The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1851-01-17
ANIMAL REPORT

at their meeting on Monday january 6th
1851.
The contract which existed at the time ol
the last yearly meeting Of the Stockholders
with Duff Green. for the construction OF the
road. was. BY agreement. surrendered oy
him on the 5th Of April last. the Company
agreeing to pay him the cs mates for work
&C., up to that date; out of which were L
be paid, first, the debts sue from said Greer
to his sub. contractors, for work. and which
debts we're by the agreement assumed BY thu
Company. and the balance, if any, 10 sale
Green. The debts thus assumed ~ the
COMPANY, 1T is sscertained, will fully cove'
the estimates ., said date. and they are now
paid, with the exception of two or three
small claims yet outstanding.
The written article snrrendering said con.
tract is filed in the Office of the Company
and is subject to The inspection Of the Stock
holders.
After the surrender Of the contract by
Gen. Green. The work was continued by the
sub.contractors. for the Company. unit
some time IN May, when contract was en-
tered into with Messrs. WIN. Grant u Co.,
Tor furnishing the balance of the materials
noeded-iron rails. chairs and spikes excep
ted-and for completing the work. includ-
ing the laying Of the main track snd turn
outs, from Dalton 10 the Hiwassee river. fol-
the sum of 100000, one half payable in the
Stock Of iho Company, and the other half in
five per cent State bonds. This aggregate
sum may be increa sed or diminished by the
e a.. nf ton mi
OF the work, an approximate estimate, by
the item. being set down BY the Engineer
in the contract as the amount Of work 10 be
done.
The contract covers all the materials Ia
be furnished and work 10 be done, on said
secton-some small items excepted-frOm
The date of the surrender of the Contract by
Gen. Green until completed. embracing and
covering the work done by the SUBJ cOntrac-
tors since the 9th Of April.
The estimates credited to said contractors,
and paid, up to 18th December, 1850, a.
mount to the sum of 1857 1896 ~ cents.
Il will be remembered, that at the time OF
YOUR last annual meeting an application WAS
pending before the Legislature for aid to
enable us to purchase the iron and equip.
msnts for our rood. A bill was finally ras-
sed on the 3Orh Of January. proposing to
loan ,u our Company $350,OO0 in six per
cent coupon bonds Of the State Of Tennes.
see, TO ron not more than forty years, the
State to have, on the issuance Of the bonds,
a statutory mortgage on the rond to the Ten.
nessee river, on its rails and equipments,
its receipts and earnings, and on the entire
interest Of the Shareholders, 10 secure the
State in The payment Of the interest on said
bonds as it accrues, baIf.y early, and for the
redemption Of the loan at maturity. This
Iuan, according to the terms Of the law, is
to be applied exclusively to the purchase of
iron and equipments for the rOad. The stock
holders, at their convention on the 10Th Of
March last. with entire unanimity accepted
the loan on the terms and conditions propo.
~ed. Shortly thereafter. the proper ar
rangements being completed. application
was made. by the President Of the Company
to the Governor for the issuance OF the
loan, which, after some delay in satisfying
himself that the terms Of the Ia n were com-
piled with, he ordered. Bu. owing to the
grea, length of time required for engraving
and filling the bonds and signing the cou
pons, only a portion of the loan was p'epar.
ed 10 put into the market at the close of the
summer. Since then portion Of the bonds
in tie hands of Dr.. ]. G. NJ. Ramsey. agent
of the State for their disbursement, have
heen sold at a fair premium. The premium
received, thus far, has been deposited in the
Bank of thu State Of New York 10 meet the
first interest to fall due on the bonds nego>
tiated. The bonds issued by the State for
this loan nre beautifully engraved. and in
every way neatly executed, are dated on
LIST Of July 1880, and at the request Of
our company are made 10 run forty years to
and are made payable. principal
and interest, in the city Of New York.
1t is proper we should say further, and
we are pleased TO have the opportunity to do
so. that in the hands Of the present S ate's
a gent, there is every reason to be assured
that the loan will be very prudeDtly and Ju-
negotiated. and faithfully disburs.
ed. The agent has been diligent and per.
severing in his efforts for the proper man.
ogement Of the loan, so as to promote the
best interests Of the company and conse-
quent security Of the State.
In April. and again in July. the Board Of
Directors. by resolutions. authorised and di
rec,ed the President Of the Company, in
conjunction with the agent 0fthe State. and
the Engineer Of the Company, to purchase
iron 20 lay the load from Dalton to the
Tennessee river, and tho necessary locomo-
tives, cars, &C., to put the road in complete
operation. authorised the issuing ol
stock Of the Company and Company bonds
10 be used in contracts, at par. This au.
ihori,y to issue bonds and stock, in con.
tracts, was given and used 10 enable the
Company, At once, 10 purchase a Sufficient
quantity Of iron and ample equipments to
finish and put the rond IN complete and sue
cessful operation from Dalton 10 the Ten.
nes>ee river. the State Loan, by itself being
insufficient in amount to effect those ob.
jecis.
After considersb Bile negotiation with differ
ent parties, in the Istter part Of July con
tract was closed with Messrs. Bailey, Bro.
TIERS g. Co. Of England. for eight thousan nd
tons Of rails Of the T pattern. Of bes: quail.
ity Of Railroad iron. to weigh 81 lbs. per
linear yard. 20 be delivered at CharIe or
Savannah ., the option Of our Company:
four thousand tons 10 be shipped before the
first of the present month. and as much
earlier a. practices BILE; and the remaining
four thousand tons beiore the first of June
next, and a. much earlier as practicable.
On delivery at Savannah, which port we