Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-22
THE JACKSON RAILROAD.
Protest Of the President Directors, Stock
holders and Commissioners Of Election.
McCOmbs Check for $500, ,OOO-Anoiher
Hostile BIOw-condition Of the Road.

! holders commissioners
have assembled forthe purpose OF holding
the annual election of Directors of the
New Orleans, Jackson and Great North
ern Railroad Company, having been served
| with process of Injunction issuing from
| the Eighth District Court, at the instance
aud on the relation Of Ii. ). McCOmb
| against this corporation, whereby said
company are prohibited from holding said
| annual election until the alleged rights
of said McComb shall have been fully es-
| tablished; and il appearing that said Me-
| Comb is the owner Of one hundred shares
! of stock in said company only on which
/ he has a right TO vote, and that
| he is undisturbed in the exercise of
/ his rights a. a stakeholder in sand
/ company, and is now seeking to cast
! one hundred and fifteen Thousand votes
on the false pretense that he is the
! owner of State and city. stock TO that
| amount, and that he has a right to cast
| said numbe of votes at said election, when
| the law of the State of Louisiana and the
| charter Of said company declares that
| neither said State or city stock shall be
voted upon as that of ordinary sharehold-
eTs; but that, by legislative contract be-
/ tween the States of Mississippi, Louisiana
/ and the City of New Orleans, their respec-
/ tive right to vote on said stock owned by
/ them has been forever relinq quished, and
/ in lieu thereof said States and said city
/ have elected to accept and appoint annu
/ ally three directors each, which SAID COM
/ pact has been accepted by said corporation
and is now an unrepealable portion of the
| charter Of the same, and said State and
/ city directors have been so appointed. and
are now in the exercise of their rights
as said directors for said State and city.
Now, therefore, the undersigned hereby
| enter their solemn protest against the at
/ tempted usurpatiOns of said McCOmb, as
D a1rsab r-an Of 2 hn
charter Of said company and the laws of
the States of Louisiana and Mississippi
and the ordinance OF said city passed in
pursuance thereof.
Whereas, the Legislature of the state
of Mississippi, on the goth December,
1861, passed an act entitled an act to
amend the charter Of the New Orleans,
Jackson and Great Northern Railroad
Company, which is in the following
words:
SECTION l. Be IL enacted 6y the LegisIa-
tLre Of The State Of Mississippi That
hereafter at all elections for directors in
the New Orleans, Jackson and Great
Northern Railroad Company, neither the
Governor Of The State of Mississippi, nor
the Governor of the State of Louisiana,
nor the Mayor Of the city Of New Orleans,
shall be empowered or authorized to vote
on the shares Of stock owned by either of
said States or said city in said company.
Sec. 2. Be 70 further enacted, ETC., That
the Governor Of the State of Mississippi
shall have the power, and he is hereby
authorized to appoint three citizens Of the
State of Mississippi, stockholders in said
company, 70 be directors in said company
to represent the stock owned by said state
in said corporation; provided the Cover
nor of the State of Mississippi shall select
said directors from the various sections of
the State through which the road passes,
so as to represent as fairly as may be the
stockholders in the various parts Of the
State.
SEC. 3. Be t further enacted, ETC. That
this act shall not 90 into effect until
passed by the State Of Louisiana, and ac-
cepted BY the stockholders in said COM
pany, as required by their charter.
SEC. l. Non therefore be Il enacted BY
the Senate and House Of Representatives
81 the State OT LO15iSlG7la, t3t General As |
Scm6IV c0aUe5led. That the above and
foregoing act be and the same is hereby
adopted, ratified and confirmed in all rs-
spects subject to the conditions therein
contained.
SEC. ,. BE It f,rtHesotacted, ETC.. That
this act shall take effeee, from and after
its passage
A true copy:
r. S. CHARLES, Secretary.
NOTE BY PICAYUNE.-The act of the
State of Mississippi above referred to was
not adopted by the State of Louisiana for
some years afterward having been APP
proved 10th March, 1865, and it was ac-
cepted by the stockholders of the COM
psdy 18th April, 1868.
E'CoMB's CHECK FOR SSOO,OOO
From the New Orleans Times, of Tues /
day.
We have the assurance of parties con-
nected with the Gre, ent Jity Bank, that
tl.o ,,-,t..t ,,f n. . T,r,,,i,Fo oba,ly for
S3O0,D0D was mad so.solely in the interest |
of the city, and from a fear that the mon |
ey, if paid at he time in question, would /
get into the hands of unauthorized ana I
Irresponsible parties. The check had two /
Endorsements by Mr.. Mount, one rs City |
Treasurer, and the other by him as an in /
dividual. But as he had ceased to be City 1
Treasurer, it was held by the officers Of |
the bank that he had no control over the |
fund, either in his official ~ padividual |
capacity. Yesterday theJ6 J6k was again /
presented with chaEk ~ 81 Endorsements, |
bv the Louisiana National Bank, and the /
money was promptly paid, the cashier Of /
the Louisiana National Bank pledging |
his honor that the money would be held |
for the credit of the city,
ANOTHER HOSTILE BLOW.
From the New Orleans Picayuneot OF Tues |
day.
Yesterday Mr.. Michael Gernon, of this |
city, Rled a petition before the United |
States District Court in bankruptcy for a .
compulsory bankruptcy of the New Or
leans, Jackson and Great Northern Rail 1
road Company, alleging, among other 4
things, that the Company had suspended !
payment on its obligations in October /
last, and had never resumed them; and !
that the petitioner Is a creditor in a sum
largely exceeding two hundred and fifty
dollars; the Liabilities of the road exceed
ing three hundred thousand dollars. II /
is also charged that the Company fraudu-
Iep:lY, and with intent TO create prefer
ence, during the month of March, or this
present month OF April, paid judg-
ment debt q p, d. Withers OF $4,000 on
unpaid coupons hF9n IT'S ponds Inc me
Company IS ordered TO shoW cause, on the
18th of May, why an order piaGpg il in
bankruptcy should not issue.
Mr.. GernOn aud has cOEnsel seem TO
have paid but little attention to the pro-
eeedings in the suit Of McCombs vs. the
New Orleans, Jackson and Great North
ern Railroad Company, pending in the
Fifth District Conrt Of this city, in which
Mr.. A. Schreiber, Of that highly respect
able firm, +. J. FOrstall & Sons, testlfies
that as agent of Mr.. James Tinker, of
New York, it was holder by assignment
and su brogatiOn Of the Withers Judgment,
a fact which no one can reasonably doubt
after such 6eclarstioDJ and consequent
ly Mr.. GernOn will probably and il dith-
cult TO prove a fraudulent preferences IA
that matter.
CONDITION OF THE ROAD.
From the New Orleans Picayune.
An annual report Of the President OF the
Jackson Railroad is very full and eX
oiicit. but too voluminOus 10 publish in
oar columns in full. The following eG-
tracts deserve notice.
Earnings of the year ending
February 2S, 1870, from
freight, passengers and
maiIs..'............. 40, ,222 5S
EXPENSES same tinle....,..,,...... S02, 1877 II /
Net earnings. 6gl, ABS IL |
Increase over the gross earn-
ings Of the previOas year...... $50 600 81 /
Soma SI2 800 of the old debit il vet nm