Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-08-30

STOCKHOLDERS or SAID ROAD, PROVIDED salQ
bonds and obligations are executed on or
before Sd Sept, 1871, and deposited in the
Governors office, and provided said amount
of stock and number of stockholders
are in the same hands it was on Oath
July, 1871, and when said bonds and
Obligations are executed, shall share the
same liabilities as individuals or trustees
as the case may be, as Wright s. Co. are
held, no more or less.
Z. G. Mckinney offered a resolution,
that the stockholders accept the PROPOSE
ton of Wright & Co., ratify their action
IN the premises, and assume with them
all the liabilities they may have contract
ed, and will pay out of the profits all the
expenses they may have incurred in the
purchase and sale of the Winchester and
Alabama Railroad, and if they fail TO fix
their liability on the bonds of said Wright
& Co., by 81 of September, 1871, then
the stockholders agree that Wright s. Co.
may proceed to cOnsummate the sale and
purchase of said road, upon the terms
and conditions of their contract, with
any other railroad company in their own
right and profit, and that they will not
hold them liable as trustees in any thing
they may do or have done.
The resolution was discussed at great
length by ]. II. Holman, J. D. TilmaD,
J. W. Newman, j. B. Lamb, and others,
In favor, insisting that the stockholders
had already agreed that Wright s. Co.
might make the purchase of the road,
and dispose of the same as they thought
proper, and that it was the duty of the
stockholders to ratify and confirm what
had been done by Wright Il Co. in the
premises.
In opposition to the resolution, Jesse
Arledge, T. d. Gregory, Hugh Francis,
John Frizzell and others, made
speeches, insisting that the prop
ositiOn was not sufficiently explicit;
did not give in detail the obligations
which Wright & Co. had assumed; that
Wright & Co. had no power to sell the
road; that they held as trustees for all
the stockholders, and that it was imprac-
ticable to procure the assent of q majority
in amount and number of the stocknold
ers TO the proposition, and that much
anxiety was felt by large number Of the
stockholders in securing an extension of
the Winchester and Alabama Railroad to
and beyond Guntersville, Alabama, and
that any arrangement which would secure
this extension would be highly sa,isfscto-
~, while any disposition of the question
which failed to accomplish this would not
carry out their views and wishes.
On motion, E w. Cole, President of
the Nashville and Chattanooga Railroad
Company, who was present, was request
ed to address the meeting, which he did,
giving his views as to the questions in
volved. He insisted that the interest of
the people of the counties of
Lincoln and Franklin were iden-
teal with that of the Nashville, and
Chattanooga Railroad and of the
people of Middle Tennessee; that the
people desired market for their produces
and that it was their interest to place
themselves as nearly as possible in direct
communication with the consumer; that
except as to cotton, the region in and
around Columbus, Ga, and Mont
gomery, Ala, afforded the most
desirable market for all the exports of
Middle Tennessee, and especially of the
counties of Lincoln and Franklin, which
could be found, perhaps, in all the South
ern cOuntry-that Memphis since the war
was not IS desirable a market for cotton
as Nashville, and explained at consider
able length the importance of certain
railroad connections, and concluded by
submitting certain suggestions, which, if
agreeable to the stockholders of the Win
chester and Alabama Railroad, would in
his opinion secure the extension of that
road most desirable to the stockholders
and people.
The meeting, without arriving at any
conclusion, adjourned to Monday morn
ing at 10 o'clock, at which time the
stockholders again assembled, and after
further discussion participated in by J.
NJ. Bright, A. S. Colyar and others, q
proposition of E W. Cole was submitte
to the meeting, addressed to ]. G. Woods,
President Winchester and Alabama Rail
road Company, expressing the wiIlingn ss
of himself as President of the Nashville
and Chattanooga Railroad Com
pany to join Maj. Wick, President
Memphis and Charleston Railroad,
in the purchase and ownership of the
Winchester and Alabama Railroad, pro
Vided they could by the purchase secure
a legal title to the same and agree upon
satisfactory terms as to its future opera
tons and connections and the reasonable
protection to the people of Lincoln and
Franklin counties of prorasa rates of
freight and fare in either direction, to
Huntsville, Memphis or Nashville But
that, if agreeable and practicable, he would
prefer to aid the Winchester and Alabama
Railroad Company to own and control its
own road IN the interest of all the stock.
holders and through the joint efforts and
influence of the two companies to secure,
if possible, the connection of greatest i'm
pOrtance, to and beyond Guntersville, and
failing Ill this, (Which he thought not
likely to falD to be at liberty to dispose
of the road by the Winchester and Ais
b4ma Railroad Company in its own way
and upon its own terms given the Nash
vile and Chsttnooga Railroad Company
preference upon the same terms offered
by or to others.
After further discussion, Z. w. Cole,
proposed the adoption of the following
resolution III lieu of all other propo-
sitions:
Resolved, That the Chairman of this
meeting request the President of the
Nashville and Chattanooga and Memphis
and Charleston Railroad Companies to
appoint committees of three, each to meet
at Decherd on Friday, LIST September, at
u O'Clock, to agree, if possible, upon
terms for the joint purchase and control
of the Winchester and Alabama Railroad.
Resolved, further, That the Chairman
of this meeting and two stock
holder appointed by him be re-
quested to attend said meeting and
aid in the settlement of the question, pro,
vided this resolution is not to be CON
cession of any matters, either of fac. or
law, binding upon any of the parties in
any suit
The resolution was adopted, and the
following persons appointed under the
same: Davis w. Clark, with Jacob
Vance, alternate, and Hugh Francis, with
B F. McGehee, alternate, who, together
with J. D. TIlman, the Chairman during
the last days proceeding, constitute the
committee on the part of the stock
holders.
MIR. Woodward was, at his request, ex.