Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-08-29

"m~HHH A. nHrErLW
Southern Railway Security Company.
after making a full and complete in
ventOry of the properly Of the company
transferred to it under that agreement,
assumed control of the road on the frs
day of July last, since Which they have
been operating it under the direction o.
Captain Joseph Jacques, General Man
ager, without any material change in
its organization. Respectfully sub.
mitted, NJ. J. wIcKs, az
President.
The report was unanimously adopted
Nj. j.. c. Bradley submitted the fol.
lowing resolution: AA4S
LIST OF STOCKHOLDERS.
ResolUed, That the Board of Director.
of the Memphis and Charleston Railroad
Company be and are hereby instructed
to append to their annual report to the
stockholders of said company, a list Of
the stockholders in said company, and
the amount of stock owned by each
stakeholder specified.
The resolution was adopted.
WORK ON THE BRANCH ROADS no cEAsE
Mi. w. b. Greenlaw submitted, the
following resolution:
RESOLVED, That it is the sense of the
stockholders of the Memphis and
Charleston Railroad Company, that all
work and expenditures upon the branch
roads owned and now controlled by the
Memphis and Charleston Railroad Com
pany be suspended where ii can be done
consistently with existing obligations Of
the company, and the Board of Direc-
Tors are requested to confer with all con-
tractors and obtain their assent to such
suspension where it can be done without
serious loss to the company, and are in
structed to pay the So, 900 of bonds due
to the State of Tennessee without delay,
and TO deliver to the stockholders of the
Manchester and McMinnVilIe Railroad
Company the stock in the Memphis and
Charleston Railroad Company agreed to
be issued to them at the earliest period
this company may be allowed to do so
by the courts in any suits pending, in
.volving said stock.
Colonel Mumford moved the adop-
ton of the resolution. Carried.
THE SALE OF THE BRANCH ROADS.
Mr.. Greenlaw moved the following:
RESOLVED, That the Board of Directors
be, and they are hereby instructed to
dispose of its branch roads at as early a
dayas practicable and upon the best
terms possible.
Mr.. Greenlaw remarked he offered
the resolution because he wished the
branch roads sold as soon as possible in
order that something might be realized
from the sale.
Mr. Bradley said he would oppose the
resolution, as the u Directors had
already the power to dispose of
the roads when they received a
proper offer for them For one, he did
not want to be compelled to accept n
offer that might be made, and the resO-
luton seemed to be an ATTEMPT to com
pei the Directors to accept any offer
that might be made to them. AS a Di-
rector, a stakeholder and the represen-
tative of bona fde stock that had been
paid for, he did not want to see the Di-
rectOrs put at the mercy of any ring.
Colonel Rather contended that at the
last meeting of the stockholders of the
company the Directors had received full
powers to dispose of these branch roads
whenever they considered 1t most adj
vantageOus to do so. The resolution be-
fore the meeting seemed to be intended
to force the Directors to sell the roads
whenever they got an offer, although it
only half the value of the roads.
He did not wish to see it 60 forth to the
world that such a resolution had been
passed by the stockholders, and there
fore he hoped it would be voted down.
Major Wicks hoped the resolution
would be withdrawn. He could not IA
gor it, as the Directors had already the
power to sell the roads when they
deemed it proper to do 500 on ell
Mr.. Greenlaw said that it was quite
to him hat they would never get
any dividends so long as they had those
branch roads on their hands. Hewould,
however, withdraw the resolution.
Colonel Munford said that although
the resolution had been withdrawn, he
to remark that he held the same
as Mr.. Greenlaw, that in the
present aspect of things they could not
expect to receive any dividends with
those roads on their hands. He denied
either Mr.. Greenlaw or himself be-
to any ring; all they wanted to
do was to vitalize their stock and en-
nance its value. He thought the Di-
rectOrs ought to sell the roads, even if
lost a quarter million dollars by
The transaction.
On motion of Mr.. r. c. Brinkley, the
convention adjourned sine die.