The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-12-10
TIE BUNC0MBE RdAD.

Ludb OIslI6s lie recommends an
amendment to the charter of North
Carolina Railroad Company, which
will allow that road to purchase the
Western N. c. Railroad, branches
and divisions, the Cumberland. Gap
and Charleston Road. and tue At
lantic and N. c. Railroad, and pre-
sents facts and figures going to show
the immediate practicability of the
plan suggested, and the early com
pletion OF the roads so long talked
of in the mountains. He says:
q suggest to the General Assem-
bly, the passage of an act to amend
the charter of the North Carolina
Railroad Company, and confer upon
it the necessary power and author
ity TO purchase the Western North
Carolina Railroad and, all its
branches or divisions the Cincinnati,
Cumberland Gap and Charleston
Railroad, and to build and complete
the same. and when so purchased
the whole to be merged into one
corporation under one management.
and under the name of the North
Carolina Railroad Company. The
Directory of the North Carolina
Railroad Company, who / am pleas
ed to state, sustain me in recon-
mending this legislation, have an
agreement in writing from the own
ers of the Cincinnati, Cumberland
Gap and Charleston Railroad. (a
portion of which from Morristown,
on the East Tennessee, Virginia
and Georgia Railroad to Wolf Creek
in the State Of Tennessee, has been
finished, and is now in operatiOm,)
and from creditors and litigants of
the Western North Carolina Rail
road Company, in which it is pro
posed to sell and transfer TO the
North Carolina Railroad Company
the whole line of railroad from Sails
bury to Morristown for about one
million dollars-or this line, from
Salisbury to Old Fort, about lis
miles have been finished, and from
Wolf Creek to Morristown, about 40
miles have been finished, leaving n
gap of about 75 miles of unfinished
road. OF this unfinished portion.
more than one,haIf the grading has
been done. It is estimated that to
build up this gap and have the
whole line of railroad from Sails
bury to Morristown completed aud
in good running order will cost about
one and Il half million dollars.
Then it will cost about two aud q
half millions to purchase and finish
the road from Salisbury to Morris
town, 230 miles in length, which
will put MS in communication by
rail with Memphis. ~.
A mortgage of three million. dol
lars on the North Carolina Railroad
will enable it to pay of, its present
mortgage and other Indebtedness,
and purchase, and finish this whole
line of railroad. The length of the
North Carolina road is 223 miles,
and when it has purchased and fin
ished this line Of railroad will have
line from Goldsboro to Charlotte,
and from Salisbury to Morrisown,, a
distance Of 453 miles. A mortgage
on the whole line Of Q5,000) fifteen
thousand dollars per mile would
raise little less than seven million
dollars which would enable the com
pany to construct the road from
Asheville to the Georgia line, 1913
miles. Three million dollars ex-
pended in paying off its present in
debtedness, and purchasing aPd
finishing the road from Salisbury to
Mo ristown, would leave about four
million for constructing the road 10
the Georgia line. A portion oftbis
road has been graded, and it is esti-
mated that less than four million
dollars would finish it. And when
the Atlantic and North Carolina
Railroad is merged into this com
pany, which is believed can be done
on reasonable terms, the North
Carolina Railroad Company will
have a line Of Railroad from Beau
fort harbor to the Tennessee. and
Georgia railroads, 666 miles in
length. We will then have q rail
way nearly 700 miles long, with a
mortgage debt of less than seven
million dollars--abont $4,000 per
mile. Will this policy be adyanta-
geous to the stockholders ia. the
Nerth Carolina Railroad Company ?
There is in my mind no doubt that
it will. 1t is believed that the net
earnings of the company will DE
largely augmented. With a mort
gagged debt of little less than seven
million dollars, the interest on which
at rate as high as per cent, per
annum. will be, say 100000. The
net earnings of the North Carolina,
at present, is about $25O,00O, The
increased business over it from
these tributaries will be, say 500,
600. making $55O,O0O as net earn
ings from this line. The local bust
ness over the line from Salisbury to
Moristown win more than pay its
operating expenses, while the busi
ness form the connecting roads al
OiAlSbOWhs stS - CSbitlidgSNl bk CQtli
petent authority, will not be less
than 100000. 1T is estimated
also. that if the road is CONSTRUCTED
in the direction of Dalton, and ,
connection made with the George
roads, the net earnings from this
source will be as great rs that from
Ashville to Morristown, while th,
business will be greater. SO il
round numbers, il this whole policl
be carried out, and the. CONNECTION
made with the Tennessee and Cfeor
gin roads, it is very reasonable. t.
say that the net earnings Of the
whole line will reach one million
dollars. Dedncting $500, 600 ii
meet the interest on its rnortgageC
i debt. there will he left half "a mil