The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-05-26
WONDERFUL SUCCESS.
That is What Col. Fry Has Had in His
New Railroad


New Railroad
From the atlanta (Ga.) Constitution.
The Atlanta, Atlantic and Great Western
railroad is an assured fact.
That means new line to Savannah,
shorter by more than fifty miles than any
existing line, and passing through the rich
est part of Georgia.
Col Fry returned to Atlanta last night
from a months visit to the North.
II have here" he said to a representative
of the press, "a contlact-signed, sealed and
delivered-for the construction of the At
lanta, Atlantic and Great Western. 1t pro
vides that the road shall be finished to
EatOnton by July l, 1889, and to Savannah
by July |, 1890. | have bonded the road at
$4,000 per mile, issuing
AN EVEN $3,OO0,000
of bonds on the $50 miles of road The con-
tract is with $. Morris Pryor g. Co., No 81
Broadway, New York. They have paid in
100000 in cash to begin with This will
be used in the preliminary engineering and
surveys, which will be begun next Monday
by Col. William II. Pryor, of Lynchburg,
Va, kinsman of Gen. Pryor, who has
been made chief engineer Of the road.
"Tbe balance of the money will lie paid
in monthly installments, 81, 900 cash for
$12, 900 in bonds Of the road. These bonds
are q per cents, running thirty years. The
Mercantile Trust Company of New York,
has been made trustee for the bOndholders,
and the mortgage as been made payable
to thai company. and it has accepted the
trust The money is to be paid out of the
trust company as the WORK
progresses, upon the estimates of
the chief engineer, approved by my
self as president of the company, and in
monthly payments. Further payments are
to be made for terminal property when the
deeds for tine property have been inspected
and approved by me. The contract for
the engraving and printing of the bonds
has been let to the New York Bank Note
Company. There will be 900 900 bonds,
running thirty years at per cent. interest,
payable senl-annually."
THE PRELIMINARY SURVEY.
"The survey will begin next week?"
YES / left Col. Pryor at Lynchburg
where he stops off for few days to make
preparations for coming to Georgia to re-
main me time He will got here Satur-
day night or Monday On his arrival he
will leave at once on horseback reconuois-
sance over the proposed line of the road be.
tween here and Eatonton, and after
that on to Savannah. In the interim the
engineer corps will be organized
camp equipage and equipment will be
secured, and as soon as Col. Pryor returns
from his prospecting tour he will enter upon
the work of locating the road. Grading is,
under the contract, to be begun by Sept |,
of this year. The road is to be standard
gauge, steel rails, 90 pounds to the yard, and
fitted with all modern appliances, the best
that money will buy.n
THE SUBSCRIPTIONS TO STOCK.
"What has been your success in securing
subscriptions from points along the line ~
about the middle of last December
made my first visit to Eatonton in the in
terests of the road | met with q cordial
reception and secured a fine subscription.
The people there and everywhere were thor
ouShly alive to the benefits which will re-
suit from the building of the road. Then
went to Sparta, in Hancock county,
WaYnesboro in Burke county, Sylvania,
in Scriven county, and Springfield. in Eff
fingham county, and Savannah. In all of
these places my success was beyond my ex-
pectations. While at Savannah | received
pressing invitation to Louisville, i'll Jeffer-
son county and talked railroad to the people,
and there my subscription list was in
creased some $63 900 to $65, 900.
''In addition to these subscriptions l Sc
cured options upon property of great value.
The options and subscriptions which | car
ried to New York aggregated
NEARLY HALF A MILLION
dollars, and it was upon these options and
subscriptions that the sale of the bonds was
negotiated"
"And what do you think of the roads
prospects,"
Nothing could possibly be brighter. The
line will he fifty-four miles shorter than
any existing line from Atlanta to Savan-
nah, and will run through the very heart Of
the State so far as population, intelligence
education and agricultural interests are
concerned. Why, the territory is able to
support the road upon local business alone.
The people all along the line are enthusiast
tic in their support of the road and show
every disposition to do everything in their
power to promote the interests of the road
From the beginning every move has indi-
Gated the success which has been attained"