Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-02-22
RAILROAD CONVENTION.

MfnnViIIe and Manchester Hmo
posed or by the board of Diree-
t0rs-Adjournment OF the Convem-
tfon Sine Die.
Yesterday afternoon the committee
on proxies reported as follows: Stock
REPRESENTED in Western division by
proxy, 62,6O3. Stock represented in
western division in person, 24,5OS. To
tai stock in western division, 81, III.
Stock represented in eastern division
by proxy, 1882. Stock represented in
eastern division in person, 2l,Ol7. Total
in eastern division, Ss, 1899. Total amount
of stock represented, l25.52O shares,
which is majority of the whole. 4
General Rather presented the follow
ing new agreement for the consideration
of the convention:
MEMPHIS, January q, 1872.
Ills hereby agreed between the Mem
phis and Charloston Railroad company
and the Southern Railway Security COM
pany that the lease heretofore signed,
and dated January 10, 1872, and the mod
ification of the same date, be closed with
the following additional modification,
viz: The Memphis and Charleston rail-
road company shall issue, in addition to-
the bonds therein agreed to be issued,
other $780, 900 bonds or the proceeds
thereof may be issued in paying for the
floating debt of the Memphis and Charles
ton railroad company, paying the inte-
rest thereof, and provided the shops be
kept up at Huntsvillve, as heretofore re-
quired. This is subject TO the ratihca-
ton of general meeting of the stock
holders, to be held at Memphis on the
2lst day of February next; and subject
to the approval Of the board OF directors
of the Southern Railway Security COM
pany. a'
Memphis and Charleston railroad COM
pany, by NJ. j. Wicks, president. ~
Southern, Railway Security company,
BY b. f. Newcomer, vice president %
General Joseph Bradley, of Alabama,
was opposed to the agreement.
An amendment was offered, making it
obligatory on the Southern Railway Sc
curity company to accept the lease with
in fifteen days. =
Governor Patton, of Alabama, made q
strong, eloquent and lengthy speech
against the lease of the road.
General Rather, of Alabama, presented
a proposition from Farmer, Walker d
McAnerney, of New York, to lease and
build the branch roads, fvizs McMinville
& Manchester and Tullahoma & Sparta.
Speeches were made by General Rather,
Mr.. G. E. Houston, of Alabama, Colonel
Sam Tate and others. Colonel E. W.
Muuford offered the following resolution !:
Resolved, That this convention of
stockholders do hereby assent to the
lease by the Memphis and Charleston
Railroad company TO the Southern Raii-
way Security company on the terms In
the original agreement submitted to this
convention, dated and signed 10th Jam
n ar,. 1872, as modified by the agree
~. ant ( ereto attached and marked "A. b.
n r. . aAo, dated and signed on said 10th
doy nj January, 1872. Provided, that
tbo old lease be amended by incorpora-
t;no therein the stipulations previously
read by & eneral Rather.
The con, -ention adjourned to "a
o o'clock.
Tn the even;n Z the convention assem-
Med and heard speeches from Maj OIL
Wicks. president Of the Charlestonirail'
road, Colonel Sam Tide and others, a
vote was called for, viii, IN progressed up
to 10 o'clock last night, Wnen ~ az
journment took place to lI'o o'o'A '"''
q.
SECOND DAY. so
At 10 o'clock this forenoon the con
vention was called to order by P reside NJ
Thompson.
The reading of the minutes of yester-
days proceedings was dispensed with,
the same having been published in full
in the daily newspapers. aAaa -af {"
The calling of the vote by the assist
ant secretaries recommended, and con-
tinued until IL o'clock, when all the
votes being in, the call ceased. The re-
suit was announced by Secretary Dupre
'T'iPpPf0 lisa sssy6lllsIv sals3al4 =
For the lease (ayes) ,l122,555; against
the lease (noes), $3.50. Majority for the
lease, 1895. Total number Of votes
cast, 1872, ZIG.
President Thompson stated that some
other business would be brought before
the convention, and asked that it be
presented to the conve ntion imme-
diately.
General Wheeler, of Alabama, offered
The following resolution:
Resolved, That the board of directors
Of this company be, and they are hereby
and empowered to lease, sell
Or dispose of the McMiinnville, Manches-
ter and the southwestern branches OF the
road upon such terms as may be deemed
for the best interest of this company, in
he event that the pre- posed lease goes
INTO effect. vlisg sal tss D. Ilai 1srBs)
Governor. Patton, of Alabama, hoped
The resolution would he passed unani-
nously. Adopted.
General Wheeler sta ted that several
Of the board of directors not
being satisfied with the, terms Of the reso-
ution, asked that the following be added
o it: "And to accom- plish the purposes
If this resolution said board Of directors
nay issue the bonds of this company,
" loan its credit, or take such other ac-
ion in the exercise Of their authority as
hey may consider a dvisable."
Major u. Z. Jat .kson, Of Memphis,