The home journal. (Winchester, Tenn.) 1858-188?, 1867-06-06
CommunIcated.l
OryIcr w. & A. RAILROAD,
Winchester, June 9th, 1857


MIR. EDITOR:
NY attention has just been called o
the following article, which appes' led
in your issue Of May SOth, copied rom
the Fayetteville Observer;
MR. EDITOR There are reports
circulating through this CO. immunity
that are highly prejudicial TO the man.
,agement, perhaps to the & lstence, of
the winchester & Alabaw a Railroad.
Reports that, iftrue, shou' i'd be known
in Justice to the stockho' ldcrs and the
neople, and if untrue sh ould be contra.
dicted in justice to th Q Road. It is
said, then, that the = resident, j, NJ.
Russcy, did, in oppo' sition to the writ
ten opinion Of the J Executive Commit
tee, hypothecate til. bonds recently nd
yanccd by the Sta' .e, amounting, to the
sum of S350,0VJ; and further, that the
firm to WHOM. he pledged them has
"gone up the, spout" and the bonds
have "gone, glimmering." Why were
the bonds pledged at all, ins ,tead Of be-
ing sold When first issued, they
could ha We been disposed o at so cents
in the dollar. If put on the market
now, 60 cents is the highes st figure that
could be obtained, which is "a clear loss
to the Road cash Of fifty. nine thousand
fire hundred doHdrs, even if the bonds
are not gone entirely. when the bonds
of the Manchester u McMnnvillc Rail
road were issued, President Marbury
sold them witAom delay, and with the
money has DOW nearly completed that
Road. Why wasn't the same course
pursued tn the management OF our
Road? Perhaps some of the Direc-
tors cs.n tell. We want information.
A SToCKHoLDER.
In reply. and for the information OF
the 'Stockho lders and the author ofthe
ar1j Gle
LIST. l am not aware of anything that
has vet occurred to give validity to ere
ports circulating through this commu'
nifty highly ~prejudicial to the manage
ment, perhaps to the existence, OF The
Winchester 4 Alabama Railroad" and
hope that "a Stakeholder" will be
as much gratifed on learning that l, as
President of the Company, state that
all such reports are without founda-
ton, as I am in being able to make
such q statement.
I'd. l positively deny ever having
having done anything in opposition to
the written opinion of the Executive
Committee; and further-at the annual
meeting of the Stockholders at this
place outhe 7th of May, l submitted
INV Report, as President, which was
adopted and ordered to be placed ON
the Records of the Company, from
which / take the following:
FROM REPORT.
When the Act of the Legislature was
passed reducing the size OF the ran pro-
rrrcded to New York and purchased iron
sufficient to lay the track to Elk river, or
hevond. Nine hundred and fOrty-four tons
then in New Orleans was purchased at
ISL 80, in gold, per ton, to be delivered at
charleston. s, c., and to be paid for on de-
livery. Gold being considered the proper
ba lis of trade, and far preferable to Ten
nessee bonds, parties were not willing to
take them without a very heavy margin to
cover the fluctuations of the market; con
senuently l hypothecated the bonds and
obtained currency at the rate Of Z per cent
pcr annum, and paid for the New Orleans
IRON. which has since been delivered ut
Johnsonyille and will be brought TO THIS
point as rapidly as may be required.
Sd, The house, Watts, Crane d
Co.,) with whom l hypothecatcd
Bonds. have suspended, yet they have
secured our Company, so as not to
cause us any loss, and possibly no de-
tentiOn.
4th. As to the statement that the
Bonds could have been disposed OF at
so cents, Mr.. Stakeholder will find,
fhe will only take the trouble to in
vestigate, that he is mistaken.
9Th, The management Of the Man,
chester & McMinnville Railroad could
NOT he in better hands than that OF Col.
Marbury, and from my knowledge OF
the difficulties that he has had to en-
c,unter. | am convinced that, AS far as
the progress of his Road is concerned
that no one could have done more OF
better than he; but, having had the
pleasure of being in New York with
him, and consulting him, the only diff
ference in our transactions is-the
house 1 did my business through has
suspended, and the one he operated
through has not. I Am sorry to state
Mr.. Stakeholder is mistaken again
.na'' & McM Railroad is not yet
Inc w. and, as purchasers of iron
eompletea'' onies, our transactions
y WV" Col. Marbury mac
were very similar. doto sold his
not, up to a recent "a tbat Ronds
Bonds. will further sta.> .,stood ~
are now selling at 81 cents, Ii. .ou1,
GO. which was the best offer ! Z.
oct while in New York, and by all tn.
methods of calculations known to me,
cannot see the clear loss to the Road
of "ffty-nine thousand and FIVE hun
dred dollars
J. NJ. RUSSEY,
Pres't W. & A. r. r. Co.
ASswEREp.-An officer of one OF our