Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-20
MEMPHIS. Ell PAsO AND PACIFIC



Articles OF Agreement made and concluded
this 18th day OF February, 1867, between thu
Memphis, Fl Paso and Pacific railroad com
pauy OF the state Of Texas, and the Memphis
and Little Rock railroad ompany Of the stat
OF Arkansas;
For the purpose Of effeeting a cOnsoli.
detion of Interest between the aforesaid
companies, and Of securing the early
completion of the Memphis and Little
Rock railroad, the Memphis, FL PasO and
Pacific railroad company by its presi.
dent, B II. EppersoD, hereby agree that
there shall be paid to r, c. Brinkley,
president of the Memphis and Little
Rock railroad company for the
stockholders Of said company, one
hundred and twenty thousand shares
Of stock, LOf the value Of three
million Of dollars Of the Mem
phls, FL PasO and Pacific railroad
company; that said stock shall be full
paid and not liable 70 any future assess
ment ny the Memphis, FL Psso and Pa
cifc raiIToad company; that il shall be
preferred stock, and that there shall be
guaranteed on ii and paid by the Mem
phis, FL Paso snd Pacific railroad COM
pany an annual dividend Of seven per
cent, payable semi-annUally, and the
first dividend shall be paid on July !,
1865, ana said dividend shall be guaran-
iced and paid by the Memphis, FL Paso
and Pacific railway company, for twenty
years thereafter, and that whenever the
Memphis, El Paso and Pacific railroad
company shall pay q dividend on its
stock Of more than seven per cent, the
said preferred stock shall share in such
dividend.
And it is further agreed that OF the
above sum Of one hundred and twenty
#LaH-aa-a -N-a-a--M -
ths sum Of sixty te0, COO thousand shares
shall be q first perferred stock, and that it
shall be so designated, and the dividend
above guaranteed shall be paid first to
this preferred stock, and that until the
dividend guaranteed is paid on all Of the
fist preferred stock, no dividend what
shall be paid on any Of the other
preferred stock. It is agreed that this
sum OF first preferred stock shall be dis
trIbuted to the original stockholders Of
the Memphis and Little Rock railroad.
Whenever The city of Memphis shall ex-
Crcise its privilege Of converting the
bonds known a. the navy yard bonds,
and amounting to $500, 600, into stock,
this stock shall also be a first pre-
fsrred stock in the same 4 as
above mentioned.
The Memphis, Ell PasO and Pacific
company also agree to purchase
and lay down whatever iron is necessary
10 complete the Memphis and Little
Rock railroad to Little Rock, on or be-
fore the first day OF January, 1858, to
furnish b same with adequate rolling
stock, and % put the said road in COM
Diete running order within one year
rom the final execution of this agree /
nent.
Tba NT.-,,hH- II D NJ
company also assumes the paw
nent OF all the debts Of the Memphis
and Little Rock railroad and
undertakes to provide the money to nav
principal and interest of all such out I
standing debts al the times they sever
become due.
IN consideration of the above stipula-
70 be performed by the Memphis, 4
-i PssO and Pacific railroad company,
he Memphis and Little Rock railroad
company by its president, r. c. Brink
hereby agrees to have transferred to
aid Memphis, FL Paso and Pacific rail-
Dad company all the capital stock of the
Memphis and Little Rock railroad com
any, amounting TO thirty thousand
hares Of the par value of three millions /,
4 dollars the delivery of these shares
o be made at the same times in the
anne amounts as the transfer of the
iemPhis and lei PasO and Pacific rail
Dad stock aSJve stipulated for. The
iemphis and Little Rock railroad
0mpany also agrees that all the pasers,
and personal property Of the
ompany, and all the assets Of
-hateveT nature, real and personal. a
chedule OF which shall be furnished by
Z. Brlnkley, Esq, president of the
|nmnhnE nma fHHHa nnrE -~SF-a-T I
within a reasonable time, shall be deliv-
red to the Memphis, FL Paso and Pacific
company al the completion Of
Memphis and Little Rock railroad: :
that until said completion, the pres
NJ president and direction OF the Mem
and Little Rock railroad
hall continue in control Of the work.
he present direction of the Memphis
nd Little Rock railroad have full power
are authorized ard directed to con-
nue. the prosecution OF the work on
AID road, to pay and liquidate any and
u debts heretofore contracted, or that
be necessary FOR the carrying on of
work, and use any Of the assets Of
said company, real or personal, bonds
credits, for the purpose.
The Memphis, FL Paso and Pacific
company shall have the right TO
sue ne Donts bearing eight per cent.
lterest per annum, on the line Of road
ON Memphis TO Little Rock, to the ex-
mt Of u million three hundred thou
Isl 300, COO dollars, on the retiring
an equal amount Of the bonds already
sued by the Memphis and Little Rock
company and shall have the 4:
ght to use as many Of the said bonds !
shall be required to purchase the j
scessary iron aud equipments for the J
i'd road and will deliver one thousand l
rs Of iron by first Of June, n thou
nd tons by the first Of July, Il thou }
nd tons by the first Of August, one
.Cusand tons by the first Of October. or q
much as viii be equal to complete the
ad. '
This contract 70 be OF no binding force ;
! either Of the contracting parties until :
shall be ratified and confirmed by the :
stockholders in the MemDbis
ID Little Rock railroad company. in a
invention Of stockholders to be called +
z that purpose,
B. EPPERsON,
8 dent OF Tie Memphis, n PasO and Pacific
he Memphis and Little Rock railroad com
ny by H-C BEINKLEY, President
n presence ef
EDWARD GILHERr.
SAMUEL =. U~ENsNOnE.