General Balance Sheet, East Tennessee, Virginia and Georgia Ry. Co., June 30, 1888. The item "Stocks and Bonds Owned" consists of the following securities: Memphis and Charleston RR. stock, $2,656,525; Knoxville and Ohio RR. stock, $767,000; Kentucky Central RR. stock, $51,000; Covington and Cincinnati Bridge Co. stock, $100,000; Western Union Telegraph Co. stock, $1,750; E. Tenn., Va. & Ga. Ry. Extension Bonds, $100,000: E. Tenn., Va. & Ga. Ry. 1st pref. stock, $178,915.67; E. Tenn., Va. & Ga. Ry. 2d. pref. stock, $350,000; State of Tennessee Bonds, $2,000; Memphis City Bonds, $1,000-total, $4,208,190.67. The authorized issue of consolidated mortgage bonds is $20,000,000, of which $7,230,000 are reserved for the retirement of the prior liens. They are 5 per cent. 70-year gold bonds, due November 1, 1956, interest payable May and November. They are secured on the entire property of the company, including its interest in the Knoxville and Ohio and the Memphis and Charleston RRs, subject to prior liens. The first extension mortgage bonds are for $1,000 each. Authorized issue, $1,000,000. This mortgage was executed in accordance with a resolution of the board of directors authorizing the construction of a line of road from a point on the S., R. & D. Div. near Brierfield through the Cahaba coal-fields to a connection with the Georgia Pacific road at Birmingham, a line from Emory Gap to South Pittsburgh and Chattanooga, and the purchase of the Walden's Ridge RR. For the latter purpose the outstanding bonds were issued. Since the close of the fiscal year the company has made an issue of equipment and improvement 5 per cent. gold bonds, dated September 1, 1888, due September 1, 1938, interest payable March and September, the proceeds to be applied to the purchase of additional equipment and to the general improvement and betterment of the property. The authorized issue is $6,000,000, of which $3,500,000 have been issued. Further amounts can only be issued to meet necessary improvements and equipment. The bonds are for $1,000 each and are a second mortgage on the company's property. Trustee, Central Trust Company, New York. RAILROADS CONTROLLED BY THE EAST TENNESSEE, VIRGINia and GeorgIA RY. Co. KNOXVILLE AND OHIO RAILROAD.-Knoxville, Tenn., to Jellico, Tenn., 85,3 miles; branch from Coal Creek to Coal Mines, 1 mile-total, 66.3 miles. Sidings, etc., 11.30 miles. Chartered February 25, 1856, as the Knoxville and Kentucky RR. Co., with authority to build a line from Knoxville to the Kentucky State Line. The State granted liberal aid to this enterprise. In the fall of 1860 the construction of the road was begun, and early in the following year 10 miles of it were completed. From that time forward the progress was slow. In 1866 an additional section of 23 miles was opened, and in 1869 it was completed to Careyville, a distance of 39.19 miles from Knoxville. The aid voted by the State up to this time amounted to $2,250,000 in bonds, the proceeds of which, as well as subscriptions to its capital stock, had been expended in construction. The company failing to pay the interest on the State bonds, the Legislature in 1871 ordered its sale, and in October of that year it was purchased by a corporation organized for that purpose under the existing name. In 1881 it went under the control of the East Tennessee, Virginia and Georgia RR. Co. For its subsequent history see MANUAL for 1886, page 126. Since the close of the fiscal year this road has been leased to the East Tennessee, Virginia and Georgia Ry. Co. for 99 years, the lessee guaranteeing principal and interest of the bonds. Equipment owned :-Engines (freight), 5: cars-box, 2; flat, 21; coal, 30; maintenance of way, 4-total cars, 57. Balance of equipment is furnished by E. T., Va. & Ga. Ry. Co., lessee. Earnings, expenses and payments for year ending June 30: Net earnings, 1888, as above, $187,407.41. Payments: Interest on bonds, $120,000; construction and equipment, $518.91; taxes, $265-total, $120,783.91. Balance, surplus, $66,623.50. Financial Statement, June 30, 1888.