Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1867-06-13
A Card from MIR. Russey,
From the Winchester Home Journal.
OFFICE w. & A. RAILROAD. }
WiDohoetor TupoEtb 1897 Z

has just been called to the follow
ing article, which appeared in your
issue of May 50th, copied from
the Fayetteville Observer:
Here follows the communica-
ton of GA Stockholder," which
appeared in the OBSERVER of May
23rd.]
In reply, and for the informa-
ton of the Stockholders and the
author of the article
1st. l am not aware of any
thing that has yet occurred to
give validity to "reports circula-
ting through this community high
ly prejudicial to the management,
perhaps to the existence, of the
Winchester & Alabama Railroad, +"
and | hope that ga Stakeholder
will be as much grati6ed on learn
ing that |, as President of the Com
pany, state that all such reports
| are without foundation, as l am
IN being able to make such a
statement.
I'd. l positively deny ever hay
ing done anything in opposition
to the written opinion of the Elk
ecutive Committee; and further
at the annual meeting of the
Stockholders at this place on the
7th of May, I submitted my Re-
port, as President, which was
adopted and ordered to be placed
on the Records of the Company,
from which | take the following
EXTRACT FROM REPORT.
When the Act of the Legisla-
ture was passed reducing the size
of the rail | proceeded to New
York and purchased iron sufficient
to lay the track to Elk river, or
beyond. Nine hundred and for
ty-four tons then in New Orleans
was purchased at S54 so, in gold,
per ton, to be delivered at Charles
ton, S. c., and to be paid for on
delivery. Gold being considered
the proper basis of trade, and far
preferable to Tennessee bonds,
parties were not willing to take
them without a very heavy mar
gin to cover the fluctuations of
the market; consequently l hypo-
thecated the bonds and obtained
currency at the rate of 7 per cent.
per annum, and paid for the New
Orleans iron, which has since been
delivered at Johnsonville and
will be brought to this point as
rapidly as may be required.
Sd. The house, Watts, Crane
& Co.. with whom [ hypothecated
Bonds, have suspended, yet they
have secured our Company, SO as
not to cause us any loss, and pos
sibly no detention.
4th. AS to the statement that
the Bonds. could have been dis
posed of at so cents, Mr.. Stock
holder will find, if he will only
take the trouble to investigate,
that he is.mistaken.
9Th. The management of the
Manchester & McMinnville Rail-
road could not be in better hands
than that of Col. Marbury, and
from my knowledge of the diff
ficulties that he mas had to encoun-
ter, am convinced that, as far
as the progress of his Road is con-
cerned, that no one could have
done more or better than he; but
having had the pleasure of being
in New York with him, and con-
suited him, the only difference in
our transactions is-the house ]
did my business through has sus-
pended, and the one he operated
through has not. l am sorry to
state that Mr.. Stakeholder is mis-
taken again: The M. & Mem.
Railroad is not yet completed,
and, as purchasers of iron for both
Companies, our transactions were
very similar. Col. Marbury had
not, up to a recent date, sold his
Bonds. | will further state that
Bonds are now selling at 81 cents,
instead of 63, which was the best
offer [ could get while in New
York, and by all the methods of
calculations known to me, l cannot
see the clear loss to the Road of
"fifty-nine thousand and five hun
dred dollars"
J. NJ. RUSSEY,
Pres't w. & A. r. r. Go.