New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-05-18


this road. some of which, fear, has been said for
malicious purposes; and, to show that this line has
not been as expensive some others which have been
bult under similar circumstances and through n
much easier section OF country to construct will
refer TO the New Orleans, Mobile and Chattanooga
which is, understand, frstclass road, and, if my
information is correct cost $4,000 per mile. The
South and North Road, / am satisfied, will COST
when completed and as well built ss the Alabama
and Chattanooga, fully as much, if not more.
The Montgomery and Eufaa will also cost full as
much, according to the class of work done.
The records show that the Virginia and Tennessee
cost prior to the war when work could be done for
nearly one-ha what 1t costs since, S 900 per mile
The Western and Atlantic Road. built through a
much iess expensive section of country cost prior to
the war, S31 900 per mile.
The Nashville and Decatur under the same circum-
stances, cost SS2, 900 per mile.
Inc Union Pacific, built during and since the war,
cost Slo2OOo, and the Central Pacific, S111OO0 per
The Alabama and Chattanooga-callng its cost in
stock and bonds at par--cost $4,000 per mile.
oee Eve. tbs showing is correct and i is very
not cost any more than it should under all the cir
cnmstances and great disadvantages which the
Company has been obliged to labor under aud
against and it ought to be sufficient to stop the con-
tinual berating of this Company and its officers, In
alleging that the Road has been too expensive.
1t would seem that this Company is not an excep,
ton to the general rule far its present financial
condition is concerned, and it appears from the fo
lowing statement of the creditors that 1t mas been
obliged to strain its credit in order to carry the great
and useful enterprise through TO completion III Ii
to be hoped, however. that those who have been in
disposed to wait until the Company could place IL
self in condition to pay them, will reconsider their
attempt to place the corporation INTO bankruptcy.
This bankruptcy proceeding was instituted by
BTS6ey W Nc ng co. wS TIe Re entire oa
ing Indebtedness OF the road Is ABOUT SZ'1O,Vo'
These claims were secured by surrender of certain
second mortgage bonds OF the road, ana ~ "9Tlo
seem that the action is entirely unealIed for Inc
other creditors are disposed to await the opening OF
the road and the development of its business; APP
pended is letter from OF the principal creditors,
representing the Delaware Car Works of Whining
ton Offering calm but indignant protest against
'''0 JACKSON Il SHARP COMPANY,
WILMINGTON, DEL. May 10. 1871.
Messrs, BUCKLEY, WELLlNG d Co., NO. $50 B'oaa""H
GENTS: As creditors Of the Alabama and Chattanooga
Railroad Company we desire to wr9 YOU navlg ING no
other object in view than the safety OF inc ceutors anu
strong to see the enterprise completed which we
have thought favoraby OF though not DOLLAR oi III
II we understand your position as creditor 1t Is
about the same as many Sr S benefit II the Company is
thrown Unto bankruptcy. OF course you are as wen
manarcd If yOnr course accepted and the great ex-
pcnse attending; and fear that all will wait much longer
Of tie failure TO nay interest and having to renew
paper we made contract for passenger cars, portion
Of which have been delivered Others ere now rehu! 10
20 forward and would have been shipped ere tins II me
trouble Of the past week had not come upon them and
cars; other contractors viii do the same The results
You The road cannot earn as much, ana VIZ u
less likely TO nav. The amount owing us ls about
$4,000 and with our contracts completed they VIII Owe
double that amount. for which we are 10 nave the
same security you have viz, second mortgage bonds
We are willing TO complete the ORDERS which SHOWS
our faith in the COMPANY a1 We S' v nrT pettion
in which course confident you VIII ma your IN
tercst We can see only ruin the creditors you
tnue as You have commenced We ask as favor to us
and other creditors that you further consider ths SUI
ject, which confident win result in your favor
your petition is withdrawn Please pardon Us for TIE
liberty taken, and reply with any remarks yo9 GGe
The Southern creditors have not been idle, as 1t
would appear by the following: M o,o-,
We the creditors of the Alabama and Chattanooga
dillon of its affairs appreciating fully it's value work
that will be eminently remuncratve When GOmpiStCd
and knowing that the effort now being made III new
u win entirely destroy the security that completed
aud well operated road affords and by its destruction
ruin hundreds of creditors who have been patiently
awaiting the realization of their hopes for better times
therefore we earnestly petition that the proceedings IN
bankruptcy may be withdrawn. or dlSmsseu AZ once
and that the administration OF the affairs OF the Com
pany. under the superintendenee of MI D. e. stanton,
may be continued as the only means to restore COM
and create revenue that Will gradually hqudate
all the indebtedness of the Company. H., ..oo ON
signed by individuals and firms representing s5Oooo
Of the floating debt of the Company. , oeo4 30 tho
There is also a petition TO the same e1ect as tue
foregoing signed by the mechanics, laboreTs, and
employees to the number OF about one hundred and
representing two Thousand more lequGstlhg tit Inc
proceedings in nlTuptcy be dismissed AT once.
The following the records of meeting lately
held in Chattanooga: o...u.,.oo,. ,ro.,o..oo
At meeting Of mechanics and laboTers, employees OF
the Alabama and Chattanooga Railroad company, heldt
the store of Jas r. Sayton Co.. on the evening or the
18th inst Jas r. Sayton was called 10 the ohar ana ~
G. Carr appointed Secretary ,.,.,s.
resolutions expressing the views OF the mechanics ana
I'm regard TO he condition Of the Alabama ard Chata-
nooga Railroad Company, and the duty OF the laDohg
class to the Company in its present financial dlcutes
The Committee presented the following resolutions for
the consideration of The meeting: .,,,
ResOlUed, That the construction OF the alabama anu
CIattanooga Railroad Company has resulted in almost
ncacuabe benefit 70 tins CITY anu the seeu9 thiouSh
trial interests OF the country, and has truly been the
iaboring mans friend and patron -
ReSOCed That we deeply regret the present nnaneal
di1Rcultics of the Company, and though but aborng
men, representing but little capital we feel that by Iea-
of the road we duty bound extend all aid in our
power relieve said Company OF Its present m ILL.,
and nuw of no better OF accomplishing our desire
in this direction than by withholding our demands Ior
wages of labor performed IN the ~ VI &c
Road until such time the Company is able 10 pay s
psofrr1 That we have full confidence in the ultimate
snccess OF the Alabama and Chattanooga Railroad as
financial enterprise and that If the Road remains III the
h. NJ the present Company and under the supervision
81 te nrese,t worthy and capable superintendent, j. {.
creditors of this city and along its line the present diff
cuties will be speedily removed, ana inc indebtedness
ResoIpsS That the citizens OF Chattanooga owe c.
Stanton debt of gratitude TOR bis efforts TO promote inc
Th aud prosperity OF the city, and that mis- dealings
with the ab0rng classes and the credItoso OF inc ran,
road Company have characterized by frrness and
integrity Of purpose and that we bid him Coo speed IN
rounding the Company aud Road ,, ga
on motion the resolutions were Unanimously auoPeu
On motion meeting adjourned - 1,,o
d. C. CARR, Secretary.
If the bankruptcy proceeding should be successful
the effect would be to injure poor class OF men VINO
have coniided III the Company and have gone on
from month to month, working day and night to
finish the road which is now done, and winch is not
second to any ike work i'll this country. FROM my
own knowledge Of the case, | aIn sure that lnoso
who deal leniently with the Company during ihelr
depressed financial condition will have no reason Tor
regret. 90,
THE BURLINGTON, CEDAR RAPIDS AND MlNNE ss 1.n
ID ~ No. =, &c Iowa il nnM earning Dian II per