The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1855-09-21
ANNUAL REPORT.
KNOxvILLE. Sept. ., 1855.
To The Stockholders Of the Edsi Tennessee and
Georgia Rail ROcd Company:

your road has been completed to THIS place,
and is now successfully fulfilling the purposes
for which yOu have caused it to he construct
ed. The time has passed by for dwelling, IN
a report like this, on the benefits ofthls work
to the country. The thing is demonstrated
is now tangibe--all see, feel, and acknow-
ledge these advantages.
The most important and pressing interest
of the Company now, is the payment OF us
debts. 1t is not to he expected that creditors
can, with convenience; wait for these debts TO
be paid entirely out of the earnings o. Inc
road. Moreover, it is incumbent on us To
meet, as nearly as practicable, the wishes and
necessities of these creditors, Without whose
assistance, so literally granted your oiiicers'
the work would have been suspended when
not so much as half finished, leaving on the
hands of the Company n large unproducilve
expenditure at interest, and bringing IN It's
train blasting influence on the prospects OF
East Tennessee. Not only would the evil
consequences of such catastrophe have been
felt BY each farmer, mechanic and trader indi-
vidualv, but Encouragement, want of conf
dence, and general deterioration of the credit
of other rail road enterprises of East Ten
nessee, and in fact throughout the State,
would have been the result. Under such try
ing circumstances, and while other rail road
companies, in this and ncighborng States,
hesitated, and finally either abandoned alto.
gether, or postponed Their works TO more
propiIi0us time, your officers aud Directors
| felt il to be their duty and your true interest,
to avail themselves oi every means and OF
every facility within their reach, and at all ha-
yards complete this road, relying on better
times TO come in which TO pay its debts
| The Directors, believing the present time to
be propilious, and thit this Company may
now realize fair prices for its bonds, if pro-
perry issued and preRntcd, have authorised
and directed the President to cause to he eX-
ccuted n mortgage IN proper form, crcatlnga
lien on this road aad its fixtures, to secure
the payments of he bonds of this Company
now outstanding and those hereafter to be
issued under authority of the Board of Di-
rectors-not exceeding in all, those issued
and to be issued the sum of eight hundred
thousand doliab-and have directed that DR..
J. G. VI. RAMstY, OF Tennessee, Hon. JNo p.
King, of Georgia, and Henry w. CONNER, Of
South Cnrolinl, be created in said mortgage
! Trustees to crry out its provisions.
You are respectfully referred TO the Rep :rt
of the Secret;ry and Treasurer for the lnan-
cia condiiionof the Company on the last
| dav of June. The Indebtedness enumerated
docs not include the interest on State and
! Company bonds due 1st July last, amount
ing 10 $500; which sum, together with
abont S25,00Oof other debts of the Compl-
ny, has been paid in full since that time; and
it is proper 10 state that, in addition to the
indebtedness of the Company, as shown by
the Secretary aud Treasurcrs report the in
terest on Safe and Company bonds, amount.
ing to some $4,000, will have to be paid lst
day of January next. The same report shows
the entire amount of Company bonds then
disposed of, to be four hundred and twenty.
! The Company have realized on the three
| hundred and ninety eight bonds actually sold,
the average sum Of SS79,7G each, or SO cents
on the dollar-a price ranging with the high
est obtained by any rail road company in the
| United States.
At the time Of your meeting in January
Inst, the account of Nlessrs. Raymond Il Full
trton for the iron rails furnished for the
track from London to Knoxville, had not been
adjusted and admitted to their credit on the
books of the Company, nor had the amount
of duties payable to the general government,
or the amount that would be dtrc for rail road
transportation on same from Savannah to
Dalton, been ascertaincd; consequently these
heavy sums did not appear lmong the items
of Indebtedness of the Company. The D-
rectors have now 10 report that fair and
! equitable settlement has been had with
Messrs. Raymond & Fullerton, and that they
have been paid in full for the iron rails,
amounting to the sum of SlHS3l,3 5; that
Pryor Nance, Esq, Collector Of the port Of
| Knoxville, has been paid the dsties due the
| general government, amounting to the sum
of 1871 ,334,39; and that the rail road compa-
MES have been paid for transportation
of iron from Savannah to Dalton, the sum OF
| S255O0,60. And further, that every loco.
motive, passenger, baggage and box car, and
other equipment of the road, has been paid
| for, except the two "cngines" received during
the last month from Messrs. Eichard Norris
g. Son, Of Philadelphia.
| The entire cost of the road, with its de-
pots, engines, cars, repair shop and machine
ry, right of way, real estate, water stations,
steamer Tennessee, &C., SC, amounts to
S2,500,06O.
The funds for which have been derived
from the following sources:
Stock paid by State and Indvid-
uals, 100000
State Loan, $4,000
Company Bonds, 100000
Floating Debt, 100000
$2,5O0,O00
We give the aggregate in round numbers
the exact figures you will find in the Secre-
tary's report.
The Report of the Superintendent of
Transportation herewith presented is worthy
your due consideration. The whole amount
received from the Transportation Department
for tho seven months ending Both June, is
Ssl $50 80; the expenses chargable to same
amounts TO S33,4S6 4S--leavng as nett
profits S4S,l 03 81, for the seven months