-Capital stock, $1,122,200; bonds, $2,000,000; sundries, $282.45-total liabilities, $3,122,482.45. Contra: Cost of road and equipment, $2,826,031.04; stocks and other investments, $19,330.73; all other assets, to balance, including profit and loss account, $277,120.68. Funded debt consists of 1st mortgage 6 per cent. 40-year gold bonds, due July 1, 1925, interest payable January and July in New York City. E. J. SANFORD, President, Knoxville, Tenn.; John A. Rutherford, Vice-President, New York, N. Y.; J. N. Mitchell, Treasurer, Knoxville, Tenn.; L. M. Schwan, Secretary, New York, N. Y. MOBILE AND BIRMINGHAM RAILWAY.-Completed] from Mobile, Ala., to a connection with the East Tennessee, Virginia and Georgia Ry. system at Selma, Ala., a distance of 150 miles. Sidings, 8.5 miles. Gauge, 4 ft. 9 in. Rail, 60 lbs. Chartered February 17, 1885, as Mobile and West Alabama Ry. Co., and acquired the Mobile and Alabama Grand Trunk Ry., which has been entirely rebuilt. The name of the company was changed to Mobile and Birmingham Ry. Co. January 27, 1887. Stocks and bonds are authorized to the amount of $20,000 of each issue per mile. In March, 1887, a majority of the stock was purchased by the East Tennessee, Virginia and Georgia Ry. Co., and the road is operated by that company. Rolling Stock, June 30, 1888. -Locomotive engines, 9. Cars-pas-enger, 1; baggage, mail and express, 1; freight (box, 7; coal, 87), 94; service, 40-total cars, 136. Gross earnings for year ending June 30, 1888, 346,196.69. Operating expenses, $51,583.03. Deficit from operations, $5,386.34. Capital stock (par, $100 per share), $3,000,000; funded debt, first mortgage 5 per cent. 50-year gold bonds, due February 1, 1937, interest payable February and August, $3,000,000. Cost of road and equipment, $2,938,592.13. The bonds are guaranteed principal and interest by the East Tennessee, Virginia and Georgia Ry. Co. They are $1,000 coupon bonds, with privilege of registration. Trustee, Central Trust Co., New York. T. G. BUSH, President, Mobile, Ala.; Edward R. Bacon, Vice-President, New York, N. Y.; Frank Walsh, Secretary, New York, N. Y. Board of Directors, E. T., Va. & Ga. Ry. Co., elected November 21, 1888. Representing the First Preferred Shareholders.. Representing the Second Preferred and Ordinary Share holders. .New York, N. Y. Acting Treas.-J. N. Mitchell. .Knoxville, Tenn. Auditor-William Hawn... PRINCIPAL OFFICE AND ADDRESS. New York Office.... Sec. & Asst. Treas.-L. M. Schwan...New York, N. Y. ...... .Knoxville, Tenn. ..10 Wall Street. HODGENVILLE AND ELIZABETHTOWN RAILWAY COMPANY. Line of Road.-Hodgenville, Ky., to Elizabethtown, Ky..... Sidings, about 1 mile. Gauge, 4 ft. 9 in. Rail (steel), 50 and 56 lbs. .11.1 miles. History.-Chartered April 8, 1884; road opened in March, 1888. Connects at Elizabeth town with the Chesapeake, Ohio and Southwestern RR. Rolling Stock.-Locomotive engine, 1. Cars-passenger, 1; baggage, etc., 1; freight (box, 3; stock, 2; platform, 4), 9-total cars, 11. Operations.-Not reported. Financial Statement.-Capital stock, $120,000; funded debt (1st mortgage 5 per cent. 30-year bonds, due Aug. 1, 1917, interest payable February 1 and August 1), $150,000. Cost of road and equipment, $270,000. Annual meeting, first Tuesday in October. Interest payable at New York, N. Y. Trustee of bonds, D. M. Rodman. Directors.-A. V. Kennedy, Jacob Hubbard, Hodgenville, Ky.; John Echols, Thomas H. Hays, W. O. Harris, J. L. Frazier, Thomas W. Bullitt, Louisville, Ky. KENTUCKY AND SOUTH ATLANTIC RAILWAY COMPANY. Line of Road.