Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-04-21
NASHVILLE AND NORTH WESTERN RAILROAD

AOAlA
The President and Directors Of This company lave
hem in session for the last two days, and have had
before them several propositions by responsible
oontrae.ors based upon the present available means
,f the company. for the completion of the entire
road from Nashville to the point Of junction with
the Mobile ard Ohio road in Obion county. We
understand that the Board of Directors, with entire
upapimity. have accepted one Of tie propositions
submitted TO them subject to the ratification and
sooroval OF the Stockholders at general meeting
sailed foc toe purpose, to meet at Waverly, 10 Hum
,hrevs county. OF the 10Th Of next month. The
contractors propose to build the entire road at the
esriu.ates Of the Chief EnsineeF, receiving pay in
money, or 10 the stock and bonds Of the company
4. stipulated fates, at the option Of the company
when the payments are to be made. In the event
it becomes necessary to pay in stock or mortgage
bonds provision must be made for increasing The
capital stock and authorizing the issuance Of bonds
hy the stockholders and this can only be done, IN
der the charter, by general meeting, held for the
purpose Accordingly general meeting has been
seilea at the time and place specified, for this and
other purpose
The Favorable nature Of the contract referred to,
u.sy be Judged Of fro the fact that j; contemplstes
in the very worst contingency FOR theralroad com
pany, The takings by Inc contractors of about one
Inion Of dollars absolutely in the cspitsl stock
ne company, and less than million in the aecond
mortgage bonds with the privilege Of redeeIning
:he stock or bonds at any time before payment, at
ths yo!e al wlcA .sy are taken By the contractors -
ia this way, the company risk nothing By dc.
dine Of the securities below the rate agreed upon,
and have everything to gain by 81 appreciation dn-
ring the progress of the work by the increased con-
6denee thereby produced, and by the improvement
If the monetary condition Of the county. 1t serves
as an inducemeut to the friends Of the road TO use
svery exertion 20 increase its cash means and thus
diminish the loss which must necessarily BE- in-
Cured by payment in securities alone.
By the terms Of the contract, in ts woIst aspect.
che fret section OF eighty miles, thirty miles at this
end Of the road and fifty miles at the other, is to
Secompeted by the first Of October, 1857, and the
residue within two years thereafter But the time
Of completion, By he cypress provisions Of tse con-
tract, may be greatly shortened by increasing the
cash payments in redemption of stock, al the rate
mentioned above. Moreover and this is a provision
IN which the citizens Ct Davidson county, and
particularly Nashville, are largely interested the
contractors agree upon an additional cash subscripr
ton Of 1856, 600, TO be paid in lieu of securities
20 faisk The eatre T0adt tas Tennessee riue7 By the
3lsi tsay Of u ceU,bsr, 1857. If the new subscrip
zion should be only $4,000 they agree to finish
it by lst july, 1858 To obtain the benefit Of this
stipulation, the subscription must be made, and
tie contractors notified thereof, or or before the
lst September next. The stock thus subscribed
win be called for as other stock and be payable in
small calls during the two years allowed for the
compilation Of the work. This Is powerful in
tucement to tie friends Of this important enter
prise, to- strain every nerve in the next four months
TO obtain the additional sum required. The road,
twill be borne in mind, strikes the Tennessee
river at point where it is always Davigabie and
aud of course brings Us Immediately into direct
and uninterrupted communication with the mar
kets ofthe world Our city needs only this facility
so ensure and greatly enhance, its already rapidly
Increasing trade in groceries. Are We too sanguine
il believing that citizens and particularly our
mercantile men, viii promptly aid in insuriDg this
result Il lies with them, not whether tie enter
prise will fail, but whether its benefits will be
sooner reaped. We shorten the time Of closing up
this link in our communication with the great
northeast two years, by increasing our cash sub
sseripGons $3500Oo. Can we not 90 it2