Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-02-22

NDA0 QMRpklCA " AnA0 tANm ONgA
TO be managed by Northern cor
porations. Gentlemen having paid for
this Tosd have q right to control it, but
the big fish viii eat up the little fish, and
we shRll be sbut out from all participation
in the running advantages OF It. When
You dispose OF you road think of your
children and grandchildren; do not en-
tail upo them q political power thst you
would not have imposed upon yourselvee.
Msjor Wicks said that II the stockhold-
ers were willing. General Rather had In
his possession
A PROPOSITION TO BUILD THE M'MIEN-
VILE AND MAECHEsTER ROAD
and the Sparta road, thereby relieving
the Memphis and Charleston railroad, by
paying every cent they had psid out in
respect OF these roads, with ten psr
cent. interest, and carry u the contract
TO build the roads by the LIST Of January,
1874
The meeting asaented that the PROPOSE
ton should be submitted, which was read
by General Rather, as follows:
PROPORTION.
Tanner, Walker & McAverney, of New
York, for themselves and associates, sub
NIT the following proposition to b direc-
tory Of the Memphis and Charleston Rail-
road oompauy: We will complete tho
railways from Tullshoma to Sparta, or
Livingston, or such points between the
two lstter places as we may desire, and
leave the exclusive right of transportation
over the same for q period of thirty or
forty years from the execution of the con-
tract herein provided for, in the manner
and upon the terms following: No grade
on the road shall exceed ninety feet 70 the
mile; ths cuts shall not bs less than
eighteen feet wide; the embellishments
shall not be less than twelve feet wide st
top and with proper lope. We will COM
plete all proper bridging t~restles, etc put
In all necessary cross-ties n lay down
fish plate rails Of not less than fifty
pounds to the yard. This by or before the
nrst day Of January, 1874 We will fur
nish our W rolling stock, and operate
the roads On our own account. In addi-
ton to building, we will repay to the
Memphis and Charleston Railroad com.
psny the purchaso-money paid for these
roads, the amounts paid on for work
thereon and materials with ten per cent.
interest thereon ill paid, to be computed
from dates at which the Memphis and
Charleston Railroad company has paid
the same, the whole estimated to
be about three hundred thousand
dollars); this payment TO be made
by US in thirty days after we are
notified that the bonds hereinafter men,
toned are placed as hereafter provided.
The Memphis and Charleston Railroad
company is,to issue its first mortgage
seven-per-cent. bonds, principal and In
terest payable in gold, to the extent of
twenty-five thousand dollars per mile
nom Tullahoma to Livingston Cor such
intermediate points between Sparta and
Livingston as we may choosel, with semi
annual coupons to pay ter the constrUc-
ton, to put us In possession Of the roads,
dspots, right-of-way, shop, material on
hand, any rolling stock it may own on
said road, w~ater-tsnks, Wood-sheds, etc,
etc, so as to enable as to have tree snd
unembsrrassed control and enjoyment
thereof during our term as ~lezsees, and to
assure u exclusive right and privilege
of transportation. When issued, Eve
hundred thousand dollars of these bonds
are, Immediately upon the formal closing
Of the lease, to be placed in the custody OF
some safe trust company, to be by US des-
ignated, they or their procseds to bs paid
to Us upon our repaying to the Memphis
and Charleston Rsilrosd company the pur-
chsse-money, amounts paid but for work
and materials, with tie interest thereon,
as bsfoRe mentioned; and the balance of
said bonds TO be also placed in the custody
OF some trust company in New York, TO
be mutually sgrsed, they or their proceeds
to be paid TO Us as the work progresses,
Ou mOuEu1y 68blHab85 70 D maQb Dy SuC0
engineer as may be agreed upon, whose
charges for making the same We shall
pay, and when the whole work is done
the balance Of such bonds, or
proceeds thereof, as may be In the
hands Of the depository to belong to Us.
We are slso to collect and own sill sub
scriptiOns made or to be made in aid OF
the construction Of any portion of this
line, snd apply them az we see proper in
construction, equipment, or Otherwise.
We agree to carry out all contracts which
the Memphis and Charleston railroad
company has hitherto lawfully entered
into IN reference TO said roads, and per-
form them in good faith. We also agree
ito enable the Memphis and Charleston
railroad company to keep its coupon &C.
cOunts) to pay to said company one thou.
sand dollars per snnum during the lease,
and an amount sufficient to pay the semi
annual interest on the bonds issued and
outstanding acCruing after they or their
proceeds are delivered 20 Us; and if
We at any time during the lease
choose to take up the bonds thus is-
sued and become owners of the roads with
their franchises, etc, leased TO US, We
that right, snd the Memphis and
Charleston railroad oompsnV is 60 co OPP
crate with Us in any pTscticEble method
to be agreed upon to enable us to do so,
pAONAus0 bnb IOa1b Snail not nave DcSI
previously sold SO hereinafter mentioned
We kgrse that if at any time after the
Of these roads the Memphis
and Charleston railrosd company has a
hde offer for their purchase, which
IL viii accept, and gives US thirty days
of the fact, with ell particulars,
and we do not choose within ninety days
after service of such notice to become the
purchasers, then, and in that event, the
said company may sell said roads, but no
sale is to BIS made TO Others without Civ
Ing US the preference right Of purchase,
On as favorable terms as said company is
TO make with others. Upon the
termination of he lease the roads, etc, sre
10 be re-delivere6 in good working order
and condition, and Ar account taken of
rolling stock, material, ETC., az may
on hand, for which the Memphis and
Charleston rsilroad company il TO psy a
value II 1t elects to make such pur-
chase, otherwise we are TO sell them as We
But SIS the time is absolutely
necessary for Us that we may determine
whether We viii close this matter By q
iormRl contract OF lease upon the above |
basis, n with suoh notifications as cir /
'umstsnces demand, We reserve the right
II delay for that purpose till the first day
If July next, at which time, If we deter
niue to make the same binding, We will, |
lpon receiving q formal lease as above
rpecihed, execute q bond satisfactory to
he company in the sum of two hundred
md fifty thousand dollsrs penalty for a
performance and compliance with
VI the terms Of our contrset
'ANNER, WALKER, MCAVERNEY eco, /
BYE. W. MUNFoRD, Attorney.
February 70, 1877.
THE III QUESTION.
When they found the Railway Security