Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-09-22
Louisville and Nashville ROad--Its COndi.
alon and presaecrs.

business should be directed hessTs. r.
SAsIAAS & CO. and not personally to either OF the Propre
Louisville and Nashville Road--Its Condi.
iion and Prospects.
As matter Of interest to a large number Of our
readers, we copy the following article from the
Louisville Democrat Of the sth inst. 7
The present condition Of the work on this road Is
matter Of deep interest to the people o. thts civ
We have ascertained the facts about H. which Ne
take pleasure IN laying before our readers Weare
gra lied 70 see that the work is cut Of the woods
ihat it vail be completed without further aid from
the city, aud thai promptly. .F.
The Louisville and Nashville Railroad Company
have expended on the main line Of their road S.
40 600 and upVard, 10 the first of September and
Eillhave one hundred Of the one hundr and eghry.
Eve miles o. the road between Louisville and Nash
vile in operation By the middle OF October The
grazing, masonry, and bridging on the remaining
eighty tive mile Of the road is more than tEo-thrds
completed and the contracts for he residue Of the
work in such fCrEsFdness as TO justify the expeeta
ton Of having the track ready for the iron BY the
FIRST of March next and the whole completed BY the
time the track can reach the unfinished sections
The erOss-ties for several miles on the ground
and paid for, and the balance mostly contracted
TOR and will be ready by the time they are needed
fhe CemPany viii have a surplus Of bonds. &C..
worth so 600, after paying Tor ayi' the one hun
dFed miles Of track and the am INT Of money Dor
rowed on the pledge Of bonds, and the balance now
due on contracts. The Company have aresp,ed Ssate
aid from Tennessee 70 the amount of $500, 600 and
are entitled to $3.50 600 on completing the grade in
hat State. Also 500 600 for the bridge on Cum
berland river, a. Nashville The whole estimated
cost Of the road from Louisville to Nashville fully
furnished and equipped was IS, 500 900, and the
work will be done for that sum-sO contracts
have been made within the estimate; from which
deduct the sum expended, and the surplus on hand.
and the 80 900 Of Sae aid yet 20 be received from
tennessee, there will remain 81 5O4 900 required
fully to complete the road Four hundred thousand
dollars Of this sum can be postponed until after the
track is through to Nashville
The Company have issued bonds and secured
hem BY mortgage on the road and It's equipment to
the amount Of 81 O00, goo; by the sale Of part Of
Ehieh they expect to raise sufficient sum to make
the through connection with Nashville. They have
sold "a mortgage bonds, the proceeds Of which are
included in the expenditure They do not expect
TO sell more than I,I23 more Of these mortgage
bonds to obtain the through connection with NASH
vile and may not have to sell so many. They ex-
peot to Tealise from the running receipts Of the
road from Sl5O0O0 TO $500 600 aud apply this sum
TO its construction; and that the sale Of the I2S
more Of these bonds will give them ample means to
make the through connection, snd enable them to
the receipts Of the road IN paying for the cost
poned work They are Offering these bonds for
sale at eighty cents to the dollar and accrued in
terest to the time Of sale. The bonds are for 5000
each, aud bear seven per cent interest per annum
payable half yearly At eighty cents to the dollar
the interest will be s. per cent on the money I'D
7auced, and give premium Of twenty five per cent
When they become due TIE bonds are at from 100
TO ls3 years from the first Of July, 1858. The mort
gage gives the first lien upon the ole hundred and
forty miles Of the read in the State Of Kentucky;
also upon the machine shops depots and equipments,
and operates q second mort gage upon the forty
five miles Of the road in the State Of Tennessee, be-
cause Tennessee has first siatuary lien on the part
of n cd in thofG he of1
by the Company. which is Sl000 per mile, and
100000 for the bridge over Cumberland river. |
The road with lis equipments is ample security for
the bonds issued to complete it, and will certainly
enable the Company to pay the interest and prinoi
pal punerually they become due
The lebanon branch was CONSTRUCTED by stock
subscription, and the sum Of $3.50 600 borrowed 10
complete it, and which is secured by mortgage on
he branch The annual interest on the branch
debt is 500 $50 The annual interest on the dent
of the main line will b. S6O.000O the city OF Louis
vIlle after October, 1859; 1913 100 annually 10 he
State OF Tennessee; and S84 900 for the interest on
200 mortgage bonds 70 obtain the through con
uecnon This will make the annual interest aud
cost Of paying it S207 900 If we add 70 the main
line of l85 miles, The 373 miles of the Lebanon |
branch, it gives 222l miles Of the road and if the
main line and branch shall yield $1,000 per mile /
per annum. and the rad shall be opersted for 6fy
per cent of the receipts which is than the pres
ent lst Of operating it, il will give annual sum
Of $3.50 600, and nett sum Of S445 900, aud sur
plus after paying interest Of S238 000 Il will be
fund that some ofthe Eastern roads have yielded
gross sam of $500 per mile per aBnum
1t was originally estimated The gross receipts Of /
this road would be $1,000 per mile per annum We 4
have Low reduced the estimate to $4,000 per mile, /
tha is about the gross reeep pts Of the two roads
from Louisville to LriB gton Il is believed the re-
eeipis Of he Louisville ami Nashville Railroad and /
the Lebanon branch, viii yield more per mile per i
annum Than the road fr Louisville to L. Xington
and that estimate Of $4,000 per mile will be more
than realized The interest these bonds will pay, /
at so cents 10 the dollar, is full compensation for
the use Of the money advanced, without taking INTO
the premium Of 20 per cent WheD the
bonds become due Il will be better than bank
stocks, since money has become so abundant, and
there is 50 liltle demand for il, and much better
than lending 10 individuals even at higher rate Of
interest. when considered ia connection with the
hazards Of Insolvency and the plea Of usury whilst
iJ has al the certainty that productive real estate
can give The stock subserIpti'n TO the main line
of this road being So 100000, and paid TO the
Company mostly 10 cts ard county bonds, on some
OF which interest was Taid 70 the Company before
their sale together With the State aid received from
and be running receipts has enabled the
Company TO make the expenditure and have he
turtitis before stated. In estimating the value Of
security for their NOR gage bonds, the ezPeDdi-
lure maize and 10 be aie from the stock subscrip-
sions, to be addei TO the expenditure made and 10
be made cut of the running receipts Of lhe road
and from the proceeds o. the mortgage bonds. The I
NOR gage bonds vii be he only lien on the l4U m les
in the Stste Of Kentucky, and the equipment Of the
road and the second lien the As miles in Tonnes
see after the $3.50 600 satutary lein 70 that Stats
The reader will see the road is IN good condition
and progress Its completion is secured and will /
be speedy It's therefore, out Of the way Of other
enterprises Of the oiiy-WiIl soon bear its own bur-
dens, and be .ble TO help others.