Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-03-20
RAILROAD CONSOLIDATION.
The Memphis. ID PAGE and Pa
oifio Railroad.

Rsck railroad company;
For the purpose Of eaecting consoli'
dation 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
President, B. H. Epperson, 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 hum
dred and twenty thousand shares OF
stock (of the value oil three million OF
dollars), of the Memphis, FL Paso and
Pacific railroad company that said
stock shall be full paid and not liable to
any future assessment by the Memphis,
FL Paso and Pacific railroad company (;
that it shall be preferred stock, and that
there shall be guaranteed on it and paid
by the Memphis, Ell Paso and Pacific
railroad company an annual dividend OF
seven per cent, payable semi'annually,
and the first dividend shall be paid on
July /, 1868, and said dividend shall be
guaranteed and paid by the Memphis,
Ell Paso and Pacific railway company,
for twenty years thereafter, and that
whenever the Memphis, FL Paso and
Pacific railroad company shall pay a
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
thousand shares of stock so transferred,
the sum of sixty 100000 thousand shares
shall be a first preferred stock, and that
it shall be so designated, and the divi-
dend above guaranteed shall be paid
first to this preferred stock, and that
until the dividend guaranteed is paid on
all of the first preferred stock, no divi-
dend whatever shall be paid on any of
the ether preferred stock. 1t is ag, eed
that this sum of first preferred stock
shall be distributed to the original stock
holders of the Memphis and Little Rock
railroad. Whenever the city Of Mem
phis shall exercise its privilege of con-
verting the bonds known as the navy yard
bonds, and amounting to 100000, into
stock, that this stock shall also be first
preferred stock in the same manner as
above mentioned.
The Memphis, Ell Paso and Pacific
railroad company also agree to purchase
and lay down whatever iron is necessary
to complete the Memphis and Little Rock
railroad to Little Rock, on or before the
first q ay of January, 1868, to furnish the
same with adequate rolling stock, and to
put the same road in complete running
order within one year from the final ex'
ecution of this agreement.
The Memphis, Ell Paso and Pacific
railroad company also assumes the pay
ment of all the debts of the Memphis and
Little Rock railroad company, and un'
dertakes to provide the money to pay the
principal and interest of all such out
standing debts at the times they sever
ally become due.
In consideration of the above stipula-
tons to be performed by the Memphis,
Ell Paso and Pacific railroad company,
the Memphis and Little Rock railroad
company by its president, r. G. Brink
ley, hereby agrees to have transferred to
said Memphis, Ell Paso and Pacific rail-
road company all the capital stock of the
Memphis and Little Rock railroad compa-
ny, amounting to thirty thousand shares
of the par value of three millions of dol
lars; the delivery of these shares to be
made at the same times in the same
amounts as the transfer of the Memp his
and Ell Paso and Pacific railroad stock
above stipulated for. The Memphis and
Little Rock railroad company also agrees
that all the papers, books and personal
property ofthe company, and all the assets
of whatever nature, real and personal, a
schedule of which shall be furnished by
r. c. Brinkley, Esq, President of the
Memphis and Little Rock RAILROAD,
within reasonable time, shall be de-
livered to the Memphis, Ell Paso and
Pacific railroad company at the compile
ton of the Memphis and Little Rock rail
road; and that until said completion, the
present President and direction of the
Memphis and Little Rock railroad COM
pany shall continue in control of the
work. The present direction of the
Memphis and Little Rock railroad have
full power and are authorized and d.
rected to continue the prosecution of the
work on said road. and to pay and liqui-
date all debts heretofore contracted, or
that may be necessary for the carrying
on of the work, and use any Of the assets
of the said company, real or personal,
bonds or credit, for the purpose.
The Memphis, Ell Paso and Pacific
railroad company shall have the right to
issue the bonds bearing eight per cent
interest per annum, on the line of road
from Memphis to Little Rock, to the ex-
tent of one million three hundred thou
sand 81, 800, OOO) dollars, on the retiring
of ar equal amount of the bonds ALREADY
nr-L.. I Eel, Da,k