The Greenville enterprise. [volume] (Greenville, S.C.) 1870-1873, 1871-06-14

future maintenance and operation
Of the Road. Much of the line
though practicable, has been found
difficult in affording such locations
as were deemed jadicious. with
reference to the available means
Of the Company and the importau,
considerations Of grade, curvature
and saving of,distance. "
Especially in regard to the line
from Gainesville, eastwardly, ref
erence is made to the STATEMENTS
OF the Chief Engineer in his report
herewith submitted. any DISPOSE
ton of questions suggested or aris.
ing thereon. which tire stockhold.
ers may desire or prefer, should
be indicated now to the manage.
! ineut.
| In pursuance of authority con.
fer.ed by the stockholders at their
last meeting, the Board of Direct.
ors in June last authorized and in.
structed the President to have pre-
pared and executed at an early
day a proper deed of trust or mort
gage conveying the Compsny's en-.
tire line, franchise and property, to
secure an issue Of bonds at the rate
OF $i8, Co per mile of the line to
oe used for the necessary purposes
Of the Company in the construc.
tion, equipment and operation of
its line; said Bonds to run thirty
years from their date, bearing in.
terest at tho rate of 8 per cent. per
annum, payable semi-annually, and
be in other respects in such form
and with such usual stipulation as
the President should prescribe, and
the President was instructed to
have said bonds prepared as soon
asconvenient. This resolution has
been carried into effect as contem.
plated, and the securities thereon
authorized securely provided for
by the due execution and record :
alton of the proper deed therefor.
This plan of a single mortgage
having been determined OF rs best
for the interest of the company,
OF course it became necessary to
retire 30 many of the bonds en-.
dorsed by the State of Georgia at
the rate of 900 per mile Of the
line in that State, as had been
heretofore issued. This has been
done, and said endorsed bonds,
$24O, 900 in. amount, have been
Cancelled in the hands of the Audi.
tor Of the Company.
The fact of the present high cred.
it OF the company's LIST mortgage
bonds, and their valuable usc in
aiding the company to push for
ward its work, fully vindicate the
wisdom of adopting the present
form OF security in preference to
such as the company would have
been required to employ In con
nection with the endorsed bonds
referred to. The encouraging pro-
gress of the work, its assured ear.
ly completion and its equal certain
value as public highway and car.
rier when completed, having al.
ready fixed the confidence of cap
ital in the safety and certainty of
the company's securities as an in.
vcstment.
In conclusion, the Board, in re-
gard to the important and respon.
sible though difficult duties com.
rnitted to them in the care of the
great work represented by the
Company, will be allowed to con.
gratulate tire late stockholders up
on what has been accomplished
already, asd the encouragcments
that are now afforded of the speedy
realization OF their most cherished
hepes of successful completion.
The considerations that distin.
guish your enterprise as one not
only of great local value and i'm.
portance, bnt also as o command.
ing and essential element in the or.
ganization Of a great Piedmont At
lantic thoroughfare, has at length
strongly impressed the intelligent
sentiment Of the country north aud
south Of yonr line.
All interests are looking with
marked attention to your progress,
and hail with satisfaction the broad
clear dawn of your assured success,
recognizing, as it docs, the power
of your completed line when pro
perly organized as grand and
potent instrument in the restora-
ration aud development of the inn.
mense domain in which it pene-
trates and serves by its connec-
tions and influence, to that pros.
perity, beauty and value which
nature las designed it to afford to
the present as the generations TO
como. 49,
Respectfully submitted on behalf
of the Board.
| AS BUFoRD, Pres't.
A., AloLac,o Tufaryo1 Davoura