The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1883-01-17
OUR GREAT RAILROAD PRO-
JECT Is ENDORSED.
What Leading Journals Think.
PREPARATIONS FOR WORK

PREPARATIONS FOh HOhh-
The following highly important
information concerning the Caro-
lima, Cumberland Gap and Chicago
railroad we clip from the Aiken, s.
c., Record, of the 11th, taken from
the Anderson Journal 1t looks like
business, and we expect soon to an
nounce that work has also com
menced at this end of the line:
Two mortgages on the Carolina,
Cumberland Gap and Chicago rail
road in favor Of the Farmers Loan
and Trust Company, of New York,
were filed in the Clerks office i'm
Anderson shortly before the holi-
days, one n first mortgage amount
ing To $4,000, 900 and the other an
income mortgage amounting to
$1,000. 900. The instrument sets
forth that the Carolina. Cumberland
Gap and Chicago railroad Company
results from a consolidation Of the
following corporations The At
lantic and French Broad Valley
Railroad Company, of North Caro-
lima, the French Broad and Atlantic
Railway Company, of South Caro-
lima, the MOrristOwn and Carolina
Railroad Company, of Tennessee,
the MOrristOwn, Cumberland Gap
and Ohio Railroad Company, of
Tennessee, and the Cumberland
Railroad Company, of Tennessee.
The consolidated Company proposes
TO begin at Aiken, 5. c.. or Angus
IA, Ga, and pursue n north by west
direction through the States of
South Carolina, Georgia, North
Carolina, Tennessee and Kentucky
i'm n nearly direct line to any trunk
railway in or near the valley of the
Ohio in Kentucky, a distance of
about 400 miles In order 20 equip
the road the company have resolved
to issue 10000 first mortgage per
cent gold bonds, of 1000 each, TO
run 30 years, coupons TO be paid
semi-anuually, and in order 10 Sc
cure said bonds have given TO the
Farmers Loan and Trust Company
of New York a mortgage Oslo, O0O,-
600 on the right Of way. road bed,
road fixtures, rolling stock, &c. and
also a mortgage of S7,OO0,OOO on
the profits of the road. The bonds
are 10 be issued at the rate of S22,-
OJ0 per mile, and the conditions
provide that until default be made |
in the payment of the interest and |
principal of these bonds the com |
pany shall own, run and enjoy the /
profits OF the road, and if the com
pany we'll and truly pay the amount |
Of interest and principal, then the
mortgage and trust shall be void.
These mortgages are being re-
corded in every county through /
which the projected line runs, and
the whole thing is of considerable
Siguitieance, a. mammoth railroads
have heretofore been built upon
very much the same plan adopted
by this company. IL is TO be hoped
the enterprise will be pushed
through successfully, and that with
ia an early future The road would |
prove of incalculable value to this
State, and at the same time il would
attain great Importance in the carry
ing OF Western produce to the
markets OF tho world"
Aud the Louisville Commercial
has this to say on the subject:
The Chicago Tribune notes rs a
gratifying proof of che new spirit of
in the South the revival
NJ the scheme for direct rail connec-
ton between Charleston, S. C., and
Chicago, first devised before the
war. The merchants Of Charleston
have long looked forward to a time
when they viii do part Of the ex-
port trade Of Chicago and the North
west. AT the recent session Of the
South Carolina Legislature al act
Eas passed in aid ofofthe Carolina,
Cumberland Gap and Chicago Rail
road Company. the object Of which =