Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-12-19
ed for the mex. three years, returning ton of

new IOF IOn OF Ga iron 0ellVerel.
For statement. in detail. as to the condi-
ton of the track, depot buildings, bridges,
water stations, &C.. reference is made to the
report of the resident Engineer.
In the contract with the Memphis Il Charles
ton Railroad CO., for carrying their freight
and passenger cars between Stevenson and
Chattanooga, which was submitted to, and
ratified by the Stockholders of this Company
at their last annual meeting, one OF the stip-
uIations provides that this Company shall
be subrogated to the rights of the Memphis
Company to receive from the State from
100000 to 100000 of the State bonds
granted by the last Legislature to that Com
pany, TO be applied to the Improvement oil
that part of our road, in the event the two
Companies agreed TO use it jointly. This
Company agreed, in the contract, to apply
to the then next Legislature TO be substituted
in lieu of that Company as the ipient OF
the grant.
This contract having been ratified by the
Stockholders, after reference TO special
committee, and mature consideration, the
Directors felt it to be their duty to make the
application to the legislature for the transfer
to The extent of $4,000
An act has been passed by that body ma
king the transfer, a certified copy of which
is herewith submitted.
BY examination OF this act it win be seen
that this fund, if received, is to pay for new
track, new embankment, new masonry new
depot buildings and new permanent bridges
on that part of the road between Stevenson
and Chattanooga.
The condition and importance of that part
of our road, upon which is concentrated much
OF the business Of our own, and of the Mem.
phis Company, render it Imperative that the
temporary wooden trestles erected over the
numerous deep mountain streams and gorges
should be speedily replaced by permanent
stone and earth work to ensure both safety
and economy in working that part of the line;
and that more tracks and buildings should be
made to accommodate properly the trains and
business of both companies.
This should be regarded as work of con-
struction, and not of ordinary repair; ard as
no doubt can exist as to the prOpriety OF
having it done, the question arises as to how
it shall be paid for.
For want of original capital, the Company
has already expended in construction and
equipment, over $500 900 of what are usually
denominaled nett earnings.
This additional work may be done, and be
paid for i'll the same manner. lfdOle speedily,
however, it will necessarily absorb. for a
time, the nett earnings Of the road, and post
pone for the payment of regular dividends
which the necessities of many of the stock
holders require should now be given to
them; and which the present directors are
very anxious their successors shall be enabled
to do from this time forward.
If the business of the road should be good
the coming season. they are not without hope
that this work may be accomplished and paid
Tor, without any permanent increase of the
debt of the Company. by borrowing on short
time, any needed amount, TO be repaid out OF
the surplus profits, after payment of eX-
pens s, interest and dividends.
The control of this State fund would en-
able the board, at any time. To command,
temporarily, such sums as the service might
require, without any absolute sale of the
bonds: and thay might be held in reserve for
any unforeseen emergency, or be exchanged
for The endorsed bonds of the Company,
should the relative market value of the two
make it expedent.
The condition imposed by the Stockholders
at last meeting upon which the Jasper
Branch road should be built has been com
piled with, by - citizens along the line and
those interested in its construction. .'by fur
nishing bona tide solvent subScr ipiiOn of
stock tor fiity-two thousand dollars. the
amount authorized by the resolution of the
Stockholders.
Alter deciding to make the work depend
exclusively for its prosecution on the means
specially provided for it, so as not to become
chargablc IN any event upoG the old stock;
and further, that no dividends should be paid
on the new stuck for ten years, except out OF
the nett earnings of the branch. the beard
have made calls covering the whole stock,
and authorized a survey and location of the
road. which are now being made, and expect
10 have the work ready for contractors at an
carly day-the new subscribers having al
ready manifested commendable promptness
in the pay ment Of calls.
This branch road, about eleven miles long
will penetrate mountain-huund valley
containing the population, enterprising and
thrifty. OF three counties of rich soil. heavy
agricultural products, aud vast undevilopcd
mineral resources not equaled by any other
portion Of the State, the trade of which now
finds It's outlet through other channels. bat
will, by this arm, not only be given 10 the
branch, but to one end on the other OF ouI
main line from the junction at Bridgeport.
The completion of the Teunessc & Alaba.
MA Railroad through to Decatur, which i:
expected early in the spring. will turn from
our road a trade and travel which we have
had the past year, worth TO us about sixty
thousand dollars.
1t VIII consequently require close attention
and economy to prevent falling off in pro
MS Tor The present year, as a diminniion o
gross receipts may be reasonably expected.
1t is. however. hoped that the loss sustained
from this cause may be regained. in pact a
least, by the advantage of connection will
Louisville, and the road 10 Fayetteville, hotl
OF which have been accomplished within III,
last few months.
Ii not sooner obtained. we may confidently
expect full compensation ior all such losses
upon completion of the Nashville auC
Northwestern road, which is now certain t.
lie done as soon as the work can be perform
ed.
The Board take much pleasure in bearing
testimony to theabiiity and fidelity OF the va
rious subordinate officers and agents now in
tn service Of the Company, and to the very
satisfactory manner in which they have dis
charged their respective, onorous ard respon
sble duties. V. X. STEVENSON.
President