"City and County of New York:-Jay Gould, being sworn, says that he is the president of the Erie, that the foregoing account is just and true, to the best of his knowledge, information, and belief; and further says that all the amounts charged in the said account as expenses were actually paid out during the year 1868 for the purposes therein mentioned, to the best of his knowledge, information, and belief.” “JAY GOULD." "Sworn to before me this 10th day of January, 1871.-JOHN H. CONUR, NotaryPublic." The New York Times observes in relation to the statement:-"If the published statement of the earnings and expenses of the Erie in 1868 is correct, that corporation runs deeper and deeper into debt. The income is set down at $14,414,653, to outgo $16,519,104, showing a deficiency of $2,104,451, which was of course made up by adding a little more water to the stock or the bonds. Though the holders of preferred shares did not receive a dividend, and the holders of all the shares had the mortification of seeing their property made the prey of sharpers, the lawyers all got their fees. And the aggregate was not small. Nearly $330.000 was expended upon lawyers, of whom a perfect host seem to have been retained in the company's service. When it is considered that the greater part of this $330,000 worth of law was used adversely to the interest of the stockholders, and to strengthen and enrich their worst enemies, the outlay seems without excuse. Another item, not more satisfactory, is 'interest on notes given for current expenses and supplies,' amounting to $263,792. If this is interest only, what must be the principal? The whole statements suggests the necessity for much explanation. When the books of the company pass into honest hands and pass they will some day-what revelations there will be." Offices-60, Threadneedle Street, London, E.C. 467.-ILLINOIS CENTRAL. Chartered on 10th February, 1851, with authority to construct a railroad from La Salle (at which point the Illinois and Michigan Canal has its South Western terminus) northwardly to the Missisippi River, opposite Dubuque, Iowa, and southward to Cairo, at the confluence of the Ohio with the Missisippi; and also a branch from this main line to Chicago, and another via Galena to Dubuque, Iowa. The capital was fixed at $1,000,000, with power to increase to an amount equal to the money expended in the construction of the road and appurtenances. The company was authorised to establish its own rates of toll. The Act of incorporation also surrendered to the company all the property acquired by the State of Illinois in the course of the previous efforts made by it to construct a railroad between the same points; and all the lands donated by the United States Government under the Act of Congress, approved 20th September, 1850. The main line extends through the whole length of the State north and south; the branch leaves the main line at Centralia, and extends to Chicago, representing 706 miles of railway, 105 miles of sidings and double track, of 170 engines and 3,975 cars. The machine shops are well furnished; the facilities for building locomotives and cars are ample. A large outlay has been made at Chicago and Cairo for depôt and station accommodations. Two-thirds of the structures on the road are of iron or masonry-the cost of the property stands upon the books at $50,000 per mile, and besides the income from the railway there will be for many years a large revenue from land. The company have the right, by paying an annual rent, to run freight trains over the Peoria road, which connects the main line with the Chicago branch. The company have also leased the Dubuque and Sioux City R.R., assuming, however, no liability thereby beyond that of paying a share of the gross income. The first debt which matures is not due till 1875. REVENUE. The gross earnings for the year 1869 were $8,823,482, the working expenses $4,924,594, the State taxes, $479,358, and the rent of leased lines in Iowa $532,154, leaving the net earnings $2,887,375, against $2,414,984 in the year 1868, being an increase of $472,391, or 19 per cent. The per centage of expenses to earnings, including State taxes, was 614 per cent., against 64:37 per cent. in 1868. The leased lines left a profit of 154,619. The harvest had been ample in Iowa, and the company had found profitable employment there for all the motive power and rolling stock they had been able to spare from the line in Illinois. The Iowa line had been worked successfully; the great benefit resulting had been found in the increase of traffic upon the line in Illinois north of Mendota. The amount paid for dividends, including Government tax, during the year was $2,660,247, and $645,436 for interest of funded debt and sterling exchange, leaving a balance of $1,691,280 in cash assets. The company held a stock of working supplies costing $764,227, and a fund of $519,500 set aside for the purchase of construction bonds in the hands of trustees in anticipation of collections. There were 85.860 acres of land sold to 1,521 purchasers for $899,349, being an average of 1048 per acre, and of 56 acres to each purchaser. Up to the close of the year 1,356,830 acres of the original grant of land had been deeded to purchasers. The amount owing to the company for lands sold was $4,492,352, the number of acres unsold on 31st December, 1869, being 457,779. The collections during the year in the land department amounted to $2,551,718. The following is the November statement of the company : Ex-officio Director-His Excellency JOHN M. PALMER, Governor of Illinois. Wm. Tracy, Esq. Abram S. Hewitt, Esq. John M. Douglas, Esq. R. D. Wolterbeek, Esq. Trustees: Morris Ketchum, S. D. Lockwood, John M. Palmer. 