Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1872-05-24
LIGHT FROM LOUIS
WILLIE.
Meeting Of the stockholders OF
the Louisville and Nashville
EoaG--HEOying toward CUM
Iaues Gap--Cheering Pros
pects.


ITO the Editorof the Courier-Journai)
The called meeting of the Stockholdersof
the Louisville and Nashville Railroad Com
pany was held at the Office Of the company,
corner Main and Buliitt streets. on wednos
day, 18th May, 1872. John P. Morton and
S. P. Weisiger were appointed judges ct
take the vote.
On motion of II. D. Newcomb, Col. Thorn
as J Foster, of Marion county, was called to
the chair, and A. NJ. Quarrier appointed
Secretary.
The Secretary then read the following com
To the Stockholders
1t will be remembered that, at the regu
lar meeting of the stockholders 1866 the
resolution was passed, the-wit:
RESOLVED, BY the stockholders with
the expectation that the city of Louisville
will give aid to the extension of the Leba-
non branch from Crab Orchard to the Ten
nessee State Gne) that the president and di-
rectors be authorized to cause said road to be
extended from time to time, to that point, and
also to exercise their discretion as to the
other connections mentioned in a. Fink's
report, so as not to inyovle improvident ex-
penses."
Under the resolution, the president and
directors extended the road to ROckcastle,
its present terminus, and then suspended
further execution of the work.
1t was not carried on because there seem
ed to be no prospect Of meeting road from
n, r,,,ia AZ fha fat 10
The president and directors now have as
surances that this company will be met at
the State line, should it conclude to extend
the Lebanon branch 10 that point.
Subsequent to the passage of the resolu-
ton the city of Louisville voted a subscrip-
ton of million dollars of stock in the com
pany, and levied and collected taxes to the
amouf t of about two hundred thousand dol
lars, and paid the same to the company, for
Which stock was issued to the holders of tax
receipts, and then further collections were
suspended by the city, and have so remained.
There S now an ordinance pending before
the General Council of the City of louisville,
protesting virtually TO repeal the ordinance
for the subscription of million dollars OF
stock, and substituting therefor loan by
the city to the company of two millions Gifts
seven per cent. bonds.
The ordinance, if passed, is to be submit
ted to the voters of the city Of Louisville for
their approval, and the proposition to extend
the Lebanon branch to the State line and for
The acceptance of the loan is TO be submit
ted for approval to the stockholders of this
The president and directors de-
sire the action of the stockholders as to the
of the Lebanon branch to the
State line, and as to the acceptance of the
proposed loan from the city.
Since your last annual meeting the presI-
dent and directors have paid fer the Mem
This, GAINESVILLE ard Louisville railroad,
and the other property. rights, franchises,
and privileges of the Memphis, Clarksvill"
and Louisville Railroad Company, and now
have possession of the same under the pur-
chase the title thereto is considered by the
counsel of the company as good and valid.
In view of the extended connection Of the
lines Of this company, and in order to per-
feet the same, they believe that it would be
to the interests of the company to make
mortgage Of the Memphis, GAINESVILLE and
Louisville railroad, its rights, franchises,
and property, TO the extent Of two and half
million ($2 500 .00G) dollars, and they ask
the action of the stockholders in this matter.
They have also continued the construction
Of the South and North Alabama railroad,
and expect to have it finished some time in
the month CT September next, and under the
contract with that company for the con-
struction OF the road they will receive and
hold about three million six hundred thOus-
and $4,000. GOO) dollars of eight (S) per cent
gold mortgage bonds Of said company, in
dorsed and guaranteed by the State of Ala
bama These bonds we're received as money
not to be held as an investment simply, but
to be used in the regular course of business
of the company, and it will therefore be
proper and necessary to sell them, and carry
the proceeds into the business interests of
the company, and that in order to enhance
their value in the market it may be to the
interests Of this company to indOrse and
guarantee their payment, and they ask the
action of stockholders in this matter also,
and therefore submit for your consideration
and decision the following resolutions
RESOLVED, That it be left to the discre-
ton of the president and directors of that
company to continue the construction of the
Lebanon Branch to the State line of Hennes-
see, and that in the event of the passage OF
a city ordinance for the loan Of city bonds,
and of its approval by the voters of the city
of Louisville, the president and directors be
authorized to accept the loan at their dlscre-
ton.
RESOLVED That the president and direc-
TORS be authorized to execute the bonds OF
this company for two million, five hundred
thousand dollars (S2 500 COO, or five hun
dred thousand pounds (t500.00Ol sterling,
payable at such time and place, and at such
rate of interest not exceeding seven ~
per cent, as they may deem advisable, and
that, 20 secure the payment OF the principal
and interest of the same as they fall due,
they are authorized hereby to execute
mortgage upon said Memphis, Clarksvllle
and Louisville railroad, and the other prop
ertv, rights and franchises with such terms
and upon such conditions as will secure said
payment provided, that so much Of the
proceeds of these mortgage bonds as may be
necessary to complete the South and North
Alabama railroad shall be applied to that OBJ
ject.
Resolued, That the presidentand di-
rectors of this company are hereby au-
thorized to endorse and guarantee, in
the name of the Louisville and Nash
willie railroad company, the bonds
of the South and North Alabama rail-
road company, and negotiate the same
for the best price that can be obtalnedi
should said latter named company
conclude to cancel the present mort
gage and take up the present BONDS.
and to issue other bonds, and to make
another mortgage at a less rate OF ill
terest, provided satisfactory terms OF
exchange can be agreed upon, that the
president and directors be authorized
to assent thereto for this company,
and upon the receipt of sufhclept
number of the latter named bonds 10
deliver up to said company the So, 600, :
600 of eight per cent. bonds for cancel
alton. and i'm the event of their receiv-
ing the said bonds IN lieu of the said s
per cent. bonds, received and to be re-
ceived of the South and North Ala
bama Railroad Company, that they be
and hereby authorized to indorse and
guarantee, in the name of this COM
pany, the payment of said bonds, and
sell the same for the best price they
can obtain.
Iesoy,-l5 T1,at inespauch as this