Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-01-19
MEMPHIS & CHARLESTON R.R.
Adjourned Meetfng OF -BtsckhOsders-
IA Rail- Opened and Business
Commenced.
Amendment 30 the Contract Proposed
by the Board Of Directors Of the
ChariestOn Railroad.
Committees ApPOiBGed-WhO CODpOse
h Southern Railroad Security
COmpaRy3-Fhe Answer.

Committees AppOfBte0-Who Compose
che sOataera Railroad Security
COmPany9-The Answer.
The stockholders of the Memphis and
Charleston rsilFosd met IN convention in
the Club Hall yesterday, at ten O'Clock,
sgrseably TO adjournment the previous
day. The FIST business was the report
from the committee on credentials.
4 Governor Patton from Alabama, from
4 tbs committee on credentials, said that he
would attempt TO make a report, partly
written n partly verbal. The members
of the committee were hurried into figures
so fsst that they had to oonhne them
selves almost exclusively 70 that branch
OF the business. The COMMITTEES got the
substance OF their report from the secre-
tsriss OF the several divisions. Is WAS
found from those q ures that there were
I44, 72l shares or nearly two-thirds Of the
entire stock Of the company present. He
said that there would have TO be, in al
probability, 6 subsequent report made.
The report as printed In yesterdays
APPEAL ERs received and adopted.
Ths chairman said that the lease ss read
the previous day had been informally re-
csived. A motion to receive would be in
order, and then the document having
come into the full possession Of the house,
would be open tor discussion upon G mo
ton TO adopt.
General Rather then said that in 81
much as the lease had been read, he would
present to this meeting the action of the
DOsrd Of directors upon the sSms. He
read another amendment IL writing to the
proposed contract, which was received,
Hs follOWs:
AMENDMENT TO THE CONTRACT,
We, the stockholders Of the Memphis
snd Charleston Railroad Company, in
convention assembled, agree 10 &C
cspt and rstify the Raid Lease to the
Southern Security Railway Society
Company, provided the said South
err Security Railway Company will
/ purchase snd pgy this FIR
ali the road material it msy hsvs on
hand on the 1st day Of July, 1879, the
same 70 be invOieed and valued and sup
D sed 60 be worth WI hundred thousand
| dollars, more or less, and ter which read
| materials the said lsssess 70 execute 20 tbs
lessons It's negotiable puoEissoFy notes ia
| eQusiinstsllmsnss, N maturing 81 ghrs=,
ak, nine and twelve months, from the lat
day Of July, 1872, and shall include IN
and take as part of the property leased
the MeMinnviile sud Manchester and
Southwestern railroad branches of this
ccmPany's road, and pay 20 this company
the full amount In principal snd In
terest which said branch roads have
cost this company, and build and extend
extend said branch line of said road from
McMinnville to SPsrpa by the Isl of jan
usry, 1874, and 20 eRsble the said South
srn Railroad Security company TO Spsy
for the ssid @cMinvills, Manchester snd
Southwestern railroad, and to build and
extend b line Of the latter from Nc
Miunvill5 to Sparta, the company viii
issue 10 said Southern RsilWsy Security
company the seven per cent. consolidated
-Oln hnuna nf NFTa nnuununu r. ho aurnnnt
OF one million dollars, in addition to I
ffsy-6ve hundred thousand dollars here
iRbetore provided Tor; and In TIE event
the ssid Southern Railway Security COM
pzny determine to build ard extend the
line o. said Southern railroad from Sparta
TO or In the direction Of the Kentucky
State line, this company will make & fur
ther issue CT It's AID seven per cent. con
s0lidstsd gold bonds TO the mount OF
twenty thousand dollars per mills for sach
mile Of railroad so built snd completed,
until 1t reaches the stats line between
the States OF Tennessee and Kentucky; IL
being distinctly understood and agreed
hist for nj pom all OF said consolid Gted
bonds SO issued, as hsrein stated, the said
Southern Rsilwsy Security company win
psy the interest as IL natures, and to re-
new the said bonds upon tbs ssms terms
IS hsr6tnbefOre provided In reference 70
the said i've hundred and nifty Thousand
dollars OF consolidated seven per cent,
gold bonds; and, provided further, the
shops Of all kinds belonging 20 the com
psny, and located 81 Huntsville, Ala
Dams, snail be retained n continued in
Uss and worked to the full extent Of the
necessities Of the eastern division OF The
road OF this company during the coatin-
usnc Of this lease"
After s lapse Of ten minutes, the1Er-
man rose and said that II no disGtenSn
was deemed necessary by the NESTING, he |
would be compslled TO put the question OF
adopting IL &c g vote.
