THE 
 
 Savannah, AMERicusiMoNTGOMERY 
 Railway. 
 
 first mortgage 
 Thirty Year Gold Bond. 
 
 Xssiie liin^itecl to $12,000 |)ei^ of 
 
 Prepared by B. P. HoLLiS, of Americus, Ga., and 
 John D. Roquemorr, of Montgomery, Ala. 
 
 Tl^e n^ercai^tile Trust ai^d Deposit (Joir^pai^y, of 
 BaltiD^ore, Trustee. 
 
 — -a.Lso — 
 
 Suii^n^arv and Prospectus of tl^e Savani^afe, ^n^ericus 
 arid H^oi^tgon^ery Railway, 
 
 Recorder Publishing House, Americus. Ga. 
 
Digitized by the Internet Archive 
 in 2015 
 
 https://archive.org/details/firstmortgagethiOOsava 
 
THE 
 
 Savannah, AMERicusiMoNTGOMERY 
 Railway. 
 
 first mortgage 
 Thirty Year Gold Bond. 
 
 Xss-qe Uin\±[ed to $12,000 ^e±< ls/[ile of 
 
 Prepared by B. P. HoLLiS, of Americus, Ga., and 
 John D. Roqukmore, of Montgomery, Ala. 
 
 TJ^e n^ercai^tile Trust ai^d Deposit (Jouipai^y, of 
 Baltin^ore, Trustee. 
 
 Sun^uiarv ar^d Prospectus of tl^e Savarii^ali, ^n^ericus 
 ai^d n^oiitgon^ery Railway, 
 
 Recorder Publisiiing House, Americas, Ga. 
 
FORM OF MORTGAGE. 
 
 This indenture made this, the first day of April, in the 
 year one thousand eight hundred and eighty-nine, between 
 the Savannah, Americus and Montgomery Railway, a cor- 
 poration duly chartered and organized and existing under 
 the laws of the States of Georgia and Alabama, of the first 
 part, and the Mercantile Trust and Deposit Company of 
 Baltimore, a corporation duly chartered, organized and 
 existing under the laws of the State of Maryland, of the 
 second part, witnesseth : 
 
 That whereas, the party of the first part, before its cor- 
 porate name was changed from ^'The Americus, Preston 
 and Lumpkin Railroad Company" to "The Savannah 
 Americus and Montgomery Railway," had executed certain 
 mortgages as follows, to-wit : 
 
 1. A mortgage executed February 16th, 1885, to Moses 
 Speer, John W. Wheatley and H. C. Bagley, Trustees, to 
 secure two hundred bonds, aggregating the sum of one 
 hundred thousand dollars. ' 
 
 2. Another mortgage executed August 25th, 1886, to 
 Moses Speer, J ohn W. Wheatley and H. C. Bagley, Trus- 
 tees, to secure one thousand bonds, aggregating the sum 
 of five hundred thousand dollars ; the total amount of 
 bonds issued under both of said mortgages being six hun- 
 dred thousand dollars ; all of which bonds were issued by 
 the party of the first part, under its former corporate name 
 "The Americus, Preston and Lumpkin Railroad Company," 
 and each of said mortgages covering certain portions of 
 the railroad and franchises of the party of the first part. 
 And whereas, the President and Board of Directors of said 
 party of the first part, at a meeting held at its office in 
 Americus, Georgia, on the 29th day of March 18.S9, adopted 
 
THE FL0WEH3 CULLEGIlON 
 
 3 
 
 by a majority of the votes of said President and Directors, 
 and with the unanimous concurrence of all who were pres 
 ent at said meeting', certain resolutions in the following- 
 words, to-wit : 
 
 Whereas, In order to construct and equip the proposed 
 extensions to the line of this railway ; in order to pay the 
 floating debt incurred in changing the gauge of the road, 
 and providing equipment therefor, and in order to retire 
 outstanding bonds, and as far as possible to consolidate 
 the indebtedness of the Company, it is desirable to issue 
 a series of first mortgage bonds, as hereinafter set forth : 
 
 ^esoli^'ed first. That the Savannah, Americus and 
 Montgomery Railway execute a first mortgage upon its 
 franchises and entire property to the Mercantile Trust and 
 Deposit Company of Baltimore, and issue thereunder 
 bonds to the amount of Four Million One Hundred Thous- 
 and Dollars, being at the rate of twelve thousand dollars 
 per mile of road now completed and hereafter to be con- 
 structed, which bonds shall be of the denomination of one 
 thousand dollars each, payable in lawful gold coin of the 
 United States of America, of the present standard of weight 
 and fineness. They shall bear date on the first day of 
 April, one thousand eight hundred and eighty nine, and 
 shall bear interest from the first day of July, one thousand 
 eight hundred and eighty-nine, at the rate of six per cent. 
 IDer annum, payable semi-annually, at the agency of this 
 Company in the city of Baltimore on the first days of Jan- 
 uary and July in each and every year, as evidenced by the 
 interest coupons thereto attached, and the said bonds shall 
 become due and payable on the first day of July 1919. 
 
 ^csolveed secondly, That the property to be conveyed 
 by said mortgage, shall be all and singular the railroad 
 now constructed and in operation between the town of Ab- 
 beville, in the county of Wilcox, in the State of Georgia, 
 and the town of Louvale, in the county of Stewart, in the 
 State of Georgia, and the railroad to be constructed from 
 or near Louvale to the city ot Montgomery, in the State of 
 Alabama, and also the railroad to be constructed eastward 
 from the town of Abbeville to the city of Savannah, in the 
 
state of Georgia ; together with all corporate rights and 
 franchises of said Railway, already granted or to be grant- 
 ed by the States of Georgia and Alabama, and all equip- 
 ment, tolls and income thereof, and all its real and per- 
 sonal property, wherever situated, now owned or hereafter 
 to be acquired by it, and such mortgage shall be in trust 
 for the benefit and security of the holders of such bonds, 
 to the extent aforesaid, withouc preference, priority or dis- 
 tinction as to lien or otherwise, so that each bond to be is- 
 sued shall have the same right, lien and privilege and se- 
 curity thereunder, as though they had been all executed 
 and delivered simultaneously with the execution and deliv- 
 ery of said mortgage. 
 
 Resolved thirdly. That the President and Secretary 
 of this Company be and they are hereby authorized and 
 empowered for and on behalf of this Company to affix its 
 corporate seal to each of said bonds, and to sign the same 
 as such President and Secretary, and, when so executed, to 
 deliver the same to said Trustee. In the execution of the 
 coupons attached thereto, the signature of the Treasurer 
 of the Company, engraved thereon, shall be regarded and 
 treated as in all respects, in fact and law, equivalent to a 
 manual signing thereof. That the bonds to be issued and 
 the coupons to be thereto attached shall be substantially 
 in the form following, to-wit ; 
 
 NO ■ ' $1,000. 
 
 UNITED STATES OF AMERICA. 
 States of Georgia and Alabama. 
 The Savannah, Americus and Montgomery Railway First 
 Mortgage Bond. 
 Issue limited to $12,000 per mile of completed road. 
 
 Know all Men by These Presents, That the Savan- 
 nah, Americus and Montgomery Railway, a corporation 
 duly incorporated by the laws of Georgia and Alabama, 
 acknowledges itself indebted to the Mercantile Trust and 
 Deposit Company of Baltimore, Trustee, or bearer, in the 
 sum of One Thousand Dollars, which sum it promises to 
 pay to the bearer at the Agency of said Railway in the city 
 
of Baltimore in lawful gold coin of the United States, of 
 the present standard of w ight and fineness, on the first day 
 of July, one thousand nine hundred and nineteen, Avith in- 
 terest thereon at the rate of six per cent, per annum, paya- 
 ble in like coin semi-annually, at the agency of s^d Eail- 
 way in the city of Baltimore, on the first days of Ja^nuary 
 and July in each year, upon the surrender of the annexed 
 coupons therefor, and until the principal sum shall be fully 
 paid ; said principal and interest to be payable without de- 
 duction for National, State o> Municipal taxes. 
 
