Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-03-30
Meeting for Election of Directors
Report OF the ommittee.
Resolutions Adopted Directors
Elected.

The stockholders were called to order
yesterday morning, Judge Glenn in the
chair, when Rev. DR.. Kelley, Chairman Of
the committee to whom had been referred
the matters of difference between Gen.
Nancy and Col. Goliadsy, reported as fol-
lows:
''We the undersigned, the committee to
whom was referred, to examine, the report
of the President Of said company, respect
fully report, that we have examined the
statement of the President and also the
pager presented by Col. Jacob GolladAy,
and respectfully report: that we find the
cost Of the road including depots, rolling
stock, etc, to be $50, 1905 per mile.
We find the liabilities of the road from
bonds borrowed from the State of Tennes-
see and other sources, 81, 1S5 600; bills
payable for which the above roads bonds
are hypothecated, $493, 119.72; balance
interest due, Jan. l, 1871, $35, $50; bal
ance on equipment account (unpaid), S.
800; amount due James Allen on account,
$12.75; due bill on bond account, $57. S3,
making total Indebtedness of $l,725,-
1920. .-e
''We find the assets Of the Company to
be as follows:
State bonds with coupons
on............................ s 1,1s4, $50 co
100 additional bonds of
the State of Tennessee
with coupons on......... 100000 90
Cash on hand. ............. 944 As
Total. s 1924, 504 As
ave deem it proper to state that the
State bonds above mentioned are hypothe-
Dated for a loan of S433, JIG 70.
Snow, if these bonds were sold at their
present market value, which is, with coup
ons attached, 64c, they would produce
$712, $4,000, which amount, if applied to
the State debt would reduce the indebted
ness to the State to $500, $50 90. Now add
to this bills payable 1898, 1I9. 72, making a
total of 1893, 1893 y, which amount would
represent the total Indebtedness of the
Company. D. O. KELLEY,
VIM. GLEAvEs,
r. CANTRELL,
D. q CAMPBELL,
Mar. f. DoRTCH."
In answer to question, DR.. Kelley stated
that the report included the amount spent
by both boards of construction.
Col. Golladay then arose and spoke at
some length. He said that he could not
agree with the report of the gentlemen.
Dol. G. then gave some extended figure s,
the substance of which was, that the Pres
;dent and the agents of the road had re-
oeived in cash funds, S1,C75, S57.48. Dr.
vide this by %, aud the road would cost
$37, 09S. 50 per mile. The assets on hand,
of the road, were only $40. 45, and $780,
600 contingency in State bonds.
Mr.. Cantrell, of Wilson, from the COM
e.
some matters that came before the COM
mittee, and stated that he thought the
gentlemen had fallen into some errors,
because they had not taken the right fig
ures in their report. Mr.. Cantrell ex-
planned his views at some length, and Col.
Waters then moved that the report of the
committee, above presented, be adopted.
The question arising as to how the vote
should be taken, whether by stock or
otherwise, Judge WhitwOrth made some
extended remarks, in the course Of which
he said that there was large number Of
shares on private stock on which only one
dollar had been paid, and yet it had been
proposed that such persons should vote.
Judge Whiteworth moved that the vote
should be taken by shares, each live"
share to vote, and each dead share not
to vote.
The previous question was made several
times while Judge Whitworth and others
were speaking, but the knotty question
still arose, how the vote on the previous
question should be taken. Judge Whit
worth made the point that stock could
only be revised by a meeting Of the Board
of Directors.
Gen. Nancy then said that to obviate
the difficulty, and prevent consuming time
in lengthy argument, a meeting Of the
Board of Directors would be called, and,
on his motion, the Stockholders adjourned
till P. NJ.
COL. JACOB GoLLADAY S REVIEW.
The following is Col Golladay's review
of President Msney's report, referred to
above by DR.. Kelley.
The President account, however su-
gar-coated and rendered with an evident
view of Disgusting from the public under
standing the main facts that they want to
know, viz, the cost per mile or the whole
sum that has been erpt Hded IN tie building
Of the road, when analysed, (his own fig
ures) presents this state of facts:
Stock account
Of Davidson. $500, 600 90
Stock account
of Wilson. 3CO,O 90
Stock private
subscription. 50, O7O OO-$635, O70 90
The Tennessee aud Pacific road owes
TSee page u, Treasurer's Report,
The State Of
Tennessee
borrowe
bonds. ... 81, $4,000 90
Unpaid in