Mr.. Walker, Of Alsbams, said that the
Chairman spoke SO ieebiy thsg thsy could
not hear very Welg and suggested that A
General Rather be appointed 70 assist The /
chair. The suggestion was carried out.
General Rsbher said that tbs original
instrument, as read from the pamphlet
yesterday, together with the amendments
recommended by the directors. were nov
before the house Is . whole. Is he house
ready for its sdOptiOn7
Mr.. Walker asked that the amendments
be read sgain, ss there were gentlemen
then in The hall who had u o heard them.
The amendments were read After
reading the amendments,
Mr.. Hammond moved that the lease,
with its accompanying documents, be
to q committee OF hfsSsn, to be sp-
pointed by the chsir.
Another gentleman suggested that, as
m2tters were OF importance, II would
be well 70 have the committee report back
1t two o'clock.
Mr.. Joseph c. Brsdley wanted to know
If tbs question Of appointing or not sp-
pointing this committee could be put to q
voter Tbs chairman answered,
Il could.
Mr.. z. Mumford thought ths committee
Toe large and unWisldly. He
moved that q committee Of gsven be sp-
The amendment OF Er. Mum
lord was carried, snd the time tor report
-ng fixed s. three o'clock
A gentleman, at this point, wanted to
know something sDout tbs sOlveney of
Gspersl Rather Wss ready, he said, to
give b Information.
Gov. Patton, OF Alsbama, said that as
he printed list Of stockholders in the
APPEAL was correct, in taking the votes
ne secretary would find il better to read
rom that copy.
The gentleman who called for a stock
7ote on the appointment OF the committee
withdrew the call, to save time.
The chairman appointed the following
committee; Messrs. 2 ". Sykes, W. W. Z
fartb, @. D. Moore, r. N. Patton, John ]
Robertson s1d L Q, Q. Lamar, with the !
resident, M ]. Wicks, Is chairman.
,EK SOUTHERN RAILWAY SECURITY COM
PANY. :
General Rather thtn stepped forward 4
o give the information which had been
allied for by the meeting. They wero an {
Incorporated body chartered by III set of 7
he Pennsylvania legislature. Tbs fol. =
owing letter was then read;
NEW YORK, January Il, 1872. 1
fosss J. Wtcks. President Memphis and Char I
taEfDn Railroad DRmnanN. n
Oe0T StT-In answer to your several q
1Quiriss I beg TO reply: G
First-Thas the powers Of the Southern 4
Security Company will be found 3
a the cot Of incorporation of which I 3
Gnded you 3 copy. /
lresdy subscribed for and pledged is q
COO. 600, and iLstalmsnts paid in on the L
ans about 81. 900 COO. 8
Third-1he board Of directors estimate q
le value OF their property, securities, q
Eases, etc, st over s.. 60 GOO. From the g
lumber OF persons now DESIRING 20 be- ID
pine subscribers to the capital stock of 6
10 company It u believed That the stock, Il
? the close OF this month"; viii smount IL
s. go 600. II
FoUnh-I enclose you aoopy of a list p
Z stockholders az of this date. Truly i
Durs, q. ". CASS, P
President. 81
List Of stockholders OF the Southern B
Security company: P
b Z Newcomer, s. o. d Shoemaker, 81
Z. +. RslseTs, w. F. Walters & Co, Bal "
more; J D.. Cameron, George ". Csss, Il
srrisburg Gar ManutsorOring company, Of
1hn n. Hutchinson, p. A q s Small, Is
sOrge Small, Thomas A. Scott, Thomas fr
4. Scott trustee, A. J. Drexell, II. Il. b.
George W. Harris, s. and ". co
'elsh, Pennsylvania Joseph Jscques,-C tn
I. Mc6hee, Tennessee; Il, 3. Plantai az
william Z. Dodge, jr., William ds
FoWle, A. Issline q Co, D d.
ills James, NJ. K Jessop q 90 pl