 This bond is one of a series of bonds numbered con- 
 secutively from 1 to 4100 inclusive, of like date, tenor and 
 amount, which are equally secured by and subject to alj 
 the provisions of a Mortgage or Trust Deed bearing date 
 the first day of April 1889, executed by said Bailway to the 
 Mercantile Trust and Deposit Company of Baltimore on 
 all the railroad, franchises and projoerty now owned or 
 hereafter to be acquired by said Railway, to which Mort- 
 gage or Trust Deed reference is made for the provisions 
 thereof, and the full conditions hereof. 
 
 This bond may be registered in the owner's name on 
 the books of the agency of said Railway in the city of Bal- 
 timore, or at any other place said Railway may determine, 
 such registry being noted on the bond by its transfer 
 agent, after which no transfer shall be valid, unless made 
 on the said books by the registered owner thereof. The 
 coupons hereto annexed shall be negotiable by delivery, 
 notwithstanding this bond may be registered as aforesaid. 
 This bond shall not become obligatory until the certificate 
 endorsed hereon is duly signed oy the Trustee. 
 
 In witness wheieof, the said. The Savannah, Americus 
 and Montgomery Railway has caused its corporate seal to 
 be hereunto affixed, and these presents to be signed by its 
 President and attested by its Secretary, this first day of 
 April, one thousand eight hundrod and eighty nine. 
 
 The Savannah, Ameeicus and Montgomery Railway. 
 [Seal.] Per 
 
 President. 
 
 Test 
 
 Secretary. 
 
COUPON. 
 
 On the first day of 18 ... . The Sa - 
 
 vannah, Americus and Montgomery Railway will pay to 
 the bearer hereof $30.00 at its agency in the city of Balti- 
 more, biing" six months interest on its first mortgage bond 
 
 No 
 
 Treasurer. 
 
 TRUSTEE'S CERTIFICATE. 
 
 The Mercantile Trust and Deposit Comjpany, of Balti- 
 more hereby certifies that this bond is one of a series of 
 bonds described in the within mentioned Mortgage or Deed 
 of Trust. 
 
 Mercantile Trust & Deposit Co. of Baltimore, Trustee. 
 
 By President. 
 
 And whereas. At said meeting of the Board of Direc- 
 tors the form of mortgage having been then and there sub- 
 mitted and entered upon the minutes, it was 
 
 Resolved, That the form of mortgage submitted by the 
 President is hereby approved, and that such mortgage be 
 made and executed by this Railway under it-; corporate 
 name, subscribed by its President, and with its corporate 
 seal thereto affixed, attested by its Secretary, and, when so 
 executed, that it be duly acknowledged, so as to entitle it 
 to be recorded in pursuance of the laws of the States of 
 Georgia and Alabama, and when so acknowledged, that it 
 be delivered to the said Trustee and duly recorded. 
 
 And wdiereas, At a meeting of the stockholders of the 
 said party of the first part, neld at the general office of said 
 Company in Americus, Ga., on the 29th day of March, one 
 thousand eight hundred and eighty-nine, duly cal ed pur- 
 suant to notice under the laws of the States of Georgia and 
 Alabama, at which the holders and owners of a majority of 
 the capital stock of said party of the first part were present, 
 either in person or by proxy, all the above recited resolu- 
 tions of the said President and Directors, and the form of 
 this present mortgage were submitted and spread upon the 
 minutes of the said meeting, and it was, by the holders of 
 a majority of the entire capital stock of the said Railway 
 
Kesolved, That the resokitions of the President and 
 Directors, and the form of the mortgage therein proposed 
 and submitted to us be and the same are hereby approved 
 and the same are ordered to be spread upon the minutes 
 of this meeting ; and the said President and Dii^ctors be 
 and they are hereby given special power and authority to 
 carry into effect the objects and purposes expressed in said 
 resolutions, and to make, execute and deliver the said 
 mortgage in the form proposed and for the uses and pur- 
 poses therein mentioned : 
 
 Now This Indenture Witnesseth, that said party of the 
 first part, for the purpose of securing the payment of the 
 principal and interest of the bonds hereinbefore described, 
 when and as the same shall become due and payable, ac- 
 cording to the tenor and effect thereof, and in considera- 
 tion of the premises and the sum of one dollar to it in hand 
 paid by the said party of the second part at the timt of the 
 execution and delivery of these presents, the receipts where- 
 of is hereby acknowledged, has granted, bargained, sold, 
 assigned, set over, released, conveyed and confirmed and 
 by these presents, doth grant, bargain, sell, assign, set 
 over, release, convey and confirm unto the said party of 
 the second part, and to its successor or successors in the 
 trust hereby created, to its or their assigns, all and singular 
 the entire line of railroad of the party of the first part, sit- 
 uate, lying and being iu the States of Georgia and Ala- 
 bama, as the same is or may be hereafter located and con- 
 structed, and more particularly described as follows, that 
 is to say : 
 
 All that certain railroad now constructed and extend- 
 ing from the town of Abbeville, in the county of Wilcox 
 and State of Georgia, through the counties of Wilcox, 
 Dooly, Sumter, Webster and See wart, in the State of Geor- 
 gia, to the town of Louvale, in the county of Stewart, and 
 State of Georgia, being a distance of one hundred and ten 
 miles. Also the railroad to be constructed by the most 
 practicable route from the town of Abbeville, in the county 
 of Wilcox, State of Georgia, eastward to the city of Savan- 
 nah, in the county of Chatham, State of Georgia. Also 
 
the railroad to be constructed from or near the town of 
 Louvale, in the county of Stewart, State of Georgia, to the 
 city of Montgomery, in the State of Alabama ; together 
 with all appurtenances and equipments, rights, privileges 
 and franchises unto the said railroad between the said city 
 of Savannah, in the State of Georgia, . and the said city of 
 Montoomery, in the said State of Alabama, belonging or 
 or in anywise appertaining, and the incomes, tolls, rents, 
 issues and profits thereof, including the road- way, right-of- 
 way and tracks, rails and ties, and road-bed, side tracks, 
 turnouts, switches, bridges, trestling, viaducts, culverts, 
 stations, depots, warehouses, water tanks, machine shops, 
 tools, locomotives, cars and equipment of all kinds what- 
 soever, fences, offices, depot grounds, engine houses and 
 all otner buildings and structures, sand and gravel pits 
 and deposits of material and all things or property of any 
 kind, nature or description whatsoever, real, personal or 
 mixed, belonging to or used or designed for use for or in 
 connection with said railroad between said points, includ- 
 ing as well all pro^:erty and things whatsoever of any such 
 nature or description as above mentiooed, belonging to or 
 appertaining to or for use in connection with said railroad 
 between said points above described, which shall be here- 
 after acquired by the said party of the first part, or for or 
 in connection with the said railroad between the said 
 points, or with the working, use or operation thereof, as 
 such property and things ai^e now pos^sessed or owned by 
 the said party of the first part for or in connection with the 
 said railroad between the said points, or the working, use 
 or operation thereof ; and together with all the corporate 
 rights and franchises of the said party of the first part now 
 owned or possessed, or that may be hereafter acquired, 
 connecting with or relating" to or exercisable in the said 
 railroad between said points, or the working, use or opera- 
 tion thereof. To have and to hold the same to said party 
 of the second part and its assigns and to its successors in 
 said trust and their assigns, in trust for the ourposes fol- 
 lowing, viz : 
 
 Article 1. For the equal benefit and security of all 
 
9 
 
 and every, the persons and bodies corporate who shall be 
 or at any time become the holders of the said bonds, or of 
 such of them as shall be issued by the party of the first 
 part, without preference, priority or distinction as to the 
 lien or otherwise of any of the said bonds over thi^ others, 
 by reason of priority in the time of issuing the same and 
 so that each and all of the said bonds issued, and to be is- 
 sued as aforesaid, shall have the same right of lien and 
 privilege under and by virtue of this mortgage, and shall 
 be all equally secured hereby, with like right and effect, as 
 if they had all been executed and delivered simultaneously 
 herewith ; it being the intention and purpose of this Mort- 
 gage Deed of Trust that the railroad and property above 
 described of the party of the first part, between the points 
 aforesaid, shall be pledged to secure the payment of the 
 aforementioned bonds of the party of the first part as above 
 set forth, and the interest thereon according to the true 
 tenor and effect thereof. 
 
