Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1891-08-25

DEAR SIR Pursuant to the call an ex-
traordinary meeting of the stockholders
OF this company was held at this Office
on Wednesday,. the 7th dav OF May, at
l 2 M, a majority OF the stock being pres.
cut or represented.
The superintendent made n statement
OF the affairs of the company and gave an
outline OF its prospects and possibilities.
The subjoined statement of the earnings
and expenses of the company will show
its present condition pretty clearly,
while glance at the very liberal charter
under which the company is operating,
and at the rapid strides Aslleyille is max
ing, both in wealth and population, will
convince the most skcptica that the lu-
ture OF the company is exceedingly
bright.
There is a well defined scheme to extend
I he present track OF the company to Mr.
George Vandcrbilt's new station on the
Western North Carolina railroad, called
Biltmore, at it's intersection with the
Spartanburg and Aslcvile railroad com
pany. There is scarcely visitor who
comes to Ashcvillc who does not ride out
to Vanderbilt's new plate, and the fact
that quite settlement is already
established at Biltmore, which requires
frequent communication with Asheyille.
gives the assurance that the traffic over
this Eew extension will be almost as
great as over the main line OF the present
road, And, too, it must be remembered
that the company can transport freight
III addition 20 the passengers, and that
0iitsch it is Thought, viii more han
Pal the unnng cX cnSes ofthat branrh
1t was also resolved to renew the freight
business from the depot of the ". \. {.
X. X. to a warehouse in the city. The
construction of the new United States
Court House and Post Office building on
Potion avenue on the line OF our track
just begun, and the desire OF the conlrac-
tors TO get this company to convey all
their material to the bu ldlng site prom
| ises new source OF income. The set
Element OF the suburbs OF AsiIevile by
wealthy men from all paris Of the world
the company's privilege to extend its
| lines five miles from the court house in all
| directions, the prospect of an early es-
tablishment of park by the city, and
various other enterprises, were discussed,
and the opinion was general among the
stockholders that everything promised a
| bright future for the company, and that
there should be no difficulty in selling
$40, 900 of second mortgage 8 per cent.
bonds at par, that amount bIing deemed
necessary to cover all present wants.
| The proposition to issue preferred stock
at 3 per cent. was discussed, but as a sec
ond mortgage would better protect the
present status and rights of the stock
holders, that plan Was abandoned, and
the directors authorized to issue $+0,-
600 OF 8 per cent. second mortgage bonds,
at par, and Messrs. 6. Martin and +.
w. Patton were appointed the agents OF
the company to negotiate their sale.
1t is, therefore, with great pleasure that
communicate the above facts to the
absent stockholders: tor, during all the
period OF doubt and experiment OF diff
culties and discouragements, have had
great confidence in the ultimate success
of the Asheville street railway. And
" hen it is remembered that, after the re
ceipts due to the novelty of the enterprise
tell OFT scarcely year ago to $50 or $40
per day, and that with the extension o
our lines and increase of equipment, II
averages almost 500 per dicm without
the freight, the returns from double the
number OF trips soon to be inaugurated
with our new cars and motors, at slight
additional cost promise a gross incom,
per diem Of about $500. This showing
ior new enterprise, with a bonded in
dcbtedncss OF only 100000, should bt
very encouraging to all stockholders.
Some of the stockholders, by letter anC
personal request at the meeting, dcsirec
to take portion of the bonds at par
but as it was feared that this might in
tertere with the disposal Of the cntir'
issue, it was deemed best not to ofie
hem in blocks until it was first sect
whether the entire amount might not b
disposed OF at one time.
You will please let us know, therefore
wha; amount of these bonds you feel dis
posed to take at par, SO that in case ou
agents do not succeed in placing the ell
tire issue in a short time, the compan.
may be confident as to the exact amour
i: may certaily depend upon selling
T. " Patton, Supt.