Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-07-29


solved "That the Edgefeld and Kentucky
Railroad Company decline to become the
purchaser OF said property under said de-
cree, and thereby reliDquish its said right Of
parchase 10 such persons, now stoekholders
Il this company, as may see proper TO
associate themselves together to purchase
said property, and such persons IS said
stockholders may see proper &c admit into
their association; s7AFf 6 fsfhgEfi
Now, therefore, the county Of Davidson,
represented by its Railroad Commission
ere, acting under the authority OF the
County Court Of said county, hereby pro-
pose to unite with all persons hol4ing
stock IL said company and subscribe to
this agreement, to purchase the debts and
properties mentioned IN said decree upon
the terms therein provided, and to make
the frat payment required, and to provide
for the further payments az they shall fall
due according TO the terms of said de-
cree. eAEAA& 81 ~
Bot it is distinctly understood that the
parties to this agreement shall be inter-
ested in said purchase money in proper
ton TO the number of shares Of stock in
said company held by them at the date of
ssjd decree and that each of the parties to
this agreement shall have one vote in the
elections Of officers and in The manage
ment of the affairs OF the road, aud for
every share Of stock in said E igefeld and
Kentucky Railroad Company held by such
patty and the date of said decree.
Il is further distinctly understood and
agreed that if persons other than those
who were stockholders in said Ejgefeld
and Kentucky Railroad Company at the
date of said decree shall be permitted to
share in the purchase, such persons shall
be permitted thus to share only upon such
condition and with such special limitation
as the county of Davidson and the stock
holders or their assigns entering into the
agreement shall hereafter prescribe.
1t is further distinctly understood and
agreed that all Of the parties to tfis agree
ment fully accept and confirm ali the pro-
csedings heretofore had by tho stockhold-
ers of the Eigefeld and Kentucky Rail-
road Company by the ChsDcery Court at
Nashville and the County Court of David
son county regarding the SO lie snd purchase
of the Edgefsld and Kentucky Railroad,
its franchise and property stocks, and the
lien of the State of Tennessee thereon.
1t is also further understood aud agreed
by the parties hereto that all thu
uOutH GCCccba4N " AZ AoAcCN uINCA
this agreement shall be paid and de-
posted to the credit of in -
bank, on or before. the 31st day of August,
1871, and if not paid, the parties who pay
shall have the right to substitute others
who do not pay, as above specified, and
proceed with the purchase Just IS though
those who sign and do not pay had never
signed; and,
WHEREAS, 1t is of the utmost importance
for such CT 1he stockholders as intend to
Join in The purchase to know Immediately
which of the stockholders intend not to
Join. All stockholders are hereby notified
to express their intention the one way or
the other, and that their refusal to join in
the purchase will be relied on as bar of
all right on their part hereafter to rsr;ici-
pate in any way in the benefit Of the pur-
chase.
Col. J. G. Stark replied to the remarks
of Judge Whitworth, stating q. length his
objections to the positions assumed by
that gentlemen.
Gen George Nancy, by consent, adj
dressed the Board. He could not see that
it was either right or proper st this time to
increase the capital stock of the company,
and thought the action Of the Davidson
County Court in this matter was taken
with o view 10 the best interests Of the en-
terprise and of the individual stockholders.
He had no doubt Of the efficiency Of the
present organization.
DIR. J. R. Kirkpatrick spoke in support
of the proposition to increase the capital
stock at the present time as matter of
Justice to the original stockholders who
were expected to retain or Increase their
stock.
PROTEST oF DAVIDSON COUNTY COMMISSION
ER5-
Er. Davidson presented the following
protest of the Davidson County Commits
sioners, to the purchase of the road and
increase of capital stock:
We, the undersigned, Railroad Commits
sioners of Davidson county, representing
5000, 600 Of stock in the Edgefeld and
Kentucky railroad, do protest against any
action by this Board of Directors in regard
to anything tending towards the purchase
Of SAID road, and especially as to increasing
the capital stock TO 81, zoo 900, or any
olheT amount.
JOHN S @ DAVIDSON,
BENJ. f. GLEAvEs,
E. H. CH.LDREss,
w. T. MEACHAM.
July %, 1871.
On motion; the Board adjourned until
10 o'clock, this morning.