Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-12-20

e replaced by more permanent structures. /
1t will be seen, from the report of the Treasurer,
hat the company owes floating debt, as follows 4:
o Individuals and connecting Roads $780, 75 90
ills pay able, 3S.Sai -
iyi lend Incsled l00ol p
mounting ,saI co
And has assets TO meet it as follows
,ue from Individuals Agents connecting roads, SI696 s.
- = United STATES Post Office Department ~ ~ o9 ~
Bills lteeevab' e. $500. ~ ID -
5 Of Conpany's 90 dollar endorsed bonds and 10
State B Jnds SlOO0, which clst...... y eOI ~
'ish on hAhu' "''''''''''-'''- - -
Makins.......... ... - ...,........... sIs5 Ois IS
rha d ference the UNITS leaving balance
Of ass is Of SozJ1o) -
Il may not be amiss to remind Stockholders that
1eside this balance of assets, and the Road with all
is fixtures and appendages covering valuable
stock of Machine Shop Materials Bridge and Road
timbers; old iron, and new iron rails, chairs and
spikes not in use the Company owns other assets OF
value, consisting OF
Real Estate, exclusive . ppO grOuuds,... 9.i54 81
Due from Ilrivduals, (Iouifui II - 70
Nc nInnvitle Manchester Railroa Company, S2bs ~
sn.E Ia East Tnnes; and Gsagia Railroad Co 1896 90
81 Of The Complny's SlU0I State ersed Ponds ol0N %
Sinking vested CoDpanys endorsed Bonds itOO w
Making in all the sum of S329, 445 80 over and
above the ss2,695 70 of surplus assets after pay
ment of the floating debt and beside the road with
all its appurtenancls which has cost above 81 43O-
000
In connexioa with this surplus of s82C9j p tits,
however proper to repeat, as still applicable 10 |
portion of it, statement made by the Treasurer In
his last annual report follows:
The principal portion of the Bill Is receivable, and
the amount due from individuals lin the doubtful |
and bad lst is for moneys advanced to contractors
during the building OF the road whent was thought
better to let them have the amount actually neeessa-
nv to complete their contracts than 10 have them to
abandon the work and leave the Company TO hnish'
OF relet it st much higher prices"
The accounts of the McMinnyille Manchester
L.. FkfN1r of
line and exhibit last years operations, the fol
lowing result:
Total receipt, s-5 asG g g
/" expenses Z Jay %
Leaving IS net earnings, the cf.... $i6 S59 "A
Which is an increase of S2'659 AZ on the net earn
| ings of the previous year a.,
For information in detail as to the operations OF the
| departments of Transpo. taton and Machinery, and
as to the amount and condition of the general equip
ment reference is made to the very full and salts
factory report of the Superintendent OF IrSnspoTta
! tion-and as to the financial condition OF the Com
| pany to the statement of the Treasurer Both OI
these officers merit your appreciation for Jealous
and faithful discharge of the duties deVolVlg upon
| them.
| The general condition of the road bed has been
| maintained, or improved during the past year, But
| to do this much work had 70 be done in replacing
old and decayed timbers, which were placed 10 tue
road at its original construction ms was partlcu-
larly the case the eastern end OF the line Where
the open. OAK lfCSllc DlluscS ar w -NiA'~
and have during the past season, required much re-
rovation This has been done, in part, by subsutu-
ting new structures but most generally by tue IL
sertion of timber i'll place of that deemed un-
| safe from decay.
! Early m the season il was decided TO dispense
with strugers or continuous bearings. in the FUR
tvr renewal of the old trick and to place the iron
directly on the crosS-tes. This policy has been car
ried out on various portions OF me ilhe WHERE the
track FROM age or weakness required renewal, and
should be pursued rapidly as the condition OF the
| old track may require II.
| New iron being a heavy T rail, sufficient for two
miles is provided and on hand for commencement
TO relay the road 1t will be laII continuously IRON
| the Nashville end taking up the rail all the good
bars OF which will be carried forward and dlstrlDu
ted to take the place Of broken or defective ones
on other parts of the road. The worn out or broken
bars taken ont NAV be added to a lot of about ZOt
tons of old bars already on hand and rerOed into
4 bars with which to continue the process OF grad
ual renewal as the condition OF the old track may
demand This NAV be continued without at any
time making a heavy draft upon the revenues o.
the Company, until the entire rail Is renewed;
, A contract has already been closed with the Al
lanta Rolling Mill Company TO re-roll' at COS! Oh
S28 per ton what may be wanted for the next three
years returning ton of new for ton OF ola iron dc
livered.
