The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-06-01
ATLANTIC AND RICHMOND AIR LINE
annual Report OF the President AND,
Board of Directors.

<AhaA nepOrJ or the President nsod
Board Of Directors.
TO the Stockholders Of the atlantic ond
Richmond Airline RaiE,cay ConDauy
dentlemeD,-The President and Direo.
tors respectfully submit their report of the
operations Of the company during the past
year as follows: o p"''
Since the meeting OF the stockholders m
June, 1870, the work then in proeress On
u Ene western division, between Atlanta and
uainesvllle, Georgia, has been prosecuted
ny tle contractors engaged In It's execution
MN energy and satisfactory dispatch, COM
in. r,o',ns .he eAcaVatlon. masonry, and bridg-
April ultimo. N'' oo'h
+ The placing of the esuperstructure. under
elrection OF the chief engineer, has been
lono"ea up, MS successive sections were
op5nea, as actively us practicable, Heavy
anu protracted rains have somewhat re.
Caroed operations But a few hundred feet
Gon!y OF rails remain to be placed at fhe
GAINESVILLE end of the division to comnlete
tne 9, continuous track to that point Tbis
WIN De erected during the present week
living nlty-three miles Of line opened and
r. the ,is track has been laid with first.eIass
Iai., 90 pounds lo the yard, co1pIed with
the nsh-bar joint, making. as fast ~ ",u. s,,r
roadway. "n" "eii-Dui1
Depot buildings sufficient for the present
wants ot the company have been provided
at Atlanta and other points. on. the line,
Otners VIII soon be required at Gainesville
ana at least two other intermediate sta-
tons. <a. ''''o ''''-
An equipment of four tirst-class locomo-
ClVes, TWO passenger and twcnty.seven
burthen cars, have been purchased and mt
70 WORK on this part Of the line. Ten other
tats and dump cars have been engaged to
be delivered at an early day. This outfit is
deemed fully sufficient for the immediate
wants of the company, and has already en- i.
abled it. to open q profitable traffic on the
line now operating that promises an early
Development OF operations unusually larse
for Il local road of limited extent.
Reference is made to The report of the
chief engineer and superintendent, here
with submitted, for n detailed statement of
the entire expenditures of this division.
From this it appears that the work on this
division, deducting the cost of equipment,
amounts to less than IN average of S19,.
900 per mile.
The work on the Eastern division, under
the contract with Mr.. p. P. Dickinson, ol
New York, for the construction of the line
between Charlotte, n. g., and GAINESVILLE,
Ga, was put under way between Charlotte
and Spartanburg during the summer Of
1910, as early as complete and satisfactory
surveys could determine definitely the
most eligible location, and has been prose
cuted with uniform activity and in the most
satisfactory manner, emitting the contrae.
tor to the highest confidence and respect ol
the company. A large force has been kept
constantly employed in the construction,
and large proportion of the line of about
seventy miles, between Charlotte and Spar.
tanburg, completed.
The line of about thirty miles in extent,
between Spartanburg and Greenville, has
also been put under active work, with con-
siderable force, during the last sixty days.
The continued prosecution of the work
in like manner during the present year will
secure the completion of the line for use to
Spartanburg, and probably much or most
of that to Greenyille, on OF before the 1st of
January, 1872. .stT.lI-
ARRANGEMENTS have been made for the
delivery of about $500 tons of iron rails in
the month of June, soon thereafter to be
placed upon the track, it being the purpose
and desire of the management to open the
line in successive divisions-first to Spar
tanburg, thence to Greenville, at each Of
which points, as reached, contributions Of
business are expected valuable and i'm
portaut to the income of the company.
SURVEYS throughout the line have been
prosecuted with all the diligence and energy
practicable, and at considerable expense,
with view to the proper and necessary
economy in the cost OF construction and the
future maintenance and operation Of the
road Much Of the line, though practica-
BILE, has been found difficult in atfording
such locations as were deemed Judicious
with reference to the available, means of
the company and the important considera-
tions of grade, curvature, and saving of
distance.
Especially in regard to the line from
Gainesville castwardly reference is made TO
the statements of the chief engineer in his
report, herewith submitted. Any disposi-
ton OF questions suggested or arising
thereon which the stockholders may desire
OF prefer should be indicated now to the
management.
In pursuance of authority conferred by
the stockholders at their last meeting, the
Board of Directors in June last authorized
and instructed the president to hnvc pre-
pared and executed ut an early day a
proper deed of trust or mortgage convey
ing the company's entire line, franchise,
and property, to secure an issue OF bonds
at the rate of $4,000 per mile of the line,
ITO be used for the necessary purposes of the
company in the construction, equipment,
and operation Of its line; said bonds to run
50 years from their date, bearing interest at
the rate of per cent. per annum, payable
semi-annually, and be in other respects In
such form and with such usual stipulation as
the president shall prescribe; and the presl-
dent was instructed to have said bonds pre-
pared as soon as convenient. This resolu-
ton has been carried into effect as coDtem-
plated, and the securities thereon author
lied securely provided for by the due exc.
cution and recordation Of the proper deed
therefor.
This plan of single mortgage having
been determined on Us best for the Interest
of the company, of course 1T became neces-
sary to retire SO many OF The bonds endorsed
by the State of Georgia ut the rate of 600
per mile of The line In that State, as had
been heretofore issued. This has been done,
and said endorsed bonds, S240,WO in
amount, have been cancelled IN the hands
of the auditor of the company.
The fact of the present high credit OF
the company's first mortgage bonds, and
their valuable use in aiding the company
to push forward its work, fully Vindlcate
the wisdom of adopting the present form
of security in preference to such as the
company would have been required to en-
Dloy in connection with the endorsed
bonds referred to-. The encouraging pro-
gress of the work, its assured early com
pletion, and its equal certain value as a
public highway and carrier when com
etsd h1vg eady sstT fixed sad inc esr e9nasnes
~ , Gfr,1n
In conclusion, the board in regard to the
important and responsible, though difficult,
duties committed to them in the care OF the
great work represented by the company