—Mount Sterling, Ky., to Rothwells, Ky............. Sidings, etc., 3.25 miles. Gauge, 3 ft. Rail (steel, 5 miles), 35 lbs. .19.8 miles. History.-Chartered as Mt. Sterling RR. Co. February 13, 1874; road opened in August, 1876. In February, 1881, the present name was adopted. Receiver appointed in December, 1885, on application of the mortgage trustees. Controlled and operated by the Coal Road Construction Co., chartered February, 1878, and whose directors and officers are practically the same as those of the railroad company. Rolling Stock.-Locomotive engines, 3. Cars-passenger, 2; baggage, etc., 1; freight (box, 5; platform, 25; coal, 17), 47-total, 50. Operations for year ending December 31, 1885.-Trains run, 23,000 miles. Earningspassenger, $2,732.25; freight, $11,582.88; mail, etc., $1,006.71-total, $15,321.84. Expenses-maintenance of way, $3,084.19; motive power, $4,172.53; transportation, $3,310.17; miscellaneous, $5,096.93-total, $15,663.72. Deficit, $341.88. Other payments not reported. Financial Statement, December 31, 1884 (latest furnished).—Capital stock, $81,500; funded debt, $124,000; bills payable, $7,419.92; current accounts, $30,004.74; other liabili ties, $71,213.12; unpaid coupons, $5,960-total liabilities, $320,097.78. Contra: Cost of road and equipment, $303,808.86; real estate, $6,391.54; cash, cash assets, etc., $4,554.48 ; profit and loss, $5,342.90. Funded debt consists of 1st mortgage 8 per cent. 20-year bonds, due November, 1899, interest May and November, $40,000; 2d mortgage 8 per cent. 10-year bonds, due December, 1880, interest June and December, $34,000, and general mortgage 6 per cent. 30-year bonds, due June 1, 1912, interest June and December (authorized, $3,000,000), $50,000. Directors (elected January 11, 1882).-E. Zimmerman, Cincinnati, O.; C. W. West, Cynthiana, Ky.; F. H. Davis, James B. Howes, George Howes, New York, N. Y.; J. M. Kelly, George B. Harper, Mount Sterling, Ky. GEORGE B. HARPER, Receiver.... E. ZIMMERMAN, President and Treasurer. Vice-President & Secretary-C. W. West, Cynthiana, Ky. | Auditor-J. M. Kelly.. .Mt. Sterling, Ky. . Cincinnati, O. KENTUCKY CENTRAL RAILWAY COMPANY. Main Line of Road.-Covington, Ky., to Livingston, Ky. Less part of Richmond Branch used for main line... Maysville Branch: Maysville to Paris Lexington Branch: Paris to Lexington.. Richmond Branch: Richmond to Rowland .153.95 2.54-151.41 miles. 49.33 miles. 19.27 miles, 33.80 miles. .253.81 miles. Total (owned, 216.67 miles; leased, 37.14 miles) Sidings, 24.55 miles. Gauge, 4 ft. 9 in. Rail, 56 and 60 lbs. History. The Kentucky Central RR. was sold under foreclosure April 23, 1887, and the company reorganized in May, 1887, as the Kentucky Central Ry. Co., with a capital stock of $7,000,000, and with authority to issue $7,000,000 4 per cent. 1st mortgage gold bonds, exchangeable for the old K. C. RR. bonds at par. See MANUAL for 1888, page 688. The Maysville and Lexington (Northern Division) RR. is leased in perpetuity (and practically owned) at an annual rental of $28,000, being 7 per cent. interest on $400,000 bonds, due 1906. The Richmond Branch is leased for 99 years from January 1, 1884, at a rental of $24,000 per annum, with the privilege of purchasing at any time for $400,000. The company uses under a trackage contract 3.34 miles of the Knoxville Branch of the Louisville and Nashville RR., from Livingston to Roundstone Sinks, Ky. Rolling Stock, December 31, 1888.-Locomotive engines, 28. Cars-passenger, 30; baggage, mail and express, 10; freight (box, 520; platform, 145; stock, 84; refrigerator, 5; gondolas, 96; caboose, 13), 863; tool, 1; derrick, 2; boarding, 13; pay, 2—total cars, 921. Operations for year ending December 31, 1888.