 Article 2. If the party of the first part shall punc- 
 tually well and truly pay the principal of the aforesaid 
 bonds, and the interest thereon in semi-annual installments 
 according to the tenor and effect of said bonds, then these 
 presents and estates, rights and interests hereby granted 
 shall cease, determine and become of no effect, and until a 
 default shall be made by the party of the first part in the 
 due and punctual payment of said principal sum or of the 
 interest of said bonds, the said party of the first part shall 
 be Lntitled to remain in the possession, use and enjoyment 
 of its said railroad, premises, property, rights and interests 
 hereby mortgaged or conveyed in trust. 
 
 Article 3. If the said party of the first part, its suc- 
 cessors or assigns, shall, at any time hereafter, make de- 
 fault, or refuse, neglect or omit for any period exceeding 
 ninety days to pay the semi-annual interest on the bonds 
 intended to be hereby secured, or any of them, or shall de- 
 fault or refuse, neglect or omit for any period after the ma 
 turity thereof to pay the principal sum of each or all of 
 said bonds, or shall suffer or allow any lawful taxes or 
 charges to fall in arrear whereby the security of this Mort- 
 
10 
 
 gage shall be impaired, or shall refuse or fail to keep or 
 perform any of the covenants or stipulations contained 
 herein or in the bonds secured or intended to be secured 
 hereby, or on its part to be kept or performed, then, and 
 in either »of such events, the party of the second part, upon 
 the written request of the holders of one-fourth in amount 
 of the whole of the bonds secured hereby, and then out - 
 standing, shall demand, and with such force as may be 
 necessary, enter upon, take and maintain possession of all 
 and singular the said railroad and all the estates, premises, 
 rights, property and franchises hereby conveyed or granted 
 or agreed, or intended so to be, and as the attorney in fact 
 or agent of the Said party of the first part, by their agents 
 and substitutes, duly constituted, or by their managers, 
 superintendents, receivers or servants, have, hold, use, 
 operate and enjoy the same and each and every piii-t there- 
 of to as full an extent as the party of the first part might 
 lawfully do, and shall take and receive the incomes, tolls 
 and profits thereof, and shall likewise proceed under the 
 order or decree of smy court of equity, or other competent 
 court having jurisdiction in the premises, to sell and dis- 
 pose of as by said court may be decreed and thereupon 
 to convey to the purchaser or purchasers, free from any 
 right or claim of equity or redemption of the said party of 
 the first part, its successors or assigns, all and singular the 
 premises, property, rights, interests, corporate rights, fran- 
 chises and privileges of the said party of the first part 
 hereby mortgaged or conveyed in trust or agreed or in- 
 tended so to be, and from the net proceeds realized by 
 means of such use and occupation, and from such sale, or 
 from either in the first place to retain and pay all proper 
 costs, charges and disbursements incurred in and about 
 the premises, including the reasonable compensation of the 
 Trustee, and then apply the balance of such net proceeds 
 to or towards the payment or discharge, with pro rata 
 equality, of the principal and interest at such time owing 
 and unpaid of and upon the said bonds hereby secured, 
 whether the same be then due or to become due, and with- 
 out preference of interest over principal or of principal 
 
11 
 
 over interest, rendering or paying smy surplus which may 
 then remain, after the full satisfaction of the principal of 
 the said bonds and every of them, and the interest thereon, 
 to said party of the first part, its successors or assigns, and 
 the said party of the first part hereby agrees, that, in case 
 of any default on its part as aforesaid, it will not set up, 
 claim, or seek to take advantage of any valuation, stay of 
 execution, appraisement or extension laws, which may or 
 might prevent, postpone, hinder or delay the exercise of 
 the right of the party of the second part to enter upon, 
 operate or sell the mortgaged premises, or any part there- 
 of, or the immediate enforcement or foreclosure of this 
 mortgage, or the absolute sale of its mortgaged property 
 or rights thereunder, without and free from appraisement, 
 valuation, stay or other condition or hindrance, but will, 
 and does hereby waive the benefit of any and all such val- 
 uation, stay, appraisement or other laws to such effect as 
 aforesaid. 
 
 Article 4. If the party of the first part, its successors 
 or assigns, shall at any time hereafter make default or re- 
 fuse, neglect or omit for any period exceeding ninety days 
 to pay the semi-annual interest on the bonds intended to 
 to be secured or any of them, then the holders of one- 
 fourth in amount of said bonds, then outstanding, may 
 elect to declare the whole principal sum thereof to be due 
 and payable, and may, by an instrument in writing under 
 their hands and seals, instruct said Trustee to declare said 
 principal sum to be due and payable ; whereupon the whole 
 principal sum of each and all of said bonds, then outstand- 
 ing, shall forthwith be due and payable, notwithstanding 
 that the time limited therein for the payment thereof may 
 not then have elapsed, and in the event of any sale of the 
 said railroad, and the estates, real and personal, hereby 
 mortgaged or agreed or intended so to be, as hereinbefore 
 mentioned, then, and in such case, the whole principal sum 
 of each and all of the said bonds then outstanding, and in- 
 tended to be secured hereby, shall forthwith be due and 
 loayable, notwithstanding that the time limited therein for 
 the payment thereof may not then have expired ; and in no 
 
V2 
 
 other case, and for no other purpose, except as in this ar- 
 ticle provided, shall the principal sum of any of said bonds 
 become due and payable before the date fixed in such 
 bonds for the payment thereof. 
 
 Article 5. And the party of the first part doth here- 
 by covenant with the party of the second part, and its suc- 
 cessors, for and on behalf of the bonds holders entitled to 
 the benefit of the security hereby provided or intended so 
 to be, that the said party of the first part shall and will at 
 any time, and at all times hereafter, upon reasonable re 
 quest, make, do and execute all such other and further 
 reasonable assurance, act, deeds and thing's as, in the opin- 
 ion of competent counsel, may be necessary or proper to 
 effectuate the lien and security hereby intended to be 
 created for the benefit of such bond holders, and especially 
 to render subject to the lien of this mortgage any and all 
 after acquired property of such description as is hereinbe- 
 fore declared to be intended to be embraced in the security 
 hereby afforded or intended to be afforded. 
 
 Article 6. And it is hereby further declared and 
 agreed that it shall and may be lawful for the said party of 
 the first part, its successors and assigns, by and with the 
 consent and approval, in writing, of the said Trustee for 
 the time being, at any time or times hereafter, to exchange 
 for other property or to sell, lease or otherwise dispose of 
 any oart of the hereby mortgaged estates and premises of 
 the said party of the fiist pait, free and clear from the lien 
 or encumbrance of these presents, and to grant and con- 
 vey the same without liability on the part of the purchaser 
 or the grantee or lessee for the disposition made of the 
 price or rental paid, or property received in exchange ; 
 provided, however, that the proceeds of any sale so made 
 shall, at the option of the said oarty of the fi.rst part, be 
 invested by it, either in the improvement of any remaining 
 part of its mortgages premises, or in the purchase by the 
 party of the first part of other property, real or personal, 
 which property so purchased, as well as any that may be 
 acquired in exchange as aforesaid by the first party, shall 
 be subject to all the trusts hereby declared, including the 
 
13 
 
 power to sell, lease or exchange or otherwise dispose of, 
 herein reserved in regard to the property in this Indenture 
 described, and, if it shall be so required by the Trustee for 
 the time being, snail be conveyed in mortgage by the party 
 of the first part, to the said Trustee to be so held. 
 
 Article 7. And it is hereby further granted, provided, 
 declared and agreed, in case of a vacancy in any way occur- 
 ring in such Trusteeship, such vacancy shall be filled by 
 the appointment of a new Trustee or Trustees by any court 
 in the States of Georgia or Alabama, either State or United 
 States, having jurisdiction in the premises, which appoint- 
 ment may be made, either upon the application of the said. 
 The Savannah, Americus and Montgomery Eailway, giving 
 such previous notice by publication as the court may direct 
 or on application of any of the ho ders of said bonds hereby 
 secured, giving such previous notice to the said party of 
 the first part as the court may direct, in case said Company 
 shall neglect for sixty days to make application to fill the 
 vacancy as aforesaid, and each new Trustee thus from time 
 to time appointed to fill such vacancy shall, upon sach ap- 
 pointment, without further act, deed or conveyance, become 
 and be vested fully with and subject to the estates, rights, 
 powers and duties of the former Trustee, in whose place he 
 shall be appointed, but nevertheless, the retiring Trustee or 
 representatives of the estate of the Trustee shall, if required, 
 make, do and execute any acts, deeds or things which shall 
 be requisite or proper fully to convey and confirm to any 
 such substituted Trustee such estates, rights and powers 
 formerly vested in che Trustee whom he shall succeed. 
 
