The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-12

graduation, masonry, and trcstline, between
heysville and GAINESVILLE, on or before the
toeh day OF November. 1878. This road,
when completed to GAINESVILLE only, in afford.
ing transportation and its consequent devel.
opment TO one Of the most productive and
desirable districts OF this State and of North
Carolina. will unquestlopably bring within
reach very valuable accessions of business to
TINS company's road. as we'll as to the COM
merriai community at its eastern terminus,
When built, being almost exclusively the
property OF this company. and connecting
directly with It's main line, its operation may
he greatly ecDnomlzed, and its contributed
business made reasonable source of profit
to this COMPANY on the cost of completing it.
THE NORTHWESTERN NORTH CAROLINA RAILROAD.
This work leaves the company's main line
at Greensboro, n. c., and extends westward
through one Of the most fertile and nroduc.
tive districts Of that State to Salem, thence
the company's franchises extend west and
southwest az largely as any probable future
demands will require,
From Greensboro To Salem The work of
masonry, and supplying cross
ties had been about finished during the year
1871 During the year 1871, the company
being unable to continue the work to com.
pletion, made proposals for its transfer In
elect to this company, upon terms deemed
reasonable. and on our undertaking to have
1t Gully completed and put in operation
within reasonable period. The value of
the Inc Itself, IA n new contributor of traffic.
together with cur then unsettled relations
with othcf roads south Of Greensboro. COM
meEded the usefulness ind value Of this cou-
nectlon strongly to the management, and the
arrangement was substantially agreed on
during that year.
On the 18th day OF March, 1872. final
contract was entered into between the two
by which this company under
took to complete and put in operation the
road from Greensboro to Salem, distance
OF tWeuty-nine miles, in consideration of the
issue and delivery to This company of 1000
shares, being majority Of the whole of its
capital stock, and also 100000. being the
whole issue of the first mortgage bonds of
the Northwestern North Carolina Railroad
Company which had been heretofore duly
by law. In accordance Herewith
the stock and bonds have been isued and de-
iivered to this company, and the work of its
commenced during the past fall $.
About o1c-half of the track is now laid, and
the work continuing as actively rs practical
bic, and will doubtless shortly be complete.
Two Of the depot buildings required are
finished, and the remaining one lat Salem)
can be completed in few weeks.
A copy of the agreement referred to is
herewith submitted Tor information and re-
ference. The value of this property to this
company, on these terms and the circum-
stances under which its acquisition was
made, render 1t an important addition to this
resources, and an essential pro-
lection against certain contingent compet.
lions in that direction heretofore and posi-
bly, still contemplated.
NORTH CAROLINA RAILROAD.
This road is being successfully operated
under the contract OF lease of September
18th, 1871, fully reported TO the stockholders
at their annual meeting Of last year as Il divi-
sion of this company's line. underan efficient
and economical organization, adapted to its
practical relations with this company as the
operator, as well as with the seve-
raj other lines with which it has valuable
business connections. TO promote its USE
fuluess to the communities it serves, and to
secure its continued prosperity and value to
them aud this company ~ leSsecs, the tariff
been carefully revised, made more uniform,
and materially moditied-passenger rates
being reduced about twenty per cent, and
the average Of frelgh,s very nearly as much.
Its business, although not fully sustained
during SOME periods Of the past year. has
produced results that verify amply the an
ticipations heretofore expressed, that the
property is and will be scll.Sustaning, and
I'll sftl H. & oil
its legitimate connections, as existing and
contemplated. will become and continue rea-
sonabiy rcmuncrativc for the cost and risks
of lis control, and cininently useful to that
and the adjacent States north. south, and
west of it rs public highway and artery Of
commerce.
TIE ATLANTIC AND RICHMOND AlR-LISE
RAILWAY.
This great work, now fully recognized as
essentially important and valuable TO this
company and its connections, and Of almost
paramount necessity to thcirfuturc prosperi-
t. and protection, is being rapidly compile
ted. Casual and unavoidable causes of de-
lay, inscparably incident to Il work of this
magnitude, have prevented the opening of
the entire line by the end OF the current
year, as anticipated. II is not now doubted
That its entire completion can be effected i'll
the spring of the ensuing year. At present,
eighty miles on the southern or Atlantic end
of the line have been completed and opened
for traffic, and about sixty miles on the
northern or Charlotte end. From Green
Vile and Sparlanburg, 5. c., points on the
middle division accessible by rail, track has
been completed, ready for Use, to the aggre-
cate extent Of thirty-liye miles. The residue
OF the line is either completed as to grldua-
ton and masonry, or so far adyancedaS TO Offer
no interruption or detention to the WORK OF
erecting bridgc-structures and OF track-Iavlng,
which is now progressing with all the dis
patch that the most energetic supervision
and direction can effect. The indications Of
DEVELOPMENT of local traffic, agricultural,
and mineral, on this road,
better returns than have been here
loiorc anticipated, and with its almost un-
rivalled advantages Tor connection business,
must, when opened and organized, establish
prolnptlya commanding position rs an lnte-
yrll part o. the Piedmont Atlantic thorough
fare, which il is the interest and purpose OF
this company to establish and maintain. To
carry out this purpose, and in such manner
as to avoid the hazard of losses by delays,
both Of the business to be derived and OF
the capital already embarked in the enter
prise, The Board have considered it necessary
to accept a transfer to this company OF the
contract for the completion Of the road 10
Charlotte, orig inally made with I. 7. Dick
inson and afterwards assigned by him to K.
D. Barclay; and thus to undertake to secure
both its early and economical completion
and its future control as proprietor. This
was done by contract of the 29th of May,
1872, between this company and the other
parties interested, under which the work Is
ha;,,nx ,.rnc onntaa md will he com.