The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1870-12-15


receive the earliest attention, having been de-
ferred to this time solely by the restricted
means of the company.
The salary of the Superintendent is wholly
inadequate for the services required, and should
be increased whenever the resources Of the
company will warrant.
AT the time the contract with Cresswell q 20:
was entered into, it. was reasonably supposeefa
that the work would be pressed forward ". WIN
+ great vigor and energy and that the Ioiiing
stock of the company would have to be IN
creased, and kept in perfect order, to meet the
business thus thrown on the road.
| A necessity for machine shops at Anderson,
! the lower terminus of the road, was apparent
and hence, an order was issued tor the construc-
ton of a building, capacious enough tor re-
pairs, and for the buildingof locomotives when
ever required.
ton of the Chief Engineer with Mr.. John R.
Cochran, for the brick and brick work, and
with Mr. w. R. Hoyt, for the wood, woodwork
and roofing, necessary to complete the same,
These contracts have been fulfilled to the satis-
faction of the Chief Engineer and the COM
pleted building received, 80 that the company
now have a large and commodious machine
shop, sufficient for the wants of the company
for many years, at cost of less than sixteen
thousand dollars. The machinery, for opera
ting said shop, should be furnished at an early
day, as a matter of economy.
CONNECTING ROADS.
The corporation forming the connecting
links in the States of Georgia, North Carolina
and Tennessee, still preserve separate organi-
cations. The proceedings of the annual meet
ings and organization of the Blue Ridge Rail
road Company, (Georgia,l and Of the Tennes-
..o T,,,o. Dc; ;1rood fNortb TNo \ apoomDo-
ny this report 1t would be judicious for the
Blue Ridge Railroad Company in South Caro-
lima, owning the controlling stock in each of
these corporations, to effect legal consolida-
ton as soon as possible, and for such purpose,
application should be made to the Legislatures
Of Georgia and North Carolina, for the neces-
sary legislation The Knoxville and Charles
ton Railroad Company, insTennessee, is anoth-
er connecting corporation, the condition of
| which calls for immediate attention. The
means for retiring the lien of the State of Ten
nessee, on that part Of the road now in opera
ton. should at once be looked to, and the
Board would recommend that memorial be
addressed to the Legislature of the State of
Tennessee for aid in that matter. 1t may be
proper to add here that the citizens along the
line of the road in Georgia, have subscribed
from ten to fifteen thousand acres of land, and
ma; from five to ten thousand acres in aid of
this enterprise, with the promise to increase
| their subscriptions to very large amount
whenever satisfactory assurances shall be given
them of the ultimate completion OF the road.
The President of the company had intended
| to devote the summer months of the present
year to this object, but the duties of his office
called him elsewhere, but the Board recon-
mend that renewed efforts should be made, and
the largest subscription possible be obtained, as
it will aid much in furnishing the means to
meet any deficiency which may hereafter occur
| in the assets of the company.
THE DEBT AND LIABILITIES OF THE COMPANY.
The Board of Directors have had occasion, at
each annual meeting, to direct the attention of
the stockholders to the great advantage and OBJ
legation of providing for the liquidation of the
old floating debt. particularly set forth in re-
port of former President of this road, Mr.
John T. Sloan on the 1st of June. 1867, and
also at least for the payment of the due cou-
pons of the first mortgage bonds of this COM
pany, and maturing from 1850 and 1861 to the
present time
These bonds run thirty years, and fall due in
| 1881. The act of September, 1868, provides
| for the payment of this debt from the proceeds
OF the first million of bonds authorized thereby,
but in the judgment of the Board of Directors
such provisions may be met by payment of the
interest DUE and the deposit of an amount Of
the guaranteed bonds sufficient to cover the
principal or an exchange of the,said last men
toned bonds, which many holders are willing
to accept. !. The President, by repeated assurs
ances of the disposition and intention of this
company to provide for an early liquidation of
these demands, has prevented many suits by
impatient creditors, but such suits cannot Ion
ger be postponed, and the Executive Committee
should be again authorized and directed to
make some arrangement by which such con-
summation may be reached.
| The liabilities of the company incurred du-
ring the terms of Office of the present President
and disbursements are fully set forth in an ac-
count current accompanying this report.
| Upon the settlement of the contract with
Cresswell & Co., the Railroad Company we're
entirely without cash resources, but immedi-
ately made arrangements with Mr.. H. II.
Kimpton for loan of one hundred and fifty
four thousand dollars, which enabled them to
pay Cresswell! & Co., and continne the work
upon moderate scale, and thus relieve the
company from the discredit of total abandon
fment of their operations.
THE PROGRESS OF THE WORK.
From the date of the contract with Cresswell
G. Co. to the 18th February, 1870, the sub.con-
tractor, Mr. Steers, was occupied mainly in
preparation for his work, and nothing was &C
complished towards the execution of the con-
tract than the erection of cabins, the procure
ment of Materials technically called q plant.
In the contract with Mr.. Steers of the 18th
February, 1870, it was expressly stipulated, as
matter of security to the company, that the
work should commence at such time, and pro-
gress at such rate, as the Chief Engineer should
direct The means and resources of the COM
pany being uncertain, it was deemed prudent
by the Chief Engineer to restrict Mr.. Steers to
tunnel work and heavy work contiguous there
to, so that this limited expenditure might ad-
vance the work necessarily heavy and slow and