Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-08-13

there is no private interest in any way con-
nected with il, but it is conducted exclu-
sively for the interest and profit of the rail-
road companies furnishing the cars.
"This arrangement has proven eminent
ly satisfactory TO both shippers and railroad
companies, and must continue to prove
profitable to both in lesSening losses and
preventing delays.
industrious efforts are being made to
inauguraie direct trade between each of the
cities Of Savannah, Charleston and the fine
harbOr Of Port Royal and Liverpool. 1t is
believed that these efforts will not be with
out fruit, and that to at least one Of the ports
mentioned line of foreign ships may be
established which will add to the business
of your roads by giving increased Tonnage
in the transportation of grain and the pas
sage Of immigrants from the old world over
your roads to the great West, besides the
imports that may be given 20 the line by
the merchants Of our interior cities.
''The balance sheet Of the Treasurer ex-
hibits the financial condition Of the cOmpa-
ny, showing the gratifying fact, that the as
sets of the company at their cash market
value are about sufficient to paw of the
small floating debt of the company except
$50, 600, leaving clean balance sheet. with
nothing to do but pay the interest on the
bonded debt and the balance Of Let ear.
ings will cato the stockholders.
"foU have road in fi-,t-class order.
$40 miles long, (wlts 20 miles of branches)
admirably located, extending from the
northwest portion Ofthe State to the south
east portion, costing only Sl3,SS7, POS. SO
running between producer and consumer
with an unusual amount Of equipment
and large amount Of real estate for depot
and other purposes, or an average for all o
less than $4,000 per mile, counting tbs
consolidated or new stock at par, which j.
much less than the average cost Of sucl
property IN the United States.
'sThis is the whole liability of YOU
company, with practically no floating debt
and free from all entangling alliances with
other roads, being bound for none in any
amount By endorsement OF otherwise.
s'The trains ran during the year with
great regularity and remarkable freedom
from accidents, and the directors take plea
sure in according to the officers and EN-
ployees much credit for the fidelity anC
zeal with which their duties have been per
formed.
"All Of which is respectfully submitted
TO the consideration Of the stockholders, il
behalf Of the Board, by
E. W. COLE, President
The report was received.
TINE OF MEETING CHANGED.
John NJ. Boss offered the following nesO
lGiOn, which was adopted:
Resolved, That the fiscal year shall
close as at present on the 30th of June; but
the meeting Of stockholders in annual con
vention for the election of directors, anC
for the transaction of other business i:
hereby changed from Wednesday after thu
second Tuesday Of August to "wednesday
after the second Tuesday in September il
each year, and the directors elected this
day shall hold their offices until the meet
ing as above in September, 1872
INDEFINITE PROXIES ABOLISHED.
The same gentleman offered the follow.
ing, which was also adopted:
Resolved, That, in order to encourage
stockholders to attend annual meetings in
person, it is the sense of this company thai
all existing proxies ought TO be renewed
and when given hereafter, to be used at
only one annual meeting of the stockhold.
ers."
THE NEW DIRECTORY,
The convention then took a recess til
hslfpast two, when the result of the
election for Directors was an
nOuneed. The following named wer,
elected, having received each GO4(
votes: E. W. Cole, John NJ. Bass, G.. NJ
FOgg; John Frizzell, f. L. Jordan, j. w
Childress, Thomas c. Whiteside, Thoma:
LipscOmb, V. X. Stephenson, W. 5. Hug
gins, A. Iselin, Y, C.. Collier, John Porter
field, B. F. Wilson and G. NJ. FOgg, Jr.
Ali OF these were members Of the las
Directory except MeSsrs. Iselin aud Collier
of New York and MurfreeSbOrO respect
lively.
The convention then adjourned sine die