392 LAKE SHORE AND MICHIGAN SOUTHERN-LOUISVILLE, ETC. OFFICERS.-President, John M. Douglas; Treasurer, T. E. Walker; Secretary, L. A. Catlin; General Supt., Marvin Hughitt; Division Supts., John C. Jacobs and J. D. Herkimer; Supt. of Machinery, F. J. Heys; Chief Eng., L. H. Clarke; Local Treasurer, W. K. Ackerman; Auditor, William Vernon; Gen. Freight Agent, Robert Forsyth; Gen. Ticket Agent, W. P. Johnson; Land Dep., John B. Calhoun, Commissioner; Cashier, J. M. Redmond; Trustees' Clerk and Secretary, P. Daggy. London Agents, R. Benson and Co., 10, King's Arms Yard, City, E.C.; London Bankers, Consolidated Bank, and Glyn, Mills, Currie, & Co., 67, Lombard Street, E. C. Offices-New York. 468,-LAKE SHORE AND MICHIGAN SOUTHERN. Within the year 1869 the Lake Shore and Michigan Southern as it now exists was formed by no less than four consolidations. In the first place the Cleveland and Toledo and the Cleveland and Erie were consolidated. Then these were consolidated with the Michigan Southern and Northern Indiana, after which the line was completed to Buffalo by a consolidation with the Buffalo and Erie. Some time later what is now known as the Kalamazoo Division-the road from White Pigeon northward through Kalamazoo and Allegan to Grand Rapids-was added. Accounts on the different roads of the combination were kept in various ways, and it has been found difficult to present regular and uniform statements of the business of the road for the whole year. Under these circumstances it has been determined not to publish an annual report for the year 1869. At the annual meeting in May, the following statement of earnings and expenses were given : The disbursements have been, for interest on funded debt and dividends of June and December, each 4 per cent. respectively, and taxes.......... 4,317,698 469-LOUISVILLE, CINCINNATI, AND LEXINGTON. Length, 173 miles. The receipts for three years ending 30th June have been as follow: The consolidation of the Louisville and Frankfort and Lexington and Frankfort into the Louisville Cincinnati and Lexington has been fully ratified and confirmed by an Act of the General Assembly, approved February 9th, 1870. CAPITAL-The general account to 30th June, 1870, furnished the subjoined particulars of income and expenditure: 470.-LOUISVILLE AND NASHVILLE. A main line with branches in Kentucky, 420 miles in length. The following is a statement of the earnings for the year ending 30th June, 1870: Balance to credit June 30th, 1870 .$2,340,944 Discount on $5,104,000 consolidated mortgage bonds ............... 719,421 260,460 347,236 2,272,155 .$748,976 The following is a comparative statement of the earnings, expenses, and net earnings during the past and preceding years:Gross earnings....... Operating expenses........................................................................................................................................ 1869. 1,349,461 .$1,031,676 1870. $2,954,658 1,812,525 $1,142,133 This shows an increase in gross earnings of $573,520, in expenses of $463,063, and in net earnings of $110,456. Included in the operating expenses is the sum of $141,649 expended in the improvements. Deducting these expenditures the operating expenses proper were $1,670,876, and the net earnings $1,283,782, or 434 per cent. CAPITAL.-The consolidated statement to 30th June, 1870, furnishes the subjoined particulars: Total cost of road Main stem and branches...... Lebanon branch extension south of Lebanon .$10,900,675 3,050,028 $13,960,704 471.-MARIETTA AND CINCINNATI. Length, 283 miles. The relations of the Baltimore and Ohio, through the Marietta and Cincinnati, under the contract which has been recently made with the Cincinnati, Indianapolis and Lafayette, are proving of a highly interesting character. That road and its branches pass through Hamilton county, Ohio, Ripley, Decatur, Shelby, Dearborn, Johnson, Marion, Boone, Clinton, Tippecanoe, Franklin, Wayne, and Henry counties in Indiana, all of which are populous and fertile, and afford a heavy and growing traffic. 472.-MEMPHIS AND CHARLESTON. This road is 272 miles in length, commencing at Memphis, and running thence, via Moscow and Grand Junction in Tennessee, Corinth, Missisippi, Tuscumbia, Decatur, and Huntsville, Alabama, to Stevenson, where it connects with the Nashville and Chattanooga, and through that road with the Western and Atlantic and East Tennessee and Georgia roads. At Memphis it connects with the Memphis and Ohio and Mi-sisippi and Tennessee, at Moscow with the Somerville branch, at Grand Junction with the Missisippi Central, at Corinth with the Mobile and Ohio, at Tuscumbia with the branch to Florence, and at Decatur with the Nashville and Decatur. The earnings for the years ending 30th June, 1868, 1869, and 1970, have been as follow: Passengers... 1868. $589,8.4 1869. $600,544 1870. $818.903 Freight.......... 638,658 34,373 77,543 69,710 57,154 $1,174,914 $1,182,759 $1,549,090 $303,129 241.257 366,750 Maintenance of way. 206,610 Maintenance of cars. 82,533 830,107 Net earnings .$344,806 $401,212 $468,660 From the expenses of 1870 should be deducted the sum of $70,157 for extraordinary expenditures, charged to operating by resolution of the stockholders, which, while they add to the permanent value of the property, cannot be charged to the proper accounts, as heretofore, the construction and equipment account being closed. Deducting this sum, the actual operating expenses were $1,010,271, an increase over the previous year of $228,725, which deducted from the increase in earnings, $366,381, left a net increase over 1869 of $137,605. A comparison of receipts and expenses per mile of road operated in 1869 and 1870, exhibits the following result: |