$690,924 The receipts from operations of the Dayton and Michigan during the year were $1,062,881, and the expenditures $1,042,338, leaving a balance of $20,543, which deducted from amount ($107,148) que lessees March 31st, 1869, left a balance due Cincinnati Hamilton and Dayton, March 31st, 1870, of $86,605. The receipts from operations of the Cincinnati Richmond and Chicago during the year were $105,751, and the expenditures $193,584, leaving a balance due Cincinnati Hamilton and Dayton, of $17,832. CAPITAL.-The condensed balance sheet to 31st March, 1870, furnished the subjoined particulars of income and expenditure: 462.-CINCINNATI, RICHMOND, AND CHICAGO. Length, 42 miles. The income of this company for the fiscal year ending 31st March, 1870, was as follow: CAPITAL. The balance sheet to 31st March, 1870, furnished the subjoined particulars of income and expenditure: $1,029,994 386 CINCINNATI, SANDUSKY, AND CLEVELAND-DETROIT, ETC. 463.-CINCINNATI, SANDUSKY, AND CLEVELAND. Length, 155 miles. The gross earnings for the years ending 30th June, 1869 and 1870, were as follow: 1869. $479,779 1870. $498,186 229,054 241,508 21,300 17,599 40,394 28,696 21,145 20,518 Miscellaneous 3,795 3,965 Balance $55,252 4,889 Add avails of assessments on Cincinnati, Dayton, and Eastern stock Leaving a balance of $60,142 which was expended towards paying liabilities for new work and reconstruction expenses due at commencement of fiscal year. During the year an important arrangement has been concluded, being ratified by a large vote of stockholders, for the completion of the road between Springfield and Columbus, Ohio, and for its perpetual lease to this company. The road is to be completed by September 1st, 1871, and it is anticipated that it will bring a large increase of business to main line. This company will then have the best and most attractive route between Cincinnati and Columbus, offering to the tourist, or mercantile traveller, the inducements of such cities as Springfield, Dayton, Middletown, and Hamilton, and traversing the most beautiful farming country in Ohio. CAPITAL.-The condensed balance sheet to 30th June, 1870, furnished the subjoined detail of income and expenditure: 464. DETROIT AND MILWAUKEE. This company, in the prosperity of which the shareholders of the Great Western of Canada are interested, was incorporated by various Acts of the State of Michigan, from 1834 to 1860. The line, 189 miles long, extends from the city of Detroit (opposite the western terminus of the Canadian Great Western line) to the city and port of Grand Haven, on the eastern shore of Lake Michigan, and thence by its ferry boats to Milwaukee, on the western shore, where it connects with all the lines of the Far West. The property having passed into the hands of its bondholders under a foreclosure of mortgage, in October, 1860, the surplus receipts were then used by order of the Court of Chancery, for the liquidation of the floating debt, which was thus paid off, and since May, 1864, the company have regularly paid their bond interest. The share capital, ordinary and preference, is $2,547,350, and the mortgage debt $6,925,048. The receipts and expenditure for the half-year ended 30th June, 1870, have been as follow: EAST TENNESSEE, VIRGINIA, AND GEORGIA-ERIE. 387 Which is sufficient to meet the interest on the ordinary bonds, but not of payment of dividend on the preference shares held by the Great Western of Canada. New lines recently opened in the State of Michigan have considerably interfered with the local traffic of the Detroit and Milwaukee. A special through route has been organised in connection with the Great Western of Canada, by which grain in bulk and other freight is transported from Grand Haven to the Atlantic seaboard, without change of cars or intermediate handling. This company is also included in the arrangement entered into between the Great Western of Canada and the Michigan Central, for the particulars of which, see Addenda. 465.-EAST TENNESSEE. VIRGINIA, AND GEORGIA. This railroad is formed by the consolidation of the East Tennessee and Virginia, extending from Bristol (State Line) to Knoxville, Tennessee, 130 miles, and the East Tennessee and Georgia from Knoxville, Tennessee, to Dalton, Georgia, 112 miles-making, with the branch from Cleveland, Tennessee, to Dalton, Georgia (28 miles), a total length of 270 miles. The consolidation of these companies was effected by a unanimous vote of the shareholders on the 29th November, 1869; but as the fiscal year of the company terminated on the 30th June, it was thought advisable to condense and give the consolidated earnings of the two properties, commencing on the 1st July, 1869, and ending on the 30th June, 1870. Adopting that system of reporting, the gross earnings of the past compared with those of the preceding year were $1,271,863, in comparison with $1,053,731. The expenses for the year ending 30th June, 1870, amounted to $863,064, leaving a balance of $415,799, which was applied in reducing the State loans mentioned in the capital account. CAPITAL. The balance sheet to 30th June, 1870, showed that this account to that date was constituted as under: Length, 797 miles. On the 1st January, 1862, the whole property, which formerly belonged to the New York and Erie, and its management, passed from the hands of the Supreme Court into the possession of this company, and came under the control of officers appointed by the board of directors. The company owes no floating debt, and its property consists of The branch roads leased and operated by the company are: Buffalo division, Corning to Buffalo............................................................................ 