Report Volume 53-54

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1880 Excerpt: ...on Septembers. 1880, the defendant railroad company answered the bill, and on September 18, the Railroad Commissioners filed a demurrer thereto. On December 6, 18S0. the complainant filed an amendment to bis bill, in which he averred that, estimating the stock of the defendant company at 2 000,000, and taking into account the mortgage lien, subject to which it was bought, and which amounted to 12,710,000, the entire cost of the railroad and other property were only $14,000 per mile. That the gross receipts of the Atlantic and Gulf Railroad Company for the last eight years, under a schedule substantially higher than that adopted by the Savannah, Florida and Wefctern were $983,792. That the average interest charges and expenses of the latter company amount to $8fi7,2i2, leaving a surplus of only $116,680 applicable to dividends and sinking fund, and that allowing a dividend of 7 per cent, on the stock, the net receipts would fall short $23,550 per annum. That the receipts of the defendant railroad company, under the schedule promulgated by the Railroad Commissioners would fail to pay the running expenses, the annual Interest on prior liens, subject to which the railroad was sold, by nearly fifty thousand dollars pernnnm, and the said amendment charges that the schedule promulgated by said Commissioners is not reasonable or Just. On December 22, 23 and 24,1880, the case was heard upon a motion for an Injunction pendente lite In accordance with the prayer of the bill. Upon this motion, the affidavits of John Scriven, lately one of the receivers of the Atlantic and Gulf Railroad Company; of W. S. Chlssholm, Vice-President; II. S. Haines, General Manager, and W. P. Hardee, Treasurer of the Savannah, Florida and Western Railroad Company, and of C. H. Pblnlzy, Pres...