Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1868-02-19

KsoxyILLE AED KENTUCKY RAILRoAr.--In
the House Of Representatives Of the kentucky Lo-
gissture, on Tuesday, February 4ib. bin 70
amend the charter OF tbo Louisville and Nashville
Railroad passed It's third reading. This bia viii,
in Ali probability become law N few days, and
a. It insures the completion Of Knoxvilles pet pro-
ioct-tbe Knoxville and Kentucky Railroad--we
make the following analysis Of its provisions:
The frat section Of the act authorizes the Louis
vile and Nashville Railroad Company by vote
Of a majority Of the directors thereof, by legal
means 70 acquire an interest in to unite or con-
solidate with any railroad company or companies
chartered by the laws Of any other State States
whose railroad may connect with the Louisville
and Nashville railroad, or with which the Louis
vile and Nashville railroad company may now
have contract for consolidation Of their conpa-
MES, 60 as to make the same one company with
consolidated stock and company, with one board of
directors 10 manage and control the affairs OF said
company, and with power in the Louisville and
Nashville Railroad Company to form such consoli-
dalton, By the purchase Of the railroad railroads
other property rights franchises and privileges Of
such other company or companies, or by any other
legal mode they may select.
The second and third sections authorize the Com
pRny in order 10 effect the purposes of the preced-
ing section to Issue and SELL either before or after
such consolidation, mortgage bonds to the amount
Of Se,oo0,ooo and 70 mortgage ali the property OF
the road to secure the payment Of the bonds elSd-
ing any railroad and property rights they may ac-
quire BY such consolidation whether they be IN the
State Of Kentucky or in any other States.
The fourth section gives the Louisville ChanceFy
Court exclusive jurisdiction for foreclosure OF the
mortgage, and requires ninety days notice Of sale
or foreclosure to be given in one or more Of the
newspapers published in the cities Of New York
Louisville, Nashville and Memphis
The fifth section provides for the creation Of
sinking fund to pay the interest and principal OF
the bonds.
The sixth sscsou provides that in case OF the
formation Of such a consolidation, the road shall
have power TO adopt such corporate name as they
may select; and in such name shall have all the
powers and privileges heretofore conferred upoA
said company by the laws Of the States Of Kentucky
and Tennessee
The seventh section declares that this act shah
take effect and be In force from iss passage.
An amendment was adopted As follows
PROVIDED majority in interest Of the stoOkhold.
lSls bHail accept THESE amend melts ana autlOflze
The Board Of Directors to act thereon.
The bill WAS passed by vote of 50 to 90,
The primary object OF this bill is TO secure the
Memphis and Chic Railroad, giving the Louisville
aud Nashville Company the entire control and
of it, but portion Of the money raised
by the sale Of the eight million dollars of bondf, is
10 be devoted to pushing the Lebanon branch of
.his road forward TO a connection with the Knox
vile and Kentucky Railroad thus giving US direct
rail communication with Louisville.
We are rot authorized to speak for either corpo.
ration, but we understand that three millions are
10 be appropriated for the extension Of the Lebanon
branch and that the entire road will be completed
n eighteen months or two years
We do not think that the Louisville and Nash |
vile Company viii attempt to purchase the Knox |
vile and Kentucky Railroad, and the latter CONF |
pany are going steadily ahead with their road.