140 Canadaigua and Elmira Hawley branch, just completed 18 66 16=240 The Warwick Valley road, 10 miles long, is operated by the company, but not leased, so that the whole number of miles operated is 807. There are on the main line and branches owned by the company 190 miles of double track, and 130 miles of sidings, and on the leased roads 19 miles of double track and sidings, making the entire length of track equal to 1,137 miles of single track. The following is a statement, so far as it can be relied upon, of the gross and net earnings for eight years : COLUMBUS, CHICAGO, AND INDIANA.-This line has been leased by the Erie, which system provides, in connection with the Atlantic and Great Western and the Erie. the shortest route, with only one exception, between Chicago and New York. Philadelphia, and Baltimore; while it gives the shortest route between St. Louis, Louisville, and Indianapolis, and the principal cities on the Atlantic Coast. It also provides the shortest route between Chicago, Indianapolis, and Louisville, thus securing an enormous amount of traffic between the Central State of Kentucky, and the Lake Michigan, and the whole Lake navigation. By the terms of an agreement entered into with adjoining lines, all the traffic between Chicago and Cincinnati, previously divided at competing rates between other lines, passes over the Columbas Chicago and Indiana, the distance being 44 miles shorter than any other route. means of its connection with the Missouri roads, and through them with the Kansas branch of the Union Pacific, and roads leading west from Chicago, with the Omaha branch of the Pacific roads, the largest portion of the traffic of the Great Pacific road will be secured for the United System. The lease of the Columbus Chicago and Indianapolis is in perpetuity, and the terms upon which the property has been secured are highly favourable to the Erie. By ATLANTIC AND GREAT WESTERN.-This line has also been leased by the Erie from the shareholders in the former company, but no explanation of affairs has been furnished to the bondholders. The rent remains unpaid, and all particulars of revenue are withheld. CAPITAL. The following statement of the stock, debt, and leasehold estates, was issued under the signature of Mr. Jay Gould, the president, and attested by Mr. H. N. Otis, secretary. The amount of common stock issued is $70,000,000, and the amount of common scrip none. The amount of preferred stock, including scrip, $8.536,910 The amount of mortgaged debt (7 per cent.) authorised and issued is as follows:Mortgage......$3,000,000, extended May, 1867............due 1897. 4,000,000, date of issue March 1, 1849.. 1879. 6,000,000, do. March 15, 1853 1883. October, 1857.. 1880. June 1, 1859 1888. July 1, 1861..... 1891. First do. Third do. Fourth do. ...... 4,441,000, do. Fifth do. Buffalo branch do. 926,500, do. do. The amount of sterling bonds 1,000,000l., equivalent to $4,844,400, date of issue September 1, 1865, due 1875. Under a statute of the State, the mortgage debt is convertible into stock only within ten years from the date of issue. The ten years have expired on all but the sterling loan. There is no leased road that can be converted into the stock of this company, except in compliance with the rules of the Stock Exchange, by giving thirty days' notice, nor will any increase be made in any form except in compliance with aforesaid rule. From this statement it appears that the nominal par value of the outstanding obligations of the company was as follows: Mortgage debt............................................................................ $23,397,300 Preferred stock............ 8,536,910 At a recent investigation of affairs before a referee, a statement of expenses during 1868 was at last obtained, which gives bondholders somewhat of an idea how Messrs. Gould and James Fisk dispose of the funds. It is a document which must interest not only the unfortunate bondholders, but all railway men throughout Great Britain: Statement of the Earnings and Current Expenses of the Erie for the Calendar Year 1868. EARNINGS. Gross earnings, from all sources, from January 1st to December 31st, 1868, including receipts from leased lines...... $14,414,653 197,169 735,185 |