For a statement, in detail, as to the condition OF
ths track, depot buildings, bridges, water stations
&c; reference is made to the report Of the resueh
Engineer
In the contract with the heHplI anu N'l'4i~7'N'
Railroad Co, for carrying their freight and passen
ger cars between Stevenson and Chattanooga Whcl
was submitted to- and ratified by, the otocknoluef
of this Company at their last annual meeting, one
of the stipulations provides that TINS company sal
be subrOgatcd TO the rights of the Memphis Cohipd
nv to receive from the State from 100000 to SUI
900 OF the State bonds granted by the last Legisa
ture to that Company, to be applied TO the improve
ment of that part of our road, IN the event thc wv
| companies agreed to it jointly. TINS cOmpan.
agreed in the contract, to apply to the next Legsa
ture to be substituted in lieu of that company as tn
| recipient of the grant. g,
This contract having been ratified ny the sto'R
holders after reference TO special committee an
mature consideration. the Directors felt 1t TO b
their duty to make the application to the Legislator
for the transfer to the extent OF Sl0O,OOV-
IS An act has been passed by that body making tn
transfer. certified copy OF whieh ID heFe"l' SUI
: | mitted. 49, -,
n Nv examination of this act it will be seen tina
e this fund if received, is to pay Tor new TRACK ne
a embankmcnt, new masonry, new depot DullulIls
q and new permanent bridges on that part Oh inc ro'
\ between Stevenson and Chattanooga.
u The condition and Importance OF that part "i ou
u road upon which is concentrated much OF the pus
Y ness of our own, and of the memphis IoihP"in.
&c re nders it imperative that the temporary woode
y trestles erected over the numerous deep m'unl%
streams aud gorgcs should be speedily replaced
e. prrn,anpnt stone and earth work, to ensure Dol
y safety and economy in working that part ct u
line and that more tracks and buildings should
n made accommodate properly the trans aho Gus
L. ness of both companies.
Is This should be regarded as work of constructor
e and not of ordinary repair, and as no doubt can g.
ist as the Propriety of having tdone the queso
arises as to how il shall be paid for
re For want OF original capital, the Company n
re already expended in construction and equlpme1
over SsOO0O0 of what usually denominated n
II | earnings
I'd This additional work may be done, AMI be pal
e for in the same manner, if done speedily, howeVe
to il will necessarily absorb for time, the net ear
OF inrs of the road and postpone the payment Oh re
IT, MAR dividends which the necessities OF many OF u
nj s+ork holders require should now be gwen 10 ulel
IL ami which the present directors are very ahAH
" their successors shall De ehaplcu u w AiNi "
he II the business of the road should be good Il
y coming season they are not without the nope III
ry his work NAV be accomplished amt paid for, wit
to t am, ,armanent increase of the debt Of the Coz
many by borrowing short time, any neeu
ID amount to be repaid out OF the surplus Prons,
Ter payment of expenses, interest and DIVIDENDS.
The control of this State fund would enable Il
hoard at anv time to command, temporarily, SUI
s1ms as tn. service might require, without any
solute sale of the bonds; and they might be held
Oh reserve for any unforeseen emergency or De eAch
IS ed for the endorsed bonds of the Company, shou
the relative market value of the two make IT exI
- dent.
u The condition imposed by the stockholders at I
ne last meeting upon which the Jasper Branch 70
sbould he bult has been complied with. by 'cltlze
along the line and those interested IN It's constr
&c tom bv furnishing bona fee solvent suhscrlFti
of stock for fftytwo thousand dollars,
We amount authorized by the resolution OF the stoc
-; holders. ,
~; :II After deciding to make the work depend exc
Ill sively for its prosecution on the means special
- provided for it, so not to become chargea6le
,n any event. upon the old stock ana Iurter tnL'
~ dividends should be paid on the new stock Tor
ne years except out of the net earnings OF the bran'
r. the board have made calls covering the whole sto'
10 and authorized survey and location of the roi
81, which are now being made, and expect to nave
ne work ready for contractors at an early day
nv new subscribers having already manifested co
w mendsble promptnass in the payment OF calls
This branch road. about eleven miles long,
penetrate q mountain bound valley, containing
population enterprsiI.g and thrifty, of three COZ
ties of rich SOIL heavy agricultural product and VI