MEMPHIS AND CHARLESTON. 395 REVENUE.-The receipts and disbursements for the fiscal year ending 30th June, 1870, were as follow Received. Cash on hand 30th June, 1869... $66,040 Road expenses for year ending Expended. 30th June, 1870 $1,080,429 113,541 160,510 3,560 account.... 2,532 United States-decrease of ac taxes for year ending 30th 20,185 Suspense account for year end- 16,162 Loan of banks and bankers...... Increase of amount due on coupons... Increase of United States taxes due........... Increase of amount due railroads 195,430 Paid out on construction for year 1,125 Increase of materials for road... 5,412 agents 163,400 68,110 8,191 19.005 6,988 66,109 ... 63,298 5,351 CAPITAL.-The condensed balance sheet to 30th June, 1870, furnished the subjoined 473.-MICHIGAN CENTRAL. Length of road-Detroit to Chicago, 284-8 miles. Sidings, &c., 28'4 miles. Leased road-Joliet and Northern Indiana, 44.5 miles. Total length operated, 329. The earnings for the years ending 31st May, 1869 and 1870, were as follow:1869. Passengers ................................................................................... $1,795,836 1870. $1,914,921 2,755,200 2,634,438 Compared with the previous year the gross earnings show a decrease of $9,004, with an increase in expense of $126,971, making the decrease in net earnings $135,976. The earnings from passengers show an increase of $119,115, and the earnings from freight, a decrease of $120,761, with a decrease in miscellaneous of $7,358. Dividends, 10 per cent. GREAT WESTERN OF CANADA.-It was reported in July that the construction of a railroad from Glencoe, on the Great Western direct to Buffalo, will open a new and valuable connection east of the Michigan Central. Heretofore, the route to Buffalo has been circuitous, and has not yet been able to command through business. The opening of a direct line, which has now become a certainty, will enable this company to command a large traffic which tends to Buffalo, and especially in cattle and hogs. The arbitrary rates upon the New York Central placed upon this traffic, and the favours to it which it has been compelled to concede at Buffalo, where it meets the competition of the Erie, and which it has withheld at the Bridge, has driven this business to a great extent from the north shore line of roads. The construction of the new road, now made a necessity for the Great Western, will restore the advantages to the northern route and give it all the benefits of competition between the two New York roads at Buffalo, which the unwise action of the New York Central (as we deem it) has heretofore secured for the south shore line alone. The new road to Buffalo will be nearly an air line from Detroit, with easy grades, and trains can run over it with great speed, and it may be worked with great economy. It will be an important improvement in the great line of roads between the East and the West. CAPITAL.-The general account for the year ending 31st May, 1870, furnished the subjoined particulars of income and expenditure: MOBILE AND OHIO-NEW YORK CENTRAL. 474.-MOBILE AND OHIO, 397 Length, 486 miles. The earnings for the years ending 31st December, 1867, 1868, and 1869, have been as follow: Compared with the previous year the gross earnings show an increase of $264,685, with an increase in expenses of $104,976, making the increase in net earnings, $159,708. CAPITAL.-The financial condition of the company to 31st December, 1869, is exhibited in the annexed condensed balance sheet, being the latest published:Expended. Received. 475.-NEW YORK CENTRAL. The main line extends from Albany to Buffalo, a distance of 297 miles, and it has 258 miles of side or parallel branch lines. In the course of last year an amalgamation was effected with the Hudson River, the terms, in respect to proportions of capital, being as under:-"The capital stock of the new corporation to be now issued shall be $45,000,000, and the authorised number of shares of the said capital stock shall be 450,000. The amount or par of cach share shall be $100. 287,950 of said shares. shall be forthwith issued to the holders of the capital stock of said New York Central, on the surrender of their stock certificates, in exchange for the shares of stock of said company held by them, share for share, and 160,208 of said shares shall be also forthwith issued to the holders of the capital stock of the Hudson River, on the surrender of their stock certificates in exchange for the shares of stock of said company held by them, share for share. The said capital stock may at any time, at the option of the board of directors of the consolidated company, be increased to an amount sufficient to capitalise at par the interest certificates heretofore issued by the New York Central, under the resolution of the board of directors of said company, passed December 19th. 1868, and also the consolidation certificates authorised to be issued in pursuance of this agreement." The created capitals of the two companies were stated to be as under: Stock-New York Central Hudson River Total stock Scrip-80 per cent. New York Central scrip issued December, 1868, and 27 per cent. in scrip to be issued 85 per cent. scrip on the Hudson River Making a total, stock and scrip $28,900,000 16.100,000 $45,000,000 31,315.000 13,685,000 $90,000,000 The funded debt of the amalgamated companies stands at $15,000,000, the greater portion of which is raised at 6 per cent., and is extinguishable by a sinking fund. In arranging the consolidations, the relative value is to be taken for New York Central at 207, and Hudson River at 185. REVENUE.-The operations for the year ending 30th September, 1870, were as CAPITAL.-The stock and debts of the company are as follow: Stock Consolidated certificates Funded debt .... 6,863,241 168,975 60,000 111,183 .$22,363,319 -845,000,000 44,428,330 13,681,807 Floating debt........ 476.-NEW YORK AND NEWHAVEN. 1,167 A meeting of the stockholders was held at Newhaven on the 8th August, 1866, at which the directors were authorised to issue 10,000 shares of additional stock to be disposed of at the discretion of the directors. A resolution was passed giving each person who, on the 1st day of September, shall be a stockholder, the privilege of taking at par, one share for every five owned by him. A resolution authorising the directors to apply money received from the sale of additional stock to the payment of the 8912,000 7 per cent. bonds was also unanimously adopted. The income for the years ending 31st March, 1869 and 1870, have been as follow: Deduct taxes, interest, and loss operating canal road......... NEW YORK AND NEWHAVEN-NORTH CAROLINA. The dividends continue at the rate of 10 per cent. per annum. 399 CAPITAL.-The condensed balance sheet to 31st March, 1870, furnished the subjoined particulars: Length, 223 miles. The gross earnings for the years ending 31st May, 1869 and 1870, compare as follow: Excess of earnings In expenses, the word 1869. .... $196,187 1870. 401,110 470,083 393,128 466,649 $188,896 old" means interest on old debts and unadjusted claims not entered on the books previously to this fiscal year. The word "new" means current expenses. Of the above" old "in the fiscal year 1868-69, $41,145 is for interest, and $27,827 for other debts; and in 1869-70, $46,932 is for interest, and $26,587 for other debts. Excluding the "old" entries, the net earnings for 1868-69 would be $175,942; and for 1869-70, $262,416. Of the current expenditures for 1869-70, ($393,128), the following are regarded as extraordinary:-New railroad iron, chairs, and spikes, $53,450; buildings and bridges, $15,163; interest and discount, $47,742; incidentals, $2,908; rebuilding engines, $5,373; building cars, $9.367; total, $134,000-leaving the net operating expenses for the year $259,128; and the net earnings $396,416, an increase over the previous year of $80,596. CAPITAL-The financial condition of the company at 31st May, 1869 and 1870, is thus stated in the general ledger balances: Capital stock 1869. 1870. Loan 8 per cent. due March 1, 1867 95,000 64,500 |