Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-31
NASHVILLE AND FORTHWEST-
ERN RAILROAD.
Another Meeting of the s,Ockhoiaer,

ERN RAILROAD.
Another Meeting of the stOckhoideI
The Proposition Of the ChattnMoOg
| Road Accepted.
The stockholders of the Nashville an
Chattanooga Railroad assembled again g
the Courthouse yesterday morning, an
! opened with considerable discussion, i
which Mr.. Burns, the President, and othe
stockholders took part.
Mr.. Burns opposed the lease, and CAV
his reasons for such position at length.
Col. Lauderdale said that as an indiyi
dual stakeholder, and representative o
those owning stock in Hickman, he had
few words to say. He was little surprised
to see the breadth of discussion in {
meeting of this character, and was aston
ished that Mr.. Burns would suppose tina
any reflection on his management was in
tended At the last meeting Mr.. Burn
had been unanimously elected President
and there never had been meeting of il
but the stockholders rendered to him
a vote of thanks for his great ability in the
discharge of his duties as President. The
question had been directly asked Mr.. Burns
if he would raise SO, 600 to place the road
In good condition, and his answer was
vague, and the inferenee was that his
confidence In the earnings OF the road
was not as great as he would make out from
his remarks. He paid high compliment
to Mr.. Burns as a railroad man, and re-
marked that he was free to say that if il
had not been for the energy he displayed
there would not now be any Northwestern
road
Col. Gardner called for tho reading OF
the report of the committee on proxies,
which was read, and on motion adopted
and ordered to be spread upon the
minutes.
The report of the Committee on Proxies
was received and ordered to be filed.
Mr. Hubbard stated that Mr.. Cole had
said 20 Mr. Burns that if he AIr Burns
would pledge himself as a gentlemen of
honor to the stockholders of the Nashville
of Nashville and to the people living along
the railroad, that the road would be run
with success and not be stopped, that he
(Col Cole would withdraw any proposition
looking to lease of the road. He only
wanted to state this for the benefit of the
stockholders.
Col. Cole remarked that In the main Mr.
Hubbard WIS correct in regard TO what he
10 a - L
The Directors of the Nashville and Chatta-
nooga road had sent him paper, which he
had read to the Directory on previous occa-
sion, in which they stated that they desired
termination of the controversy in connec-
ton with the lease of the road.
Mr.. Hubbard then asked Mr. Burns the
following question:
If this road was turned over to himself,
would he pledge his word and his honor to
the people along the line of the road, to the
stockholders and to the people of Nashville,
and to parties interested, that he will run
The road successfully and not stop its ope-
ration under any circumstances?
Mr.. Burns replied in the affirmative, say
ing that he would do all in his power.
Mr.. - Gardner moved to proceed to
the appointment of judges, clerks and
tellers to take the vote upon the question
before the meeting. Carried
Before the appointments were made, Mr..
r. II. Gardner presented letter from
Judge Whitworth defining his position in
this matter, stating that he was opposed to
any two roads terminating in Nashville
being under the same management and
was opposed to any combination of this
road with any other which possibly might
result to the injury of the people. He did
not believe that it would be in the interest
of the people to have the Northwestern
road run by the Louisville and Nashville
road. The letter was read, received and
order to be filed
The following judges and clerks were
then appointed by the chairman: Messrs.
Kingman, Fife and Hubbard, judges and
Messrs. Nash and Blanton, clerks.
The vote was then taken, and the propo-
sition to lease the road to the Nashville
and Chattanooga Railroad Company was
adopted by a large majority. The vote
was about $500 for the lease and about
! 300 against it.
The meeting then adjourned sine die.
THE LEASE.
The following is the lease adopted by
the stockholders:
The Nashville and Chattanooga Railroad
Company proposes to lease the Nashville
and Northwestern Railroad for the period
of six years, upon the following terms and
conditions:
1t will expend upon the road-bed, super
structures, bridges and trestles, and in the
repair and purchase of rolling stock within
the next six months the sum of 300, 900,
and as speedily as possible put the road in
as good condition as other connecting roads,
and supply it with rolling stock sufficient to
meet with the requirements of the business
of the road in freights and passengers, and
of the same quality and character as similar
rolling stock of the Nashville and Chatta-
nooga road, and continue to keep the road
in good condition and the rolling stock in
like good order and condition for and during
the full term of the lease, and until the
same is fully ended, and to return the roll
ing stock in like good order and condition
at the expiration of the lease; all repairs
improvements and additions to be made at
the usual reasonable and customary prices
for the time being.
The present rolling stock, materials and
personally of the Nashville and North
western Railroad Company on hand are to
be valued by three persons, one to be Sc
lected by each of the contracting parties,
and they to select third, and taken by the
Nashville and Chattanooga road at the valu-
alton and returned in kind at the end of the
lease upon like valuation.
The road shall continue during the lease
to be operated upon its present line and
upon every part of it, without discrimina-
ton against any part, unless with the con
sent of the Board of Directors of the Nash
vile and Northwestern Railroad Company.
And the lessee shall SO operate as to foster
and encourage the local as well as through
business. And such and so many trains
for the accommodation of freight and pas
sengers shall be run as are usual and Gus
tomary on roads of similar length and i'm
portance, and necessary to perform the bust
ness offered. The tariff rates of through
freights and passengers are to be ratably
divided between the two roads IN the pro-
portion of the lengths Of the two roads to
each other, or the distance carried on each,
and the local earnings are to be credited to
the lessor.
The lessee agrees 10 make no charge for
use of tools, rent of shops OF yard room, OF
pay Of yardmen at Nashville, during the
continuance of this lease.
One-third of the salaries of the Presi-
dent, Superintendent, Secretary and Tres-
surer, Freight and Passenger Agent and
Engineer Of the Nashville and Chattanooga
Railroad Company, shall be paid out Of the
earnings of the Nashville and Northwestern
Railroad, and the share OF the lessor O