Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-25
MEMPHIS AND CHARLESTON r. n.
Anaual cOnsentIen Of the StoekhoIders--.
Report Of Beard Of Directors, Etc.

Pursuant to the call published in the
APPEAL for some time past, the stock
holders of the Memphis and Charleston
railroad assembled in annual conv6n-
ton yesterday morning, inthe hall of the
Chamber of Commerce. The meeting,
which about half filed the commodious
and airy hall, was called TO order about
ten O'clock by President Wicks.
On motion of Colonel ]. 7. Petit, Col
onel M. A. Gordon, OF Huntsville, Ala
bama, was called upon to preside.
On taking the chair, Colonel Gordon,
in a few Appropriate and felecitous words,
expressed his profoand thanks for the
honor conferred. The last time he was 1 n
Memphis, he said, was some years ago,
when he came as q delegate from his old
home, Savannah, Georgia, on the occasion
Of the union of the Atlantic and the Mis-
sissippi. At hat time he became en-
Unused, and made himself q prophet, vati-
cinaEing the great results which would
crown the enterprise, and the vast advan-
tsges which were to accrue TO the country
from its success. He was convinced that
no was a true prophet up to
the time of the breaking out of the
war. He again allowed himself to be i'm
bued with the prophetic spirit and again
would forete0 unparalleled prosperity
and success.
The chair closed his remarks by an
nouncing that the meeting was ready TO
proceed to business.
MI. George Robertson, Secretary of the
Memphis and Charleston railroad, acted
as Secretary of the Convention.
On motion of General John d. Rather,
the chair was authorized to appoint q
committee of three on the mount of stock
represented and on proxies.
The chair appointed Messrs. w. W.
Garth, r. s. McReynolds and j. I. Petit
on the committee, and they retired to an
adjoining Dol
at O'clock the committee returned.
and made a report to the effect that there
were present 10, 707 shares, representing
81 ,767,S75 The capital stock being S., 3D.
7O5, the majority of the stock is repre-
sented; therefore, the convention is regu-
lsrly organized, and can proceed to bust
ness.
The chair having made this announce
ment, President M. J.. Wicks came for
ward and read his annual report, Of which
we have heretofore given a ruu eSHnae
On motion of Colonel Munford, the re-
port was received and adopted. -
This finished the regular business of the
convention, and the fact having been an
nounced, the following
NEw BUSINESS
was introduced. Colonel Munford offered
the following resolution, which he moved
to adopt:
Resolved, By the stockholders of the
Memphis end Charleston railroad, in an
nual convention assembled, that we do
accept b amendments to u charter re-
Gently passed by the Legislatures of Ala
bama, Mississippi and Tennessee, and the
same be, and is hereby declared part and
parcel of our organic law.
On this, Mr.. Garth, of Huntsville, asked
for a reading of the amendments, for the
information of himself and others.
Mr.. Munford read the charter amend
mens referred to-"An act to enable the
Memphis and Charleston railroad to raise
money for certain purposes. After read
ing it, Mr.. Munford explained its provi-
sions and what it meant. 1t was, he said,
to empower the directors of the road TO
issue third mortgage bonds, with acertain
time to run, by the sale of which they
could raise money to purchase Tennessee
State bonds at their deprecated value,
and with them pay the bonded indebted
ness OF the company to the State,
This led to an in~terminable and hot de-
bate, which, by the way, was altogether
contrary to parliamentary rules, for the
very first thing that Mr.. Garth did was to
move to table the resolution, which mo-
ton finding a second, cut Oh all debate.
The merits and dement's of the scheme
were, however, ably discussed for several
hours, Messrs. Munford, Wfeks and
others for it, and MI. Garth and others
against il.
Colonel Gordon, President of he Com
vention, being called upon in his profess
Aional capacity, as attorney for the COM
pany, delivered q very able opinion in re-
lation to the purchase of State bonds by
the company, to extinguish their indebt-
edness, and was followed by Colonel K.
Munford, General Joseph Wheeler
and Colonel J. B. Moore in eloquent ar
guments, affecting both the policy of the
proposed measure and its legality.
The following resolution was offered
and adopted by an almost unanimous
ResoLUcd, That the stockholders OF the
Memphis and Charleston Railroad Com
pany, in regular nesting assembled, do
hereby accept the amendments to the
of said company, recently enacted
by the Legislature of the States of Mis-
sissippi Alabama and Tennessee, and de-
the same part and parcel of its or
ganic law: PROVIDED, that no bonds shall
be issued under or in pursuance of said
without the concurrence of
of the directors of the said
Memphis and Charleston Railroad Conn
pany be first obtained.
The time allowed stockholders to return 4
NAbuOub c1hIRo 70 bn6lI uODleb WAY 6A- |
to the end of the week.
The President of the company was df
rected to have printed in the next annual
the charter of the company and all
rules regulating action of Board of Di-
together with all amendments to
enacted by the several States, to
which the company ia indebted for cOrpo- |
rate existence.
The Convention returned thanks tc the I
Chamber of Commerce for use of hall ard
the President and Secretaries of The
for their services, and then
adjourned sine die.
The Importance OF the action OF this
Meeting of stockholders consists simply
n the adoption of the scheme proposed
" President Wicks. Hei is authorized. tvco-
birds of the Board of Directors ascent
ng, to buy State of Tennessee bondE with
mortgage bonds of the railroad COM.
ANY, provided one thousand dollars of
abroad bonds pay for twelve hundred
nd fifty dollars of State honds. These
re the only restrictions imposed,
The condition of the company. of its
and its management, were
eemed satisfactory by the Stockholders,
they went away well pleased.
L