Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-04-30

Yesterday morning q large number OF
our business men and capitalists assembled
in the Office of the Nashville Life Insur-
snce 90. to discuss the proposed lease OF
the Nashville and Decatur Railroad.
On motion of j. 7. Wheless, T. II.
French was called to the chair, and the
members Of the press requested to act as
secretaries.
Mr. French, on taking the chair, said
that the meeting had been called to hear
propositions from gentlemen who were
present in regard TO the great issue of the
day--the lease of the Nashville and De-
catur Railroad. he suggested that what
ever was to be done should be done prompt
iy, in order that the action of the meeting
should be communicated to the County
Court then in session. .-t#
Col E. w. Cole, President of the Nash
villeand Chattanooga Railroad was called
upon for his views. He arose, and sd-
dressing the chair, said that all he had to
say would be very pointed Every citizen,
and particularly every property holder and
business man was interested In the dispo-
sition Of the Nashville and Decatur Rail-
road. He had taken very little interest in
the matter until within the past forty eight
hours. He had waited patiently, expecting
that the capitalists Of Nashville would not
think of allowing the road topass into the
hands of Louisville. As the matter now
stands, there was not shadow of doubt
but that the stockholders, on their meet
ing next Thursday would ratify the lease,
and the question now was, what
should be done TO prevent it.
He had no words of censure for Louis
vile, for if it was in our power, We would
DO in the matter just as she has done.
Neither had he anything to say against the
stockholders In the Nashville and Decatur
Railroad; if they felt disposed to rstify the
lease, they had perfect right to do So.
The only question necessary to be dis
cussed was what csn Nashville do? Fer
interests were vitality at stake, and it was
time her capitalists were up and doing, as
only q few DAYS remained to oounteract the
movements of Louisville. He read from
kIe proposed lease, and called particular
attention to the ordinance passed by the
CITY Council of Louisville, one clause OF
which provides that no part of the sub
scription OF 1876, 900 to aid the Louisville
Railroad shall be paid unless the Louisville
and Nashville Railroad Company shall
lease the Nashville and Decatur Railroad
for q term of not less than thirty years,
or subscribing for sufficient stock of the
South and North Alabama Railroad 80 as
to make a continuous railroad, to be uSed
and 0perated uHder the ercluSi0e manage
zaent and control of the LOuiSgile and
Nashgale Railroad Company, from Louis
giHe, Kentucky, to Montgomery, On tn
,State of alabama.
That explained everything, and if Nash
vile business men and capitalists would
do what Louisville had promised to do,
the transfer of the lease as proposed could
be prevented. II was necessary that C
new company should be raised and sab
scription Immediately made Of $500, 600
and with this and the guarantee of six pei
cent dividend presented to the stockhold
ers of the Decatur road at their meeting
on Thursday next, something might be ex
y,ected. If this could not be done, 1t was
no use to discuss the matter further. i
thus $500. coo can be raised he would prom
Use TO be in Pulaski, ready to present it.
and he believed that Tennesseans would
prefer to lease to her Own people over
those of an adjoining State, provided the
terms and provisions were equa'.
Mai. B. s. Rhea wanted to know if in the
event such subscription was made, could
It not be paid in instruments himself
and others might be willing to subscribe,
but not able to pay al at once.
Col. Cole said that he thought that in
stalments would suit, SO as to meet tn,
floating debt of the Decatur road. Gentle
man who subscribed would also have al
e1ual interest with other stockholders, anC
--auld also receive the six per cent. guar
antssd. COL Cole further remarked tia
xvhan ia went to Georgia over week ago
l. had of fah hal
f;scrssion. he wss satisfied that a compan.
would be formed, and tho entire subscrip
tion raised by this time.
a q. Adams said that time was pre-
cious Ia a question SO vitality imporSsHt t
Fno Interests of Nashville. and the ques
tion was. could the $4,000 be raised
Re did not have n2ch at stake, but
would here guarantee TO raise for himse
a. COO towards that subscription.
Thos. Parkes said he thought il wopE
be q good idea to approach the Count
Cont and see if we could not get dons
tion of the stock of the County towards tn
smount required, in the way O. subscnE
ton. -.
had 5000 600 in stock, which he though
could be guaranteed to commence with.
MAJ. Rhea suggested the appointment
oF committee to confer with Col Cole q
70 a basis of organization and proposal
germs. The same committee or snothe
one could wait on the County CURT an
ascertain what amount of the county
stock could be obtained.
Col. Cole thought if committee wa
appointed of those sufficiently interests
in question SO important, that twenty-hy
of our capitalists could be found wh
would each subscribe $4,000. The IN
yestment, too, would be good one, 10
as soon as the lease was made, the stoc
would be worth 20 cents. He felt satishe
that six and twelve months could be ha
~ meet this subscription.
IF. Wheless moved that q committe
of siY be appointed to commence canvass
inc immediately and see if the subscription
could be TSised.
Thompson Anderson suggested that To
COMMITTEES should at first wait on %
cole. and obtain from him the basis 10
subscription.
Nh. Wbeless accepted the atnsna~en'
and the suggestion made into motion an
adopted. .,,,;t+o
The chair appointed as said c0mnllEt e
A a. Adams. u. +. Garter, h Burns,
Lanier. X j. Morris, n. h. AlloWay'