 Article 8. And it is hereby further convenanted and 
 agreed, and the trusts created by this instrument are accep- 
 ted upon the express condition, that the Trustee shall not in 
 cur any liability or responsibility whatever in consequence of 
 permitting or suffering the party of the first part to retain 
 or be in possession of the railroad, estates and premises 
 hereby mortgaged or agreed or intended so to be ; nor 
 shall the said Trustee be or become responsibe or liable for 
 any destruction, deterioration, loss, injury or damage which 
 may be done or occur to the railroad and estates hereby 
 mortgaged or agreed or intended so to be. 
 
14 
 
 Article 9. It is further convenanted and agreed that 
 the entire series of bonds to be issued hereunder, numbered 
 from 1 to 4100 inclusive, and aggregating four milHon one 
 hundred thousand dollars, shall be executed by the party 
 of the first part and delivered to the party of the second 
 part, and the party of the second part, or its successors in 
 the trust, shall only certify and redeliver said bonds to the 
 President of the party of the first part as follows, to- wit : 
 After the bonds have been so executed and delivered to the 
 party of the second part, and the Chief Engineer of the 
 party of the firs: part shall furnish to the party of the sec- 
 ond part his certificate, showing how many miles of the 
 railroad of the party of the first part isc ompleted in good 
 condition and successful operation, then the party of the 
 second part shall, beginning with bond No. 1, certify as 
 many bonds as will make twelve thousand dollars per mile 
 of such completed railroad. And of the bonds to be certi- 
 fied under fclia firsb certificate to be furnished by the Cliief 
 Engineer of the party of the first part, the party of the sec- 
 ond part shall retain in its hands bonds numbered from 1 
 to 60 J inclusive, and shall hold the same for the purpose of 
 retiring by exchange or otherwise the bonds issued by the 
 party of the first part under its former corporate name of 
 "The Americus, Preston and Lumpkin Railroad Company," 
 and issued under two certain mortgages to Moses Speer, 
 John W. Wheatley and H. C. iiagley. Trustees, dated re- 
 spectively, February 16th, 1885 and August 25th, 1886. And 
 the party of the second part is fully authorized at any time 
 to exchange any of said bonds numbered from 1 to 600 
 inclusive at par for a like amount of bou'^s issued as afore- 
 said under either of the two mortgages aforesaid. After 
 reserving and retaining bonds numbered from 1 to 600 in- 
 clusive as aforesaid, for the purpose aforesaid, the party of 
 the second part shall certify and deliver to the President 
 of the party of the firstjpart bonds to the amount of twelve 
 thousand dollars per mile of completed railroad as shown 
 the certificate of the Chief Engineer of the party of the 
 first part as hereinbefore provided. And whenever at 
 any time the Chief Engineer of the party of the first 
 
15 
 
 part shall furnish to the party of the second part a like 
 certificate that any ' number of additional miles of rail- 
 road of the party of the first part (not less than ten miles) 
 has, since his last certificate, been completed, is in good 
 condition and in successful operation, the party of the 
 second part shall certify and deliver to the .President 
 of the part}^ of the first part bonds to the amount of twelve 
 thousand dollars per mile additional railroad so from time 
 to time certified to be completed by the said Chief Engi- 
 neer. And such Engineer's statements and certificates as 
 aforesaid shall be full and sufficient authority to the party 
 of the second part for certifying and delivering the said 
 bonds, and no liability therefor shall in any event attach 
 to said party of the second part. A^d the party of the 
 second part is hereby authorized and empowered to cancel, 
 mark paid and satisfied all bonds received by it in ex- 
 change under tht provisions of this Article, and shall, after 
 such bonds have been duly canceled, return them to the 
 President of the party of the first part. 
 
 Article 10. In the execution of the coupons secured 
 by these presents, the signature of the Treasurer engraved 
 thereon shall be regarded and treated as in all respects, in 
 fact and in law, equivalent to a manual signing of the said 
 coupons. 
 
 Article 11. If the party of the first part shall well and 
 truly pay the sum of money as provided by the said bonds 
 secured hereby and coupons thereto attached, required to 
 be paid by it and shall well and truly keep and perform all 
 the covenants, agreements and undertakings herein and 
 hereby assumed and required to be kept and performed 
 according to the true intent and meaning of these presents, 
 then and in that case, the estate, right, title and interest of 
 the said party of the second part, Trustee, or its successors, 
 shall cease, determine and become void. 
 
 And this Indenture witnesses that Samuel H. Hawk- 
 ins, President of The Savannah, Americus and Montgomery 
 Eailway is hereby appointed the attorney of the said. The 
 Savannah, Americus and Montgomery Kail way to acknowl- 
 edge these presents as its act and deed, before such officers 
 
16 
 
 in the States of Georgia and Alabama as will antliorize it 
 to be admitted to record in both of said States. 
 
 In Witness Whereof, the said party of the first part 
 has caused its corporate name to be hereunto subscribed 
 by its President, and its corporate seal to be hereunto 
 affixed, and attested by its Secretary, and the said party of 
 the second part, in token of its acceptance of the trusts 
 herein created and conferred, has caused its cori^orate 
 name to be hereunto subscribed, by its President, and its 
 corporate seal to be hereunto affixed, and attested by its 
 Secretary on the day and year fir-t above written. 
 The Savannah, Americus and Montgomery Eailway, 
 
 By S. H. Hawkins, President. 
 Signed, sealed and acknowledg-ed in our presence, 
 T. F. Gate WOOD, 
 Seal T. N. Hawkes, 
 Notary Public Sumter County, Ga. 
 
 (Corporate Seal) Attest : S, C. Cooper, Secretary. 
 Mercantile Trust and Deposit Co., of Baltimore : 
 
 By W. W". Spence, Acting- President. 
 Signed, sealed and acknowledged in our presence, 
 C. K. Spence, 
 Seal Murray Hanson, 
 A Commissioner of Deeds for the State of Georgia, Resid- 
 ing- in Baltimore City, Maryland. 
 (Corporate Seal) Attest : L. C. Fischer, Secretary. 
 State of Maryland, City of Baltimore, ss. 
 
 I, Murraj^ Hanson, a Commissioner of Deeds of the 
 State of Alabama, residing in said City and State, duly 
 commissioned and qualified, hereby certify that W. W. 
 Spence, Acting President of the Mercantile Trust and De- 
 posit Company, of Baltimore, whose name is signed to the 
 foregomg instrument, and who is known to me, acknowl- 
 edged before me on this day, that being informed of the 
 contents of said instrument, he executed the same volun- 
 tarily on the day the same bears date. 
 
 Given under my hand and official seal, this 6th day of 
 April, A. D. 1889. 
 
 (Seal) Murray Hanson, 
 
 A Commissioner for the State of Alabama, in Baltimore 
 City, Maryland. 
 
17 
 
 State of Georgia, Sumter County: 
 
 I, T. N. Hawkes, a Notary Public in and for said 
 county hereby certify, that S. H. Hawkins, President, and 
 S. C. Cooper, Secretary, whose names are signed to the 
 foreg-oing conveyance or Deed of Trust, and who are 
 known to me, acknowledged before me on this day, that 
 being informed of the contents of the conveyance or Deed 
 of Trust, they executed the same voluntarily on the day 
 the same bears date, in the name of and for The Savannah, 
 Americus and Montgomery Eailway, a corporation char- 
 tered under and by the laws of the States of Georgia and 
 Alabama, being authorized and directed so to do by said 
 Company. 
 
 Given under my hand and seal, this the 7th day of 
 May, 1889. 
 
 (Seal) T. N. Hawkes, 
 
 Notary Public Sumter County, Georgia. 
 State of Georgia, Sumter County, ) 
 Clerk's Office Superior Court. C 
 
 Recorded in Book "H" Record of Mortgages, pages 
 180 to 189 inclusive, this 10th and 1 1th days of April, A. D. 
 1889. J. H. Allen, Clerk S. C. 
 
 State of Georgia, County of Stewart, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Ofl&ce of the Superior Court of Stewart county on the 12th 
 day of April, 1889, and recorded in Book "H. H." Record 
 of Deeds and Mortgages, pages 503 to 515 inclusive, this 
 the 13th day of April, 1889. B. F. Hawes, Clerk. 
 
