The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-02-11

OFWU0WbCA
Pany - the sharcholdc era.
Nrw YoRk. January, 1856,
The directors Of the Brunswick and Florida Railroad
Company have pleasure IN communicating 10 the share,
holders the following report Of the present condition and
prospects OF their enterprise.
Since the organxalio OF The company. in June last.
he directors have proceeded the best OF their ability,
IN carrying GU, The objects by the stock
holders. AS mentioned IN a former report, contracts
have been entered into with Messfs H. Collins and K.
Alexander BY which these gentlemen covenant TO grade
The whole main line from Brunswick 1870 miles, 10
Ihomasville aud the Albany bfanch; TO construct all
bridges and ealvers and IN general 10 do all the earth
work and masonry lay the ron and deliver up the line
10 complete order early in 1854 Tor the compensation oil
$4,000 per mile In pursuance OF this contract, Inc
work has been commenced energecally at numerous
points along the ne and there is now gaded ready io
the rails section OF ten miles OF read from brunswick
westward During this winter the contractors VIII have
twenty miles in readiness and be able to lay down
the iron IN April to point al least thirty miles from the
been acquired at very little cost TO the company.
The directors have contracted in England, under ia
vorabe circumstances for all the iron rails, chairs and
spikes necessary TO lay the track to Thomasvle II 10
TO be shipped In parcels certain portion every month
during this year. and will probably all arrive in Bruins
wick in little over twelve months from this time The
iron Is oil heavy pattern, OF superior manufacture
and payment Tor its fret TO be made in the mort
gage bonds Of the company
Under the authority granted by the charter, and voted
by the stockholders and board of directors. the entire
line to Thomasyille and Albany has been morlgaged
secure An issue OF vi 400 900 OF bonds, the proceeds OF
which TO be used 10 furnish the iron and equip the
road These bonds will only be negotiated TO meet the
wants Of the company for the above named purposes
The subscriptions to the capital stock OF the company
along the line of the road now reach $500 upon
which payments have been made TO the amount OF $780,
000 and engagements and notes have been received fol
the balance OF the subscription to the satisfaction OF the
contractors, who entertain no fears but that the whole
amount subscribed will be paid in time TO meet their
wants.
Though the iron for the Brunswick and Florida rail-
road has been purchased favorable terms, still costs
more than was contemplated, when provision was made
for it in the contract with Messrs. Collins and Aiexan-
der TO provide for this excess in the cost OF the lron
to furnish the increased equipment which It becomes
more and more evident will be demanded by the franc
OF the district and meet The contingent expenses, SO
liable to be over looked under estimated by railroad
companies. the directors have increased the New York
and Boston subscription TO 81 $50 O00 ten per cent upon
which has been paid in. The subscription is entirely
distinct from that OF the Georgia shareholders has
been made up by capitalists here upon the express I'M
this stock the directors shall find necessary to fulfil
the contracts of the company finish the road and main
tain the credit of the corporation.
Interest will accrue TO each shareholder according TO
the respective amounts paid up. The surplus OF earn
ngs, after paying expenses interest on bonds and on The
amounts paid up stock, is TO be divided among the
shareholders here and in Georgia, pro rata according to
| the number of shares each person holds.
i Negotiations now in progress for the nrherance OF
that portion OF the plans OF the company which conem
plates the extension of the road from Thomasvlle TO
Pensacola and the result shall at early day be COM
muncated to the stockholders Arrangements are also
making for speedy and mutually advantageous connex
ion with the ST. Marks and Tallahassee railroad which
will permanently accommodate an extensive district Of
country, and BY opening railroad communication be-
tween the Gulf OF Mexico and the Atlantic, will bring
large of business the united roads, at Pc
rod months earlier than road can be constructed
to Pensacola.
II may not be considered out of place to refer here to
the project which has been started n Savannah, for
building railroad from that city Albany and thence
TO some point on the Gulf OF Mexico This line OF road
would be OF great benefit to the section OF country through
which would pass and would ~ n way
the local traffic along the latter route will De ample for
its support, and the through traffic IRON the Gull to the
Atlantic will be far more Than one road can accommo'
date
The friends OF the Savannah and Gull road have
brought forward mass OF evidence showing the I'M.
results which must follow the opening OF railroad
communication, to supersede the ocean passage around
the capes OF Florida Their calculations July cofroo-
crate the estimates made in the report OF the Brunswick
and Florida Railroad Company of July last and, indeed
the advantages which must TO the public and TO
the stock holders from the completion OF one or both OF
railroads, too papabe to require further argu-
ment While referring to their report OF July ias' me
OF traffic then set forth have been in every respect
confirmed by their subsequent examinations The local
traffic which must come upon their line OF road rom
Thomasville TO Brunswick, after making the most liberal
allowance for expenses and contingencies and laying by
ample sinking fund, will leave large surplus over
and above interests on the bonds and stock payment
with an ethcen, corps OF assistants. is attending with
assduity TO the interests OF the corporation. He re-
ports that very little deviation will be found necessary
from the original line of survey, and that the route pre-
sen,s few difficulties mpedments 10 the rapid progress
of the work. locomotive and quantity OF platform cars
will be shipped out TO reach Brunswick in February 10
meet the fret cargo OF iron from England The rainy
weather OF the past has delayed the completion
OF the canal from the Altamaha 10 Bunswick but this
work will be finished this winter, and afford great iacili
ties to the railroad contractors for procuring early and
cheap supplies OF bridge timber, besides furnishing an
immense amount OF lumber and other outward freight Tor
ships from Brunswick, before the railroad shall have
passed the Sans and penetrated into the district which
will yield its most valuable traffic The opening OF this
canal and development OF the advantages OF this excel
lent port will be but the oretase OF the benefits which
Fords. Alabama. southern Georgia. and. indeed, the
whole southern country will derive from the carrying
out Of the undertakings of this company, The national
importance OF this railroad from Brunswick 10 Pensaco
Ia cannot fail TO ske every attentive inquirer The
directors do not intend TO dwell upon this matter
bu, will. early period as is consistent with the in
erest OF the corporation communicate to the sockhold
ers the steps they have taken in regard TO il.
! SOLOMON FOOT, President
/ VIM CHAUNCEY,
i AMOS DAVIS,
\ THOMAS A, DEXTER,
LEVI J. KNIGHT.
i JOHN PAINE,
i s. X BROOKS,
Il Directors