Clarksville weekly chronicle. [volume] (Clarksville, Tenn.) 1865-1867, 1867-04-26
RAlfROAD MEETING.


was held last Saturday, to consider
what action should be taken on the
proposition Of the L. Il N. X. Il. to
become the purchasers of the M. @.
& l.. II. r. We understand the
proposition to be as follows:
In consideration of the NJ. G. g.
L. r, r. Company's giving up all
rights, claims and ownership in and to
the road, by the consent Of the Stock
holders, including Montgomery coun-
ty and the city of Clarksville, the l..
x N. 4. Road would assume the debt
Of this Company 10 the State of Ten
nessee, and would pay to the stock
holders (basing the county stock as
s 100000, and GAINESVILLE, as 3 100,
O0O) twenty-five per cent of L. l. N.
r. r. stock in lieu. Provided, that
the l.. & N. r. r.. could make three
satisfactory arrangements, as follows:
LIST. That satisfactory arrangements
could be made with. the Memphis K
Ohio Railroad, to insure first class
road from Louisville to Memphis ;
I'd. A satisfactory arrangement with
the second mortgage bondholders,
and Sd, a satisfactory arrangement
with the creditors. Of the old floating
debt. In connection with this last
proviso, it is proper to state that the
floating debt was to be Immediately
paid. This, we believe, is a fair re-
port Of the proposition.
The meeting was called to order,
and its object stated by Judge King,
who then called upon the Directors
present to give additional informa-
ton to the Court. The call was re-
sponded to by Mr.. D. N. Kennedy,
who spoke earnestly and honestly in
favor Of accepting the proposition.
In his opinion, enough had already
transpired, financially, to show that
not only would the stockholders new
err realize anything from their stock,
if they rejected the offer now made,
but that the road would pass out of
their hands, with the loss of every.
thing. Mr.. X. forcibly sustained the
premises assumed, and his reputation
as financier, entitle his argument
to fair consideration. He was fol-
lowed by Mr.. Rice, another Director,
who took the other side of the ques-
ton, but spoke only few minutes,
and Gen Quarles, also director, took
the staud and spoke earnestly and
forcibly against the transfer, backing
up his arguments with figures and
facts bearing upon the present and
future Of the road, and urging the
Court either to reject the proposition
at once, or give the new Receiver
time to show the actual condition Of
the road, which, he contended, was
not in critical state, but had already
shown, under the most adverse cir
cumstances, that it is paying insti-
tuition. He also demonstrated, to
the satisfaction of many, that if the
State would fund the interest due,
till July of next year, the road could
by its earnings, clear itself of debt
by 1876, except portion of its State
debt, and pay the stockholders fair
per cent upon their Investment.
Gen. Q. was followed by Mr.. House
who thought the Court should call
upon the citizens to vote on the prop
osition, but, under the present regis
try law, did not see how the object
could be accomplished, and though
in favor of the transfer, did not be-
Llieve it could be effected. Mr.. Ken
nedy again took the floor, and made
a few remarks : which called up Gen.
Quarles a second time, in reply, after
which the meeting was proceeding to
vote upon the subject, when Mr.
Breed intimated that, though Meth,
err a Director nor Magistrate, he
would like to make few remarks
Being invited to give his views, Mr.
B. endorsed Gen. Quarles' view of the
proposition, and proceeded to correc
some figures about the cost of run
ming the road, its per centage Of gross
r earnings, history of other roads, thu
| points Of difference and similarit,
between this and thosc--giving fact
$ only, and challenging contradiction
lie was followed by Mr., Humphreys
q a Director and former President, VIII,
o opposed the transfer, and closed hi
/ short, pointed speech by saying tina
q there was no crisis in the roads his
Q tory except change Of Receivers
I and advising the Court not to submit