 State of Georgia, County of Webster, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Webster county on the thir- 
 teenth day of April, 1889, and recorded in Book "F" Record 
 of Mortgages, pages 354 to 365 inclusive, this the 13th day 
 of April, 1889. Geo. E. Thornton, Clerk. 
 
 State of Georgia, County of Dooly, ss. 
 
 This Mortgage Deed received for Record in the Clerk's 
 Office of the Superior Court of Dooly county on the 15th 
 day of April, 1889, and recorded in book "E" Record of 
 Mortgages on pasres 573 to 583 inclusive, this the 15th day 
 of April, 1889. " Z. T. Penny, 
 
 Clerk S. C. Dooly Co., Ga. 
 
18 
 
 State of Geoegia, County of Wilcox, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Wilcox county on the 16th 
 day of April, 1889, and recorded in Book "E" Eecord of 
 Mortgages, pages 1 to 11 inclusive, this the 16th day of 
 April, 1889. Jas. M. Mixon, Clerk S. C. W. C. 
 
 State of Geoegia, County of Dodge, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Dodge County on the 18th 
 day of April, 1889, and recorded in Book "B" Eecord of 
 Mortgages, pages 664 to 675, inclusive, this the 18th day of 
 April, 1889. J. C. Rawlins, Clerk S. C. D. C. 
 
 State of Geoegia, County of Telfair, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Telfair county on the 19th 
 day of April, LS89, and recorded in Book "Y" Record of 
 Deeds and Mortgages, pages 259 to 274 inclusive, this the 
 19th day of April, 1889. A. L. Eyals, 
 
 Clerk Superior Court. 
 State of Geoegia, County of Montgomery, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Montgomery county on the 
 20th day of April, 1889, and recorded in'Book "B" Record of 
 Mortgages, pages 348 to 859 inclusive, this the 20th dcty of 
 April, 1889. . S. B. Moeeis, 
 
 Clerk Superior Court, M. County, Ga. 
 State of Geoegia, Tatnall County, ss? 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Tattnall county on the 22d 
 day of April, 1889, and recorded in Book "M" Record of 
 Deeds and Mortgages, pages 321 to 330 inclusive, this the 
 22nd day of April, 1889. B. F. Alexandee, 
 
 Clerk Superior Courf, Tattnall County, Ga. 
 State of Geoegia, County of Liberty, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Liberty county on the 26th 
 day of April, A. D. 1889, and recorded in Book "X" Record 
 of Deeds and Mortgages, pages 429 to 439 inclusive, this 
 26th day of April, A. D. 1889. J. Sloeman Ashmoee, 
 Clerk Superior Court Liberty County, Ga. 
 
19 
 
 State of Georgia, County of Bryan, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Bryan county on the 24th 
 day of April, 1889, and recorded in Book "Q" Eecord of 
 Deeds and Mortgages, pages 40 to 53 inclusive, this the 
 24th day of April, 1889. 
 
 W. B. Smith, Clerk S. C. B. C. 
 Statr of Gp qrgia, County of Chatham, ss. 
 
 This Mortgage Deed received for record in the Clerk's 
 Office of the Superior Court of Chatham county on the 
 25th day of April, 1889, and recorded in Book "Z" Kecord 
 of Mortgages, pages 267 to 279 inclusive, this the 25th day 
 of April 1889. James K. P. Carr, Clerk S. C. C. C. Ga. 
 Thr State of Alabama, Montgomery County, ss. 
 
 I, F. C. Kandolph, Judge of Probate in and for said 
 county, hereby certify, that the within conveyance or Deed 
 of Trust was filed with and received by me for record in 
 my office as such Judge of Probate on the 9th day of May, 
 1889, and recorded on the 9th day of May, 1889, in book 
 96 of Record of Mortgages, pages from 446 to 460 inclu- 
 sive. F. C. Randolph, Judge of Probate. 
 The State of Alabama, Macon County, ss. 
 
 I, W. H. Hurt, Judge of Probate in and for said coun- 
 ty, hereby certify that the within conveyance or Deed of 
 Trust was filed with and received by me for record in my 
 office as such Judge of Probate on the 13th day of May, 
 18S9, and recorded on the 13t:h day of May, 1889, in book 
 28 of Record of Mortgages, on pagis from 346 to 360 in- 
 clusive. W. H. Hu3T, Judge of Probate, 
 
 The State of Alabama, Russell Couiity, ss. 
 
 I, E. Herndon Glenn, Judge of Probate in and for said 
 county, hereby certify that the within conveyance or Deed 
 of Trust was filed with and received by me for record in 
 my office as such Judge of Probate on the 18th day of 
 May, 1889, and recorded on the 20th day of May, 1889, in 
 book No. 23 of Record of Mortgages, on pages from 2 to 
 12 inclusive. E. Herndon Glenn, 
 
 Judge of Probate. 
 
20 
 
 We, B. P. HoUis, Attorney at Law, residing at Ameri- 
 cus, Ga., and John D. Roquemore, Attorney at Law, re- 
 siding at Montgomery, Ala., do hereby certify that we haye 
 carefully examined a certain Mortgage Deed, dated April 
 1st, 1889, and executed by The Savannah, Americus and 
 Montgomery Railway to the Mercantile Trust and Deposit 
 Company of Baltimore, Trustee, and, in our opinion, said 
 Mortgage has been executed and recorded in conformity 
 with the laws of the States of Georgia and Alabama, and 
 said Mortgage is valid and binding for the purposes there- 
 in stated. B. P. Hollis, 
 
 John D. Roquemore, 
 
 May, 23rd 1889. 
 
SUMMARY AND PROSPECTUS 
 
 The SaYannaU, Americus ^Montgomerij R'y, 
 
 FORMERLY 
 
 Amerims, Preston & Lumpkin Railroad Gompanj/. 
 
 HISTORY AND FIN i^NCIAL SHOWING. 
 
 Chartered June, 1884, to build from Americus to Lump- 
 kin, a distance of thirty-eight miles ; road opened to busi- 
 ness Americus to Lumpkin March, '86 ; road extended and 
 opened to business to Louvale, ten miles vv^est of Lumpkin 
 April, 1887 ; charter amended and authority granted to ex- 
 tend road to Abbeville, in Wilcox county, October, 1886, 
 and work commencedjthereon November, 1886; road opened 
 to business to Abbeville, sixty-one miles east of Americus, 
 in November, 1887 ;' charter amended in September, 1887, 
 granting authority to operate boat lines in connection with 
 road, and also to extend to Savannah ; five substantial 
 boats built and put m successful operation in 1888, which 
 connect the railroad with the ports of both Brunswick and 
 Savannah ; in December, 1888, charter amended by act of 
 Legislature of Georgia, changing the name from "The 
 Americus, Preston and Lumpkin Kailroad Company" to 
 "The Savannah, Americus and Montgomery Railway" and 
 authorizmg the Directors to apply to the Legislature of 
 Alabama for a charter to extend this road from a point on 
 the Chattahoochee Biver, in the county of Russell, to 
 Montgomery, which charter having been applied for was 
 granted by the Legislature of Alabama in February, 1889. 
 
22 
 
 ECONOMY IN THE ENTERPRISE. 
 
 Purchases, contracts and general management of the 
 enterprise have been characterized by the closest economy. 
 The financial condition of the Company has been well 
 guarded throughout. 
 
 HOME PEOPLE AND CAPITAL. 
 
 It is a matter of congratulation that the road thus far 
 has been built, is owned and successfully managed by 
 home people and home capital. 
 
 In order to note the progress which has been made by 
 this property, it is proper to advise that the entire length 
 was originally laid in thirty pound steel rails, three feet 
 gauge. 
 
 The following extract from Poor's Manual of Eail- 
 roads, page 1024, shows statement of ea nings submittediat 
 the annual meeting of the Stockholders, held at Americus, 
 Ga., June, 13th 1887, when only 38 miles were operated : 
 
 EARNINGS. EXPENSKS 
 
 Passenger $ 20,135 59 Transportation $9,807.34 
 
 Freight 21,801.76 Motive Power 3,887.56 
 
 Express 256 75 Maint. Cars 1,860.77 
 
 Mail 1,639.62 MaiutenanceWay and 
 
 Bridges 5,299.81 
 
 Taxes, Salaries, etc. . 3,369.85 
 
 Total $43,833.72 Total. $ 24,225.33 
 
 Net Earnings $ 19,608.39 
 
 PAYMENTS. 
 
