total liabilities, $2,300,000. It will thus
be seen that the cost of building and equipping the road exceeds the
total liabilities of the Company by $1,000,000. |
| Annexed we give a |
| Comparative
Statement of Receipts, Memphis & Ohio Railroad, for past
three years |
| Receipts |
1859 |
1860 |
1861 |
| From Passengers |
$71,371.65 |
$130,283.90 |
$189,347.55 |
| "
Freight |
76,976.85 |
136,815.84 |
168,047.70 |
| " Mail |
1,273.40 |
3,908.08 |
6,000.00 |
| "
Express |
160.40 |
|
|
| Total |
$149,985.30 |
$271,010.32 |
$362,835.80 |
|
| {the numbers above
are very hard to read and contain errors} |
| Mississippi & Tennessee Railroad |
| The completion of this
important artery of commerce and travel opens up direct railroad
communication with Grenada, Canton, Jackson and New Orleans, and
reduces the time between Memphis and the latter point to twenty three
hours. Twenty miles of the road on the southern end, from Oakland to
Granada, were completed on the 3d of July, and the first through train
left this city on the following day. The future prospects of the road
are certainly of the most flattering character. Passing through one of
the richest Cotton growing regions of the South and forming, as it
does, an important part of the great Northern and Southern line of
travel, its future operations can scarcely be otherwise than
profitable to the public and remunerative to stockholders and others
interested. The road is 99 miles in length, and is, for the most part,
well built. There are thirteen "Howe Truss" bridges, and
seven wrought iron, in spans of 23 and 30 feet, resting on solid and
substantial approaches. The pressure of the times has prevented the
erection of permanent depot building and machine shops at Memphis,
which was wisely deferred until the track should be completed; yet
this company does all its own repairs in temporary shops attached to
which is a car manufactory, which is turning out all the cars required
by the road -- some of them the finest to be found in the country. The
business of the road during the past year, circumstances constrained,
have been excellent, the amount of freight shipped from this city
especially showing a marked ???. This earnings of the road, in its
various departments, will be seen from the following: |
| Comparative
Statement of Receipts, Mississippi & Tennessee Railroad,
for past three years |
| Receipts |
1859 |
1860 |
1861 |
| From Passengers |
$60,???.?? |
$74,??8.?0 |
$78,???.?2 |
| "
Freight |
10?,704.70 |
140,523.79 |
138,608.60 |
| " Mail |
747.33 |
1,647.33 |
5,707.50 |
| " Exp's,
rents, etc |
4,425.00 |
4,525.00 |
1,840.00 |
| Total |
$176,?1?.?0 |
$22?,?26.18 |
220,??3.71 |
|
| {the numbers above
are very hard to read and contain errors} |
| Memphis & Little Rock Railroad |
| The prospects of this Road are
of a very flattering and gratifying character. Several months since
the affairs of the Company passed into the hands of a new
administration, under whose auspices the work of completion is being
pressed with vigor. From official sources we learn that track-laying
is progressing to both ends, that the grading is completed from
Duvall's Bluff, on White river, to Little Rock, and some 18 miles of
track laid down since April last, with the prospect of completion by
the 1st November. Prior to this date it is expected that the bridge
crossing the St. Francis will be completed, when we shall be in direct
and uninterrupted communication with Little Rock. The heaviest portion
of the grading of the intervening space of forty-three miles between
Madison and Duvall's Bluff, has been performed, the iron for the
entire road purchased and awaiting ??? amount delivered to complete
the road from White river to Little Rock, as well as some fifteen
miles on the second at ???, leaving but thirty miles of iron for
future delivery. |
| Comparative
Statement of Receipts, Memphis & Little Rock Railroad, for
past three years |
| Receipts |
1859 * |
1860 |
1861 |
| From Passengers |
$4,629.35 |
$18,000.48 |
$22,6?6.80 |
| "
Freight |
1,424.21 |
9,???.45 |
18,132.89 |
| "
Mails |
1,123.56 |
?,708.34 |
5,000.00 |
| "
Express |
|
107.40 |
456.49 |
| Total |
$6,858.01 |
$32,?28.40 |
$41,83?.18 |
|
| {the numbers above
are very hard to read and contain errors} |
| * Embracing a period of three months,
during which the road was in operation. |
|