The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1853-02-25

VistO~,Oof -
This sum is made up rs follows:
Capital stock owned
by the State OF
Tennessee S425.5OO 90 ..
:" individuals, 409,500 90
Making this sum .E.".
paid stock $4,000 90 r....
Bonds OF the State ..
of Tennessee, $4,000 90
| Due Contractors, 1854 25
Floating debt, 6S,OOOOO
Bonds Of Company, 1911 900 90 ], 49,, 634 IS
BY the above statement you will see that
the 81 miles completed from Dalton, Georgia,
TO LOudOn, on the Tennessee river, will have
cost the present Company only s. ,4j2, 63i %,
being Il fraction over Sl7,500 per mile, equip
ped with all the necessary engines, ears,
depot houses, water stations, engine houses
and shops, including every necessary eXpcn-
dIturc for the successful running of the road.
Thus you will sec that the road has cost less
per mile than any road now IN operation,
equipped with the same materials; 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 thor
| oughIy into the organization Of the new Com
pany. 1t will be remembered that after the
old Hiwassee Company failed, that the State
oi Tennessee, by legislation, agreed with the
shareholders in 1918, to reorganize under the
present name, the Individual Stockholders
and the State agreeing to give mp two shares
OF old stock for one Of new, thus reducing
the cost Of the road one half, excepting II
small floating debt, in the shape of scrip and
judgments, which was assumed in full by the
New Company. r. ..-. ~.
Total cost of road rs follows: H''
Expended by the Hiwassee ,'
Company, at a.n' .a $9O9,662 90
Floating debt in scrip, judg- I .a...
ments, &c. - - , 6s,O26 81
Expended or appropriated since - .r1
reorganization, .,.r u 929,776 90
..lr. ..,.. ...t.f 10 r. ....N OIL. -
Total cost, r ~ l,9O7,465 25
Deduct old stock relinquished 454S3l GO
... .... ...... . .. #-s' -----
Total cost of 81 miles to -.s r., .f.
present Stock holders, $1,452,634 25
This amount is made up as follows: Fly.
Old stock of S909,662 reduced
one half, 15t a.s. $454,S3l 90
New stock subscribed and uy.r
paid in, r... 500 t.". 3S3,776 90
State loan for iron and equip ' ,."
nmeDts secured by mortgage, $4,000 90
Company per cent coupon y" s." "'
bonds .r... ..,rtr ..a 10000 90
Floating debt, s.r.I H ..E'' u.' SO, O26 81
az .F ..a. $l,452,634 25
Engineers estimated cost of fv
extension to Knoxville, .7J $4,000 90
..... |n I'D. 't .. r... ...t.. ,-----
Total cost Of entire road to frJI
Knoxville opresent ,AI o.. 0'i
. Stockholders, '.r SsI,996,63i 25
Funds for the extension to Knoxville are
provided as follows:
Loan from the State for Ten .n .rl o--
nessee river bridge, loo 80. 100000
Z" iron and equipments, .a ... 100000
Stock subscribed along the line, 10000
Required to complete the road, 5000 |
-... 81. .... ....I. ... .... ...... ---
Cost of extension to Knoxville, 544O0 |
Of the above statement 100000 has been |
subscribed in stock by persons principally |
living along the line of the road north of the !
tennessee river, for the purpose of doing the
grading, masonry, preparing timber and lay
estimate would not be sufficient BY $4,000.
To make mp this deficiency the Directors
agreed with the Stock holders that so soon as
they should have paid into the Treasury Of
the Company the amount of Sl50,O0O 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 completion 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 interest
on their advance payments. AS none have
availed themselves Of the right to do so, the
question then comes up rs 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 on the great importance Of eflectng
its completion, but propose to the Stockhold-
ers north of the river, thatin case they will
meet promptly the last years call of rs per
cent and pay in the % per cent that they
will lie liable for in this year, in the first five
nuHtIo vi tlitH tllcy Will iUllCl-
pate the calls due in the Sd and 4th years, by
letting the whole work at once and provide
The means to meet the payments on work by
oan. This will insure the completion of the
grading, masonry, &c, by the time the Ten
iessee river bridge will be done, and com
oletc the road to Knoxville by the LIST of July,
1854. You will see by the Engineers report
hat the grading and masonry of all the heavy
sections and good many of the lighter ones,
llong the line, have been let to good and
'elabe contractors, who are pushing the
work, considering the wet season, with suili-
,ieDt energy to prove that they will be done
before the time required to lay the track, so
hat in case the payments on stock shall be
made MS desired, nothing then will be in the
way but the bridge, at the river, which was
ct to j. Gettys q Co., in May last, to be
completed by the lst of January, 1854. The
work under this contract has not progressed
n way to give general satisfaction, caused
more from the great scarcity Of hands than
rom want Of energy on the part of the con {
FACTORS. II is due to state that il has been
lmost impossible to get the description of
non Tor that sort of work. They have now [
ub.let the masonry to Price and Shaier, who i,
re represented TO be men of means and
,y;lI III, ,y,el &