 Fixed charges paid $12,632.50 
 
 Dividends (6 per cent) 5,699.36 
 
 Total..... $18,331.86 
 
 Surplus 1,276.53 
 
 EARNINGS AND OPERATINCt EXPENSES in THE YEAR 1888. 
 
 Railroad Earnings $ 100,540.94 
 
 Fixed Charges and Operating Railroad 59,040.83 
 
 Net Earnings $ 41,500.11 
 
23 
 
 By reference to the following comparative statement of 
 the business of the road for the first four months of 1888 with 
 that of the same months of 1889, it will be seen that we have 
 encouragement to widen the guage of our road and lay heavy 
 steel rails. 
 
 EARNINGS, 1889. EARNINGS, 1888. 
 
 January $ 15,071.55 January $ 6,770.06 
 
 February 17,214,60 February 6,450.38 
 
 March 14,743.73 March 5,722.46 
 
 April 15,134.88 April 6,121.60 
 
 Total earnings, 1889— $62,164.76. 
 
 Total earnings, 1888— 25,064.50. 
 
 Increase in the four months . $37,100.26 
 
 From this it will be seen that the increase in earnings 
 in the given time has amounted to more than one hundred 
 and fifty per cent., mileage in operation being the same. 
 
 OUTLOOK. 
 
 The encouraging outlook for this property has recent- 
 ly induced its management to widen the gauge from Ameri- 
 cus to Abbeville, a distance of sixty-one miles, and build 
 twenty-five miles farther east to McRae, on the line of the 
 E. T. V. & G. road, and lay same in sixty pound steel 
 rails. The work of widening the gauge west from Ameri- 
 cus some fifty miles, is progressing favorably. 
 
 SHORTEST ALL RAIL LINE TO BRUNS WICK AND SAVANNAH, GA. 
 
 The connection thus secured at McRae gives to our 
 line and the section of country tributary thereto the short- 
 est all rail line into Brunswick. It also affords to the 
 same line and section the shortest all rail line into Savan- 
 nah via the S. F. & W. road from Jesup. 
 
 MACON TRIBUTARY TO THIS ROAD. 
 
 The Georgia Southern and Florida road being in suc- 
 cessful operation from Macon to Valdosta, the traffic be- 
 tween Macon, Ga., and the sea ports of the State become 
 tributary, by the way of Oordele and McRae, to the line of 
 this road. 
 
24 
 
 ATHENS TRIBUTARY TO THIS ROAD. 
 
 The Covington and Macon road is in successful opera- 
 tion from Macon to Athens, and being an independent line 
 will likely adopt the G. S. & F. E. E. from Macon to Cor- 
 dele, and the S. A. M. as an outlet to deep water, by which 
 arrangement both lines will be materially benefited. 
 
 RAILROADS BACKING. 
 
 Friends of this road, realizing that its geographical 
 position and its commercial advantages are strong, and 
 that it has a fine future, have combined and formed The 
 Americus Investment Company, with a paid up capital of 
 $500,000.00 which has secured by purchase nearly all the 
 stock of the Eailroad Company. It is proposed on the part 
 of The Americus Investment Company to extend this^road 
 rapidly east to Savannah, and west to Montgomery, Ala. 
 To accomplish this, it will be necessary to build one hun- 
 dred and ten miles from McEae to Savannah, and one hun- 
 dred miles from Louvale, the present Western terminus, 
 into Montgomery. 
 
 The officers of The Americus Investment Company are ; 
 H. C. Bagley, Piesident, Americus, Ga. 
 W. E. Hawkins, Secretary and Treasurer, Americus, Ga. 
 
 While the following gentlemen are Directors ; 
 H. C. Bagley, Americus, Ga, 
 
 J. W. Sheffield, of the firm of J. W. Sheffield & Co., Whole- 
 sale Hardware, Americus, Ga. 
 
 P. .C Clegg, of the firm of P. C. Clegg & Co., Wholesale 
 Grocers, Americus, Ga. 
 
 W. M. Hawkes, President Americus Gas Company, xlmeri- 
 cus, Ga. 
 
 W . E. Murphey, Cashier Bank of Americus, Americus, Ga. 
 S. Montgomery, President Peoples National Bank, Ameri- 
 cus, Ga, 
 
 G. M. Byne, Capitalist, Leesburg, Ga. 
 
 B. F. Matthews, Capitalist;, Auburn, Ala. 
 
 W. S. Gillis, Merchant, Lumpkin, Ga. 
 
 S. W. Coney of P. C. Clegg & Co., Coney, Ga. 
 
 This Company will not fail to develop the resources of 
 the railroad to their full extent. 
 
25 
 
 SOME OF THE GEOGRAPHICAL AND COMMERCIAL ALVANTAGES 
 OF THE S. A. M. & RAILWAY RECOUNTED. 
 
 The eastern end of this road, for half its length, tra- 
 verses the finest forest of yellow pine timber to be found 
 in the country. The timber and naval store traffic, which 
 these forests furnish, will, from the start, tax the road to 
 its utmost capacity and continue for fifty years. 
 
 Even at present there are thirty saw mills between 
 Americus and Abbeville, a distance of sixty one miles, saw- 
 ing" on an average of fifteen thousand feet of lumber per 
 day, or three car loads to the mill, making a total of ninety 
 cars of freight per day, or twenty-eight thousand one hun - 
 dred and seventy cars per year. At an average of eight 
 dollars per car, would make our earnings from lumber 
 alone $22r),360, and yet these industries, even on this part 
 of the road, are only partially inaugurated and developed. 
 In addition to this, a large number of employes and stock 
 employed in the manufacturing, handling and hauling of 
 lumber and naval stores on the line of the road must, of 
 necessity, draw all their supplies from a distance, as the 
 country is almost an unbroken forest, but little of it has 
 been reduced to cultivation. 
 
 The western end of the road, for half its entire length, 
 passes through and draws from the finest agricultural 
 portion of the States of Georgia and Alabama. The inex- 
 haustible coal and iron fields of Alabama, which are situa- 
 ted near Montgomery, will prove to be exhaustless sources 
 of revenue by freighting these commodities to Brunswick, 
 Savannah and other south Atlantic ports. 
 
 It is possible for a road to be far more valuable pros- 
 pectively by reason of its location than its earnings, when 
 first started or its actual cost might seem to justify. It is 
 believed this road is thus favored in a high degree. By 
 reference to the map of the country it will be seen that 
 the shortest line between the Atlantic and Pacific oceans 
 is near the 32d parallel, the line of this road, and that di- 
 rect lines of railroads are completed and being operated 
 between the Pacific Ocean and Montgomery, Ala. Now 
 the completion of the east end of our road to Savannah 
 
26 
 
 and the west end to Montgomery fills the entire g-ap and 
 forms with other roads a continuous line of railroad be- 
 tween Savannah, Ga., and San Diego, California, forming 
 the shortest trans-continental line to be found, and one 
 entirely free from interruption by snow or extreme cold. 
 The completion of these gaps will bring Montgomery and 
 Eufaula, Ala., Columbus and Americus, Ga,, and all points 
 west of these seventy-five to a hundred miles nearer Sa- , 
 yannah and Brunswick, Ga., by this line than by any other 
 existing" line. 
 
 Hitherto the great bulk of western shipments for the 
 east have found their way via Galveston or New Orleans, 
 through the Gulf of Mexico, around the Cape of Florida; 
 but such is the demand for quick transportation, that this 
 line is rapidly being superseded by rail transportation di- 
 rect to an Atlantic port, where the shipment may thence 
 be made so much more rapidly, and yet quite as cheap 
 from there to Eastern points. 
 
 THERE ARE MANY IMPORTANT FEEDERS TO THE S. A. M. RAIL- 
 WAY, 
 
 The Oconee Eiyer, which is a navigable stream, will 
 furnish an immense amount of business, as there are large 
 turpentine farms and saw mills, the products of which will 
 be brought to our road from up and down the river, it be- 
 ing the quickest route from these points to the coast. 
 
