Loudon free press. (Loudon, Tenn.) 1852-1855, 1853-03-05
$l,452,63l %
Making this sum paid

Bonds OF the Co..-.. .1Jl ,UUU UU--l,40Z,Oof -
By the above statement you will see that the
50 miles completed from Dalton, Georgia, to
Loudon, on the Tennessee river, will have cost
the present Company only 81 ,452,634 %, being
a fraction over 81 500 per mile, equipped with
all the necessary engines, cars, depot houses,
water stations, engine houses and shops, includ-
ing every necessary expenditure for the success
full running of the road Thus you will see that
the road has cost less per mile than any road
now in operation, rquipPcd with the snrrIu-sr7-
terials; everything being of the best quality
This may seem strange to persons who have
heard so much of the extravaganza of the old
Hiwassee Company and who have not examined
thoroughly into the organization of the new
Company. 1t will be remembered that after
the old Hiwassee Company failed, that the State
of Tennessee, by legislation, agreed with the
shareholders in l649, to reorganize under the
present name, the Individual Stockholders and
the State agreeing to give up two shares of old
stock for one of new, thus reducing the cost of
the road one half, excepting a small floating
debt, in the shape of scrip and judgments,
which was assumed in full by the New Compa-
n.y. Total cost of road as follows:
Expended by the Hiwassee Co... .$909,662 90
Floating debt in scrip, judgments, &c.6S,O26 d
Expended or appropriated since
reorganiza ion. n........"...."........9 929,716 9o
Total 1907 ,463 70
Deduct old stock relinquished ........454 ,S3l 90
Total cost of 80 miles to present
Stockhoders......... 81 ,4oZ,634 70
This amount is made up as follows
Old Stock of $9O9662 reduced
one ,S3l w
New Stock subscribed and paid in.. 1883, 116 9S
State loan for iron & equipments
secured by mortgage. ....3oO,OOO w
Company per cent coupon bonds. 10000 90
Floating debt. ....6S,O26 y
$l,452,634 %
Engineers estimated cost of ex-
tension to Knoxville..... .544 900 90
Total cost of entire road to Knox
vile to present stockholders. 81 ,996,634 25
Funds for the extension to Knoxville are pro-
vided as follows:
Loan from the State for Tennessee
river bridge.......Sl 600
iron& equipments. 24O,O 600
Stock subscribed along the lne...........l56 900
Required to complete the road. 600
Cost of extension to Knoxville. LOU
Of the above statement 10000 has been
subscribed in stock by persons principally living
along the line of the road, north of the Tennes-
see river, for the purpose of doing the grading,
masonry, preparing the timber and laying the
track, which according to the Engineers estl-
mate would not be sufficient by $4,000.
To make up this deficiency the Dicrectors
agreed with the Stockholders that so soon as they
should have paid into the Treasury of the Com
pany the amount Of $l5O,OOO of the subscribed
stock, that they would provide the balance
necessary to complete the work on the credit OF
the Company. According to the terms of the
charter not more than % per cent. can be called
in any one year; this would postpone the com
petion of the road to Knoxville until late in the
year 1855. Under this agreement it was hoped
that many of the new shareholders would pay
their stock in advance, by being allowed inter
rest on their advance payments. AS none
have availed themselves of the right to do so,
the question then comes up as to how the
means shall be raised to complete the work at
an early period to Knoxville. The Directors
feeling the great importance of completing the
work to Knoxville, at once, will not stop to dwell