The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-04-22
REPORT OF THE PRESIDENT.

REPORT OF THE PRESIDENT.
To the Stockholders of the Blue Ridge
Railroad Company:
The Board of Directors have thought
it advisable to assemble you at this time,
to obtain your judgment and direction as
to certain preliminary matters of interest
to the company, looking to an early re-
sumption OF work upon the line Of the
road.
But few persons except those immedi-
ately interested, or actually employed in
the management of this company: can
justly appreciate the unexpected delays
and difficulties of the past two years. AT
our meeting in November last, it was an
ticipatcd, with some degree of confidence,
that material progress would have been
exhibited before this time. An able dele.
CATION from this city, accompanied the
President and Governor Scott to the City
of New York, to represent the great i'm
portance OF this enterprise to the South
and West, and to enlist the moncd inter
est of that city in its behalf But owing
to the fcvcrish state of public opinion in
reference to all matters connected with
the South and the unparalleled stringcn-
cy in the money market, nothing was ac-
complished beyond bringing the condition
and prospects of the company prominent
Iy and Elvorably to tho attention OF capi-
taists and contractors.
The necessity for rcmcasurcmcnt OF
the work already done upon the line OF
the road, the loss and damage incident
from abandonment for years, and u new
estimate to suit the changed condition in
the prices OF labor, Materials &C., induced
the board in January last to organize
small corps of engineers and put them oil
the work, so as to have such estimates in
readiness to meet any bids or contracts
which may be offered. The board was
fortunate enough 10 secure the services OF
Colonel James P. Low, as the chief engi-
nccr, whose reputation for skill and abil-
itv in his profession is ample guarantee
that the company will not DC disappointed
or dissatisfied.
Colonel Low Immediately organized
corps, sufficient for the purpose, an outfit
for the field was procured, and the party
was soon engaged in the work. His able
report, herewith submitted, will inform
you of the progress and results OF the sur.
vey, and contains many interesting facts
and suggestions in regard to the condition
of the'work and the great importance and
encouraging prospects of our enterprise.
The results of his observation is anoth-
err evidence, not only of the great forecast
and wisdom evinced by those who inaugu-
rated this project, but of the ability and
honesty with which the work along the
line has been performed. This solid ma
sonry, these lofty piers and granite arch
ed tunnels will long remain as monuments
of their energy and enterprise.
The Board of Directors believe that the
time has now arrived when additional
progress may safely and prudently be
made in the way of preparation for ac-
tive work.
Although our State securities havc not
advanced in price as rapidly as we may
have Justly hoped, and are still far below
their value although the money market
in our great cities is still unsettled and
stringent, and capital still timid and tardy
in it's approach southwark, and yet the
board are sanguine in their hopes that the
bonds of this company authorized to bo
issued, resting on basis OF SO largo an
amount already we'll expended in con-
struction and endorsed by the State, will
command, in short time, such rates as
will Justify the company in progressing
with the work. The board would recon-
mend that Immediate steps bo taken for
the proper preparation, engraving and ex-
ecution of all or portion of these bonds,
according to the terms of the act of Sep
tcmber last, and that mortgage OF the
property of the company be also prepar-
ed and executed, extended so us 10 IN
clude and secure the entire issue OF 81 )
100000. 1t is n question of some moment,
to be determined by the stockholders,
whether the bonds should bear interest in
coin or currency. Many capitalists hav-
ing advanced the opinion, that if the in
terest on these bonds was payable in coin,
their market value would be largely en-
hanced.
The board would also remind the stock
holders that at the last meeting, it was
considered inexpedient to organize the
board according to the power conferred
by the act of September last, and the
board and officers heretofore elected have
continued to perform the duties devolvod
upon them. tbs, perhaps, time that some
action should be taken in reference to this
| ..,+tor ond for tha nresent simple. Geo