 The E. T. y. & G. E. R., which we cross at McRae at 
 right angles, will give us an immense amount of business 
 seeking the interior from the port of Brunswick. 
 
 The Ocmulgee River, which we cross at Abbeville, Ga., 
 will also furnish a large amount of business for the road, ^ 
 as we will be able to furnish the products from points on 
 this river quicker transportation than any other line. 
 
 The Atlanta and Florida road will soon be connected 
 with the S. A. M. Railway at Cordele, thus throwing an 
 immense volume of business from Atlanta, the capital of 
 and largest city in the State of Georgia, to this line and 
 over it to Georgia ports by as short route as any existing. 
 
 The Georgia Southern and Florida Railroad, already 
 completed from Macon to Valdosta, Ga., is another impor- 
 tant feeder. 
 
By these two last roads the immense volume of busi- . 
 ness from both Atlanta and Macon will be thrown over the 
 line of the S. A. M. for half its length from Cordele to Sa- 
 vannah, Ga., and in return, the immense traffic passing 
 through the sea ports of Savannah and Brunswick will pass 
 over the line of this road. 
 
 The Southwestern Railroad at Americus, crossing the 
 S. A. M. Railway nearly at right angles, will prove another 
 important feeder thereto. 
 
 The Savannah and Western road, from Americus by 
 the way of Columbus to Birmingham, Ala., will prove 
 another important feeder to this line. 
 
 The Columbus Southern road, from Columbus to Alba- 
 ny, Ga., is being built. This will give the S. A. M. im- 
 portant business at Richland. This connection giving the 
 city of Columbus direct connection over our road with 
 Atlantic coast points, it bein^f the shortest. 
 
 The Chattahoochee River will also add much to the 
 traffic of our line, it being a navigable stream and having 
 a legular schedule of boats in operation. 
 
 The Mobile and Girard road will also prove an im- 
 portant feeder to the S. A. M. It being so much shorter 
 than any other line from that section to Savannah, we 
 will be enabled to secure shipments from points on that 
 road into Savannah and Brunswick. 
 
 ROAD FIRST QUALITY IN EVERY RESPECT. 
 
 The road constructed and being constructed is laid 
 with first quality sixty pound steel rails. The ties, trestles, 
 culverts, bridges, water tanks, section houses, stations and 
 warehouses are first class and well adapted for the use of 
 a first class standard gaug-e road. 
 
 ROLLING STOCK. 
 
 The Company has 9 locomotives, 9 coaches, 3 combi- 
 nation cars, 2 cabooses, 170 flat and 160 box cars. 
 
 THIS RAILWAY A DEVELOPER. 
 
 Of the fifteen counties touched by this Railway be- 
 tween Montgomery and Savannah, this road passes cen- 
 
28 
 
 .trally through six which are untouched by other railroads. 
 There is scarcely a road being constructed in the South 
 that prospectively has as many advantages for doing as im- 
 mense business, both in freight and passenger traffic, as 
 this line. At Montgomery it connects with all the impor- 
 tant lines traversing the coal and mineral sections of Ala- 
 bama and the fertile fields of the great west. Our line be- 
 ing one hundred miles shorter between Montgomery and 
 Savannah, it thus gives it a decided advantage over any 
 other line competing for this business. 
 
 REVENUE FROM LUMBER AND NAVAIi STORES. 
 
 For a distance of one hundred and seventy -five miles 
 out from Savannah on the S. A. M. Railway tae forest of 
 yellow pine is unbroken, except on the line of the E. T. 
 Va. & Ga. R. E., which crosses at right angles. 
 
 If we estimate that the timber on either side for a 
 distance of fifteen miles is tributary, which is reasonable, 
 as it is often hauled a much greater distance on tram- 
 ways, we find that more than 5,000 square miles of timber 
 becomes traffic to this road. Think of it, this timber belt 
 is more than one-tenth tLe size of England, half the size 
 of Belgium, four times the size of the State of Rhode 
 Island and larger than the State of Connecticut. Estimat- 
 ing that this belt of timber would yield 5,000 feet to the 
 acre, which is not unreasonable, the hauling of it at $10.00 
 per carload, being itself a low average, woald amount to 
 $50,000,000, or $1,000,000 per year, if fifty years were re- 
 quired to exhaust it. The revenue from the traffic arising 
 from the naval stores from chis timber in the meantime 
 would be immense ; but let that all come into the timber 
 estimate for good measure. It should not escape attention 
 that the labor of man and beast in the manufacture of 
 naval stores and trees into lumber is enormous and these 
 laborers and beasts of burden must in the time be pro- 
 vided for. In the first place, the laborers and their fami- 
 lies, the stock and machinery used in the manufacture of 
 naval stores ai^d lumber must all be freighted over the 
 road to proper destinations. While the process of felling 
 
the timber and clearing' these forests is in progress, scarcely 
 anything will be grown for man or beast, and hence every- 
 thing will have to be shipped, which, at a moderate e ti- 
 timate, would amount in revenue to the road annually from 
 $100,000 to $200,000. 
 
 PROSPECTIVE POPULATION. 
 
 Nearly all this country is high and rolling, free of 
 swamps and malaria, healthy as any part of Europe. Much 
 of this belt being fine productive land and all of it fairly 
 productive, not many years will elapse until the tide of 
 honest emigrants from Europe will set hitherward, and 
 then it will be demonstrated that this belt, half the size of 
 Belgium, can at least support one million, while Belgium 
 supports five or six million people. 
 
 ENTIRE LOCAL TERRITORY OF THIS COMPANY. 
 
 The local territory tributary to the entire length of 
 this road between Savannah and Montgomery is three 
 hundred and fifty miles long by thirty miles wide, 10,500 
 square miles, and is equal in size to Belgium, larger than 
 either the States of Massachusetts, New Hampshire, New 
 Jersey or Vermont and about three times the size of the 
 State of Delaware. 
 
 THIS PROPKRTY FAIRi.Y ESTIMATED. 
 
 Some ten years since, the Montgomery and Eufaula 
 Railroad, which passes through a country in xllabama sim- 
 ilar to that traversed by this road, was sold at public sale 
 at a price above $25,000 per mile, and yet the road at the 
 time was in bad condition and almost without terminal fa- 
 cilities. The S. A. M. Railway, so far as it has been fin- 
 ished, is far superior in every respect to the M. & E. when 
 sold, and as it affords a shorter line by 75 to 100 miles be- 
 tween Montgomery and the ports of Savannah and Bruns- 
 wick, one could hardly see wherein it would be less val- 
 uable 
 
 Extract fi'om the Census of the United States for the 
 
year 1880, showing the population and aogregate value of 
 farm products in the Counties touched by the 8. A. & M. 
 Railway : 
 
 
 
 Aggregate valua- 
 
 COUNTY. 
 
 POPULATION. 
 
 tiion of farm 
 
 
 
 products. 
 
 
 4,929 
 
 194,905 
 
 
 45,023 
 
 753,431 
 
 
 0,000 
 
 ICO 7r;r; 
 
 
 12,420 
 
 807,163 
 
 
 10,449 
 
 225,019 
 
 
 5,381 
 
 261,579 
 
 St6wa,rt Gsi. 
 
 13,998 
 
 898,496 
 
 Sumter, Ga 
 
 18^239 
 
 963^841 
 
 Tattnall, Ga. . 
 
 6,988 
 
 223,342 
 
 Telfair, Ga. 
 
 4,828 
 
 117,701 
 
 Webster, Ga. 
 
 5,237 
 
 337,069 
 
 
 3,109 
 
 156,736 
 
 Montgomery, Ala 
 
 52,35« 
 
 2,392,568 
 
 
 24,837 • 
 
 1,249,437 
 
 
 17,371 
 
 926,211 
 
 Barbour, Ala 
 
 33,979 
 
 1,877,936 
 
 Muscojjee, Ga. 
 
 19,322 
 
 241,550 
 
 Total 
 
 283,824 
 
 11,809,739 
 
 Increase since '80, 25 per c't 
 
 70,956 
 
 2,952,434 
 
 Total 
 
 354,780 
 
 14,762,173 
 
 Nearly ten j^ears have elapsed since this statistic w as 
 taken, hence an estimated increase of twenty-five per cent, 
 is added to both population and value of farm products. 
 
