Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-16
ANOTHER AVENUE TO TsE AT.

! LaNTkC
From the following extract from the an
nual report of Col. R. T. Wilson, President
of the East Tennessee, Virginia and Geor-
gia Railroad, to the stockholders in session
at Knoxville, it viii be seen that Tennessee
is soon to have another commercial avenue
to the Atlantic, and that Gen. Malone,
With his line of rosd in Virginia, will no
longer be able to interpose any obstacles to
the fullest and free est transportation and
inteTcommunication between East Tennes-
see and the Atlantic coast. Col. Wilson
says:
As another step looking toward the secur-
ing the connection with the North and
South Carolina system of roads, your board,
through its President, has become party
to two contracts, the nrst bearing date of
May Is, 1872, and made between R. I.
Wilson and c. II. McGhee as one party,
your Company as another party and one
Rufus Y. McAdden as another party. The
other contract besrs Gate Nov, Z, 1872, and
is made with Hiram Sibly of New York as
one party, and r. 7. Wilson Of New York
as another party, and your Company as
another party. In these contracts your
Company has advanced 100000, which
was used n the purchase from the afore-
said McAddeu Of his title to the Western
North Carolina Railroad and the Western
Division Of the Western North Carolina
Railroad company, and like sum, which
was used in the purchase of Sl,057, 900 Of
bonds ofthe Western North Carolina Rail-
road Company--for a better understand
ing of these transactions reference is here
by made to copies of the contracts hereto
attached Under these contracts it is b.
leved perfect title is secured-both to the
Western North Carolina Railroad and the
Western Division Of the Western North
Carolina Railroad, whichif done, it is hoped
Will lead to an early completion of the con-
nection previously alluded to. We feel that
the great advantages TO result to your COM
pany through the completion and opening
of the line from MorristoWn to Salisbury,
North Carolina, will amply repay you for
the obligations we have assumed in the mat
ter.
There is now completed Of the Western
North Carolina railroad, la miles, leading
from Salisbury to Old Fort, North Carolina,
and work done on sixteen miles connecting
Old Fort and Asheville, to the amount of
about 100000. The company has va
luable machine shop, and a small equip
ment, and is said now to be earning with
out any through connection, about 1000
nett per annum. The road has been built
in the very best manner, at great cost,
amounting, it is estimated, to over $4,O00,-
600. Under the arrangement entered into,
it is believed the purchasers will obtain
possession of the road within thirty days,
and your advance and interest on the same
at per cent per anuum, is secured by q
lien on the entire property, franchises and
income, subjsct, however, to prior lien OF
$4,000, which runs for two yeas and
bears 81 per cent interest per an mum, from
the date at which the purchasers get posses
sion of the road.
You will therefore perceive that your ad-
vance and interest on the same are made
absolutely secure in the lien provided for
on the property. In addition to the advan-
tsges TO be derived by your company, we
feel that you may congratulate yourselves
upon being the instrument Of opening up
another avenue for the commerce OF the
country through which your road passes,
thereby comforting great benefits to the
whole valley of East Tennessee. You can
not be icle spectators in any enterprise
which will add to the general prosperity Of
he section through which your road passes.
In this case you are happily enabled 10 in
tervene to secure 8 tide To this property up
on such terms as viii secure It's construc-
ton without entaling any loss upon your
selves.