-Train mileage-passenger, 404,605; freight, 308,574; other, 255,849-total, 969,028 miles. Passengers carried, 581,238; carried one mile, 16,282,828; average milé rate, 2.314 cents. Tons freight moved, 511,643; moved one mile, 30,370,767; average ton-mile rate, 1.943 cents. Net earnings (46.63 per cent.), $483,624.30; add interest and exchange, $4,490.05-total available revenue, $488,114.35. Payments: Interest on bonds, $263,340; State and municipal taxes, $31,384.35; miscellaneous, $13,249.44; rental leased lines, $55,265.92-total, $363,239.71. Balance, surplus, $124,874.64; surplus from last year, $209,281.97-total surplus, as per general balance sheet, $334, 156.61. Gross Earnings per Mile.. 3,748 33 3,938 39 4,569 33 3.989 04 3.664 43 3,635 24 2.954 49 4.108 11 72.25 p. c. 60.29 p. c. 57.26 p. c. 65.46 p. c. 63.45 p. c. 63.91 p. c. 53.81 p. c. 53.37 p. c. Funded debt consists of first mortgage 4 per cent. 100-year $1,000 gold coupon bonds, with privilege of registration, due July 1, 1986, interest payable January and July at New York office, 23 Broad Street, New York City. Directors.-I. E. Gates, George Bliss, Samuel Thomas, Calvin S. Brice, New York, N. Y.; M. E. Ingalls, Elliott H. Pendleton, H. E. Huntington, Cincinnati, O. I. E. GATES, President. New York, N. Y. H. E. Huntington, Vice-Pres. and General Manager.. ...Cincinnati, O. PRINCIPAL OFFICE AND ADDRESS.. New York Office... 64 New York, N. Y. Cincinnati, O. .23 Broad Street, New York City. KENTUCKY UNION RAILWAY COMPANY. Main Line of Road as projected.-Lexington, Ky., to Jackson, Ky.. Completed: Winchester, Ky., to Graining Block, Ky..... Sidings, 5 miles. Gauge, 4 ft. 9 in. Rail (steel), 63 lbs. per yard. .120 miles. 37 miles. History.-Chartered in 1872. Ten miles of road built in spring of 1884, and constructive operations suspended till December of the same year. In September, 1885, the road and franchises, with 600,000 acres of timber and mineral lands, were sold to a syndicate for $800,000, the purchasers assuming the debt ($400,000) of the old company. Road opened from Kentucky Union Junction to Clay City, 14.7 miles, in spring of 1886. On November 30, 1886, the road was again sold at Lexington, Ky., to a syndicate of Louisville capitalists for $800,.000. On June 1, 1888, contracts were let for the construction of the line from Lexington, Ky., through Winchester, to Jackson, Breathitt Co., Ky., a distance of about 100 miles, including 14.7 miles already built. Work has begun, and the road is to be completed between Lexington and Breathitt Co. line by October 1, 1889, and the remainder of the work to Jackson by August 1, 1890. These are the contract terms; but the work has been rapidly pushed forward, and it is expected that the line from Lexington to Jackson will be completed by January 1, 1890. Rolling Stock.-Locomotive engines, 7. Cars-passenger, 7; freight, 125. Financial Statement.-Capital stock authorized, $5,000,000-par value, $100. Bonds authorized, $3,000,000. Annual meeting in December. Trustee of bonds, Central Trust Co., New York, N. Y. Directors.-F. D. Carley, St. John Boyle, A. P. Humphrey, L. T. Rosengarten, W. R. Belknap, Geo. M. Davie, J. M. Atherton, Louisville, Ky.; H. C. McDowell, C. H. Stoll, Lexington, Ky. F. D. CARLEY, President.... H. C. MCDOWELL, Vice-President. .Louisville, Ky. Secretary & Treas.-L. T. Rosengarten..Louisville, Ky. | General Manager-Geo. Dole Wadley...Lexington, Ky. PRINCIPAL OFFICE AND ADDRESS ...Louisville, Ky. KNOXVILLE AND AUGUSTA RAILROAD COMPANY. Line of Road.-Knoxville, Tenn., to Maryville, Tenn...... Sidings and other tracks, 5 miles. Gauge, 4 ft. 9 in. Rail, 56 lbs. .16.82 miles. History.-Chartered in 1850 as Knoxville and Charleston RR. Co.; road opened in 1867. Built mainly with State loans, on which default was made, and the road sold in 1871. Again sold May 1, 1879. Present company organized in October, 1879. This line is controlled by |