 The Counties of Barbour, in the State of Alabama, 'and 
 Muscogee, in the State of Georgia, are included in above 
 statistic because our line, crossing Chattahoochee River, 
 which is navigable, brings the flourishing town of Eufaula, 
 in the County of Barbour, and the prosperous City of 
 Columbus, in the County of Muscogee, in direct communi- 
 cation with our line. 
 
REVENUE OF ROAD ESTIMATED ON 
 BASIS OF COTTON TRAFFIC. 
 
 Savannah is the largest oort of the south Atlantic coast, 
 the second cotton port of America and the largest naval 
 store port in the world. 
 
 Savannah received in the season of 1887-8, as shown 
 by the Savannah Cotton Exchange, 892,888 bales of cotton 
 and it is claimed that the receipts would amount to 1,000,- 
 000 bales during the season of 1888-9. 
 
 Montgomery, Ala. receives each season about 100,000 bales. 
 
 Eufaula, Ala. 
 Columbus, Ga 
 Americus, Ga. 
 Macon, Ga. 
 Athens, Ga. 
 Atlanta, Ga. 
 
 70,000 
 80,000 
 60,000 
 180,000 
 110,000 
 120,000 
 
 And these all being points touched by the S. A. M. 
 Railway and its connections, and there being only two 
 other roads which carry cotton into Savannah, is it not 
 within the range of reason to claim that the S. A. M. Rail- 
 way would have as much as 2.50,000 bales of the million re- 
 ceived by Savannah, which, at the moderate charge of 
 $2.00 per bale, would amount to $500,000 per annum ? 
 
■32 
 
 Value in dollars of exports and iuiports, doniesstic and 
 foreign, received at port of Savannah in 1887 : 
 
 EXPORTS FOil YEAE ENDING AUGUST 31ST. 
 
 Cotton $39,378,480 
 
 Naval stores 3,296,788 
 
 Lumber and timber 1,091,318 
 
 Rice 271,142 
 
 Pig iron 653,940 
 
 Hides and wool 174,647 
 
 Fruit and vegetables 1,723,723 
 
 Yarns and domestics 1,649,000 
 
 Miscellaneous 6,522,044 
 
 Total $ 54,764,082 
 
 IMPORTS, 
 
 Fertilizers $ 2,460,752 
 
 Coal \ 354,740 
 
 Hay and grain 350,635 
 
 Salts 215,325 
 
 Coffee 487,319 
 
 Miscellaneous 48,790,462 
 
 Total.. % 52,659,233 
 
 Grand total exports and imports $107,423,315 
 
']i Coi^dei^secl l^istory of tl^e Birst Stean^er, arid ^er 
 Birst Trip 5?Gross the '^tlai^tic Oceai]. 
 
 To Savannah belongs the credit of building and oper- 
 ating the first steam vessel that ever crossed the Atlantic 
 Ocean. This fact may not be generally known to the pub- 
 lic, but the authorities on the subject are undoubted, and 
 will be herein referred to, for the grandeur of the propor- 
 tions that has been reached in steam navigation, had its 
 birth in Savannah, Georgia, sixty-six years ago, and it is 
 due the enterprising forest city that she should have full 
 credit for leading her sister cities in an enterprise whicli 
 now challenges the admiration of the world. 
 
 In the year 1818, Messrs. Dunninsr, Scarborough, 
 Sturg3S, Burroughs, Henry, McKenna, and others, leading 
 merchants of the city of Savannah, at the suggestion of 
 Capt. Moses Rogers, had constructed a steamer for plying 
 between Savannah and Liverpool. These men have all 
 passed away, but they constructed a monument that lives 
 after them, and which will endure forever. The vessel or- 
 dered to be constructed was of 300 ton burthen, full -rigged 
 clipper ship. She was fitted with proper engines, her 
 wheels were made of wrought iron, uncovered and were 
 constructed on a novel principle, which enabled the ship's 
 crew to fold the wheels over on the deck. This was done 
 by means of a derrick, the shaft being hinged. This cir- 
 cumstance shows the doubt that was felt on the minds of 
 the projectors of the enterprise as to its ultimate utility. 
 
 The vessel completed was very properly named the 
 
Savannah and was advertised to sail from the port of Sa- 
 vannah for Liverpool direct, on May 20th, 1819. 
 
 Promptly on the date advertised, the vessel steamed 
 down the Savannah amid the cheers and God-speed of the 
 admiring throngs gathered along the wharves to witness 
 her departure. 
 
 As an evidence of the crude state of things during 
 those early days, pitch pine was used as fuel, coal not hav- 
 ing come into use on steamers. In consequence of having 
 to economize in fuel, the engines of the Savannah were 
 used only eighteen days going over and nineteen days 
 while returning. 
 
 Upon nearing Liverpool the paddles were put in oper- 
 ation, and with all sails set, and her wheels olying to their 
 utmost, she proudly passed up the Mersey amid the plaud- 
 its of the astonished throngs of Britons. 
 
 The Savannah remained at Liverpool about one month 
 and was visited by thousands of the curious, after which 
 she sailed for St. Pettrsburgh, where Capt. Rogers and 
 his novel craft were received with every mark of admira 
 tion and respect, ilfter remaining several weeks in the 
 Russian port, the course of the ship was once more direct- 
 ed homeward, and on the 20th of November, 1819, after a 
 passage of fifty-three days, she steamed safely into the 
 port whose name she bore, "with neither a crew, nor bolt> 
 nor rope yarn parted," though she passed through a heavy 
 gale in the North Sea. 
 
 The foregoing sketch is compiled from 
 
 A CHRONOLOGICAL HISTORY 
 
 OF THE 
 
 ORIGIN AND DEVELOPMENT 
 
 OF 
 
 STEAM NAVIGATION, 
 
 BY 
 
 GEORGE HENRY PREBLE, 
 Rear Admiral U. S. N. 
 
STOCKS AND BONDS OF GEORGIA ROADS 
 A GOOD INVESTMENT. 
 
 The Stocks and Bonds of the older roads of Georgia 
 are, without exception, good investments. In proof there- 
 of we submit the following table, compiled from the market 
 reports of this date : 
 
 MARKET REPORT GEORGIA RAILWAY STOCKS AND BONDS, JUNE 
 
 1st, l?i89 — STOCKS. 
 
 Georgia Railroad and Banking Co $197^ 
 
 Southwestern Railway 128 
 
 Central Railway 120 
 
 Augusta and Savannah Railway 135 
 
 Atlanta and West Point Railway . 106 
 
 BONDS. 
 
 Ga. Railroad and Banking.Co. 6s, 1910 $113 
 
 Ga. Railroad and Banking Co. 6s, 1922 116 
 
 Central Railway 109 
 
 Central Railway Debentures 100 
 
 Atlanta and West Point Railway Debentures 103 
 
 Americus, Preston and Lumpkin First Mortgage, 7 . 110 
 
 These Railways have been ^rood divideijd paying in- 
 vestments fi'om tlje day of their completion to the present 
 time. 
 
 They have never defaulted on their interest account. 
 They have paid dividends ranging from six to ten per 
 cent., with the regularity of the seasons. 
 
36 
 
 They have, from time to time, increased or watered 
 their common stock from 25 to 100 per cent., and still they 
 pay their usual dividends. 
 
 While doing this they have steadily reduced their 
 bonded indebtedness until it is so small that the net earn- 
 ings of a single year would extinguish it. 
 
 There are no securities in the markets of greater in- 
 trinsic value. 
 
 The false impressions that have been made by design- 
 ing parties upon the minds of our people that subscriptions 
 to railway stocks are a donation on the part of the sub- 
 scribers, and that their stocks and bonds are worthless, or 
 at the best an unprofitable investment, has worked us much 
 harm in prejudicing the minds of our citizens against rail- 
 way investments ; greatly retarding the extension of our 
 railway system, and the development of our State. 
 
 No legitimate railway enterprise, with a fair financial 
 backing, economically constructed, and intelligently man- 
 aged, has ever failed in Georgia On the other hand all 
 that have been projected upon a sound basis, have been 
 uniformly successful. 
 
 The average capitalized, account of the dividend pay- 
 ing roads in Georgia, ranges from $35,000 to $55,000 per 
 mile, while that of the S. A. M. Eailway will not exceed 
 $14,000 per mile. 
 
 S. H. HAWKINS. 
 Americus, Ga., June 1st, 1889.