Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-01-19
RAILROAD CONVENTION.
Tho Lease OF the memphis and
Charleston Road 20 the Southern
Railway Hecurffy Company. ftf4


Tho Lease OF the MEMPHIS and
CharIestOn Road 20 the Southern
4 Railway Security Company. fftf{
The Convention assembled at 7 o'clock
last evening at the Assembly Hall on
Main street to receive the report of the
committee of seven. Two reports were
presented7-a majority repcrti,r :ayor Of
the lease, and a minoritygeport against
it, The reports are, asffollows; From
the committee Of seven, Major M. j.
Wiclss, as chairman, made the following
report: 3JiTq dsa9 to W0i 9hl tg ,f
Resolved, That this convention Of
stockholders do hereby assent TO the
lease by the Memphis and Charleston
railroad company to the Southern Rail-
way Security company, on the terms OF
the original agreement submitted to this
convention, dated 10th January, 1872,
as modified by the agreement hereto at
dated and signed on said 10th day Of
January, 1872; provided, that the said
lease be amended By Incorporating
therein the following stipulations, to-wlt;
That the Southern Railway Security
company shall pay to the Memphis and
Charleston railroad company the cash
value of the road materials the latter
may have on hand on the first day Of
July 1872, supposed to be about $780,
900, or in some other way arrange the
same to the satisfaction Of the board OF
directors of this company so as to enable
said company to pay of its floating debt;
and also by Incorporating therein the
following stipulations, to-wit: That the
lessee shall continue to operate the shops
in Huntsville, Alabama, to the full ex,
tent Of the requirements Of the eastern
division of this road, and the board of
directors are hereby authorized and di-
reoted TO execute and conclude said lease
on the terms and conditions above stated.
Be it further resolved, That the ac-
ceptance of this proposition shall be
made by the Southern Railway. Security
company within thirty days from this
date. if -imai7 rN nsia
The following minority report accom-
panied the above: e -.
The undersigned, constituting a mi
nority of the committee to whom was
referred by the convention Of stockhold-
ers Of the Memphis and Charleston rail-
road the question of accepting the
terms Of the lease Of the Memphis and
Charleston railroad to the Southern
Railway Security company, not being
able to agree TO the report concurred in
by the majority Of said committee, beg
| leave to respectfully dissent therefrow,
snd il lieu Of the resolution adopted by
said majority the undersigned, without
giving the many reasons which inf1u-
enced them, beg leave to substitute the
following resolutions: 1870.
Resolved by this convention, That the
proposition to lease the Memphis and
Charleston railroad by the Southern
Railway Security Company be and the
same is hereby rejected. -gs..
| M .oyt. y,r.a r.fy Il J.iB. MOORE,
Gen. Patton, OF Alabama, addressed
the convention at length in favor of the
minority report.
/ Col. Il. O. CsLamar replied TO Gen.
llPatton's eloquent speech in an exhaust
i've argument in favor of the majority
report Of the committee. ..1l
Col. Sam Tate, ON being called upon,
addressed the convention, showing the
good results to be derived from the lease
of the road to the Southern Railway Sc
curity company. The adoption of the
lease by the convention would perfect
the arrangements already made to push
the railroad link on to Shreveport, La.
| Tin fact it is understood that the lease
of the Memphis and Charleston railroad
to the Southern Railway Security COM
pany will have the effect of transferring
the Memphis and Little Rock railway to
the same parties. .af az l,l LAG
Mr.. Moore, of Alabama, advocated the
adoption of the minority report. % 40
Coll Il. W. Munford, of Memphis,
made strong speech in favor of the
majority report.
After long aud exhaustive discus
sion. the convention adjourned over to
this morning a. ten o'clock Y W