| Annual Report of the Louisville &
Nashville RR |
| as of July 1, 1861 |
| President's Report |
| |
| President's Report |
| |
| To the Stockholders of the Louisville
& Nashville Railroad Company: |
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|
Gentlemen,
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| |
| The President and Directors
of the Louisville & Nashville Railroad, in compliance with the
charter, and the order of the Stockholders, at the meeting in October,
1860, to terminate the fiscal year on the 1st of July, submit this
their Report, for the ten months, from the 1st of September, 1860, to
the 1st of July, 1861. |
| The Report of Willis Ranney,
Secretary of the Company, is herewith submitted: |
|
Table No. 1 of said Report exhibits the cost, resources,
and liabilities of the Main Stem, to the first of July, 1861. Table
No. 2 of said Reports, exhibits the cost, resources, and liabilities
of the Lebanon Branch to same date, and Table No. 3, the cost,
resources and liabilities of the Memphis Branch to same date.
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| Table No. 4 of said report,
is a consolidated statement to same date, of the cost, resources, and
liabilities of the Main Stem, and both of said branches. |
| They also publish herewith,
the Report of J. B. Anderson, Superintendent of Transportation, with
various tables, giving in detail all necessary information of the
Passenger and Freight business of the Road, and the earnings and
expenses of operating the same. |
|
It will be seen that the earnings for the ten months, up
to the first of July, 1861, has been $807,934.67, and the expenses of
operating the same $345,964.25, making the net earnings, $461,970.42,
viz: 57 18/100 per cent. of the gross earnings.
|
| The report and tables are
referred to for other valuable information. |
| They also publish herewith,
the report of A. Fink, Superintendent of Machinery and Road
Department, with various tables, exhibiting in detail the expenditures
for the ten months under appropriate heads, with a revised estimate of
the cost of fully completing the Main Stem and Lebanon Branch, and an
estimate of the cost of completing the Memphis Branch. This Report is
referred to for the detailed information it affords, and the
comparison of the ten months' expenditures with those of the preceding
year, under the same head. |
| The expenditures in
constructing the Main Stem, have been as follows: |
| The first and second year's expenditures, to the
1st October, 1853, were |
$115,861.85 |
| There are no reports on file in the office, for
the two succeeding years |
|
| The fifth year's report to the 1st October, 1856 |
1,467,260.26 |
| "
sixth
"
"
"
"
1857 |
2,289,150.19 |
| " seventh
"
"
"
" 1858 |
3,834,980.07 |
| " eighth
"
"
"
" 1859 |
6,127,292.15 |
| "
ninth
"
"
"
" 1860 |
6,674,248.53 |
| "
tenth
"
"
"
" 1861 |
6,609,056.70 |
|
| The net earnings of the Road,
up to the 1st of January, 1860, were credited to interest and
discount, and interest and discount charged to construction; and since
that date, the interest on the debt the Company owes has been paid out
of the net earnings, and the surplus has been credited to interest and
discount. The total amount so credited is $660,899.37, leaving the
whole cost of the Road on the 1st July, 1861, 6,609,056.70. |
| It will be seen by reference
to the Secretary's consolidated statement, that the stock and stock
liabilities of the Main Stem, and Lebanon and Memphis Branches, to the
1st of July, is $5,631,469.65; and the bonded debt, $3,260,500.00; and
floating debt $348,076.24. Total cost of Road and Branches, to date,
$8,695,332.22; Resources, $586,651.91. |
| A. Fink's estimate for fully
completing the Main Stem and both Branches, is $806,185.85. |
| By the annual report to 1st
October, 1860, there had been expended on the construction of the Main
Line, including equipment, the sum of $6,674,248.53; on the Lebanon
Branch, without equipment, the sum of $1,007,736.13; and on the
Memphis Branch, and equipment, the sum of $848,733.49. |
| The sum expended on the Main Line since 1st
October, 1860, and interest on Co. St'k Bonds, payable in St'k,
is |
$155,349.54 |
| On the Lebanon Branch |
19,962.16 |
| "
Memphis Branch |
209,843.74 |
| Making in all the sum of |
$385,155.44 |
|
| It will be seen that there is
a discrepancy between the Secretary's Report of construction account
of Main Line, and Memphis Branch, differing from above statement of
expenditures, as the construction account of Main Line has been
credited with its net earnings for the ten months ending first of July
last, the sum of $220,541.37, and the Memphis Branch $11,555.02; the
two latter sums being excess of earnings over operating expenses and
interest. |
| The floating debt of Main
Line and Branches first of October, 1860, was $661,269.53, and per
Secretary's statement No. 4, was on the first July, 1861, $348,076.24,
showing a reduction in ten months of $313,193.29. |
| The equipment of the road
with motive power and rolling stock is not sufficient for a first
class road with an extended and increasing business, which in
prosperous times may be reasonably expected; nor is the road fully
completed as a first class one should be. |
| The earnings of the road have
been relied upon to furnish the means of paying interest, the floating
debt, additional equipment, and its full completion according to the
estimates. During the ten months the road has been gradually improving
in condition, and has the motive power and rolling stock, and the
portion of the earnings required for the operating expenses
considerably reduced, giving promise of a still further reduction as
the road progresses to full completion. |
| It is believed, when the road
is well and permanently ditched, and a dry road-bed secured, with a
full ballast, the culverts made permanent with stone arched culverts,
and the wooden bridges reconstructed with iron trusses, that the annual
expenses of repairs will be greatly reduced, and that there will be
greater security in the transportation of passengers and freight. |
| It is true, certain items of
repair will be increased in the future, particularly for cross-ties,
and for new rails, and repair of rails; but other items will be
diminished, viz., the repair and keeping dry the road-bed, the repair
of bridges and culverts, and also the repair of motive power and
rolling stock. |
| The President and Directors
have reason to be satisfied with the management of the Transportation
Department, under the superintendence of J. B. Anderson, Esq., and of
the Machinery and Road Department, under the superintendence of A.
Fink, Esq., and return to them and the employees under them, their
sincere thanks for the able and efficient services in the operation of
the road, and economy of management, under the difficult and
embarrassing circumstances they have encountered. |
| Very respectfully, yours, |
| James Gutherie |
| President |
|