Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-04-21


A lease Of the Nashville and Decatur |
Railroad to the Louisville and Nashville
Railroad Company has been agreed upon
by j0iit committee from the Directories |
OF the two roads. The committee from
the Nashville and Decatur company cen
sisted of Gen. John c. Brown, Hon.
Cleo. s. Houston, Col. Thomas NJ. Jones
and MIR. Sloss, the President of the road.
This lease will be submitted to the Direc-
tory of the Nashville and Decatur road
to day, and by them to their stockhold-
ers.p Ii is subject to the ratification
of the stockholders, of both roads.
The terms as we understand them
are as follows: The Louisville and
Nashville company assume the float
ing and bonded Indebtedness of the
Nashville and Decatur Company, not to
exceed 81, 450, 900. The lease to extend
for thirty years, to go into effect on the
first of July, 1872, or sooner if agreed
upon by the parties. Concurrent with CT
dependent upon the ratification. of this
lease is contract by which the louisville
and Nashville Company binds itself to
furnish the contractors for building the
North and South road the money 10 com
Lplete that road. This money the North
aud South Company was obligated to
furnish these contractors, but owing to.
the war in Europe that Company
has been unsblca to comply with
ila contract with its contractors, and
that work has been for some
time suspended. Under the new contract
the North and South road is to be COM
pleted by the first OF May, 1872. To re-
turn to the lease Of the tNashville and
Decaturroad p From and after two years
from the date of the completion of the
North and South road, the Louisville and
Nashville road is to pay, semi-anhually,
an annual dividend of six per cent. on
the stock of the Nashville sndsDecatur
Company. Should the i rofts from the
North and So@H5road during the first two
years thai 4 is ran fail to pay the interest
on the b6ndedrdebt of that company, then
the Louisville and Nashville Company may
appropriateso much of the six per cent.
annual dividend sthat would be due on the
stock of the Nashville and Decatur Com
pahy, for the first two years of
the lesses IS will be sufficient
to pay one-hsH of the deficit of
the North and South road in meeting s
interest. For the payment of the in
debtedness of the Nashville and Decatur
Company, the Louisville and Nashville
Company is to receive stock IN the Nash
vile and Decatur Company. At the ex-
piration of1the lease the road and equip
ments are to be returned to the stock
holdefs,-) If there be any deficiency it is
to be paid blythe Louisville and Nashville
Company. If there be an excess in val
uation when returned, the Nashville ard
Decatur Company to pay for it. No
permanentimproyements TO be made:with-
out the,consent of the directory of the
Nashville and Decatur Company. The
organization of this company to be con-
tinued during the lease. The road and
equipments to be received and returned
at gold. valuation. The Nashville and
Decatur Company to have the right Of
adjusting all suits and disputed claims
against it. Strictly gusrded stipulation:
are made prohibiting any discrimination
for or against any point on the road, ee.
pecially Nashville, in the tariff or move
ment of freights. ,,- ---.-...---. --..