The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1874-06-02
CITY COUNCIL.

Mcuauley, Morris, Nellts, Saup Thistle
wood, Whldcr ard Wright-IO.
On motion of Alderman Halliday tho
reading of tho minutes was dispensed
| with.
| OBJECT.
Tho mayor stated that tho object of
the meeting wss for tho purpose OF taking
into confederation tho transfer of the
CAIRO and st. Louis railroad bonds, now
| in the hands of A. B. Stafford, trustee, into
the hands of some ono olse residing out of
the state.
COMMUNICATIONS.
The following communication from the
executive committee of the Cairo and st,
Louis Railroad. Co, was presented and
read by tho clerk, viz;
| OFFICE OF THE
| CAIRO & ST.. LOUIS X. Il. Co.,
CAIRO, ILL.,, May rs, 1874. J
To the City Council of the City of Cairo
Illinois.
GENTLEMEs:-The undersigned a ma
jority Of of the executive committey of tho
Cairo and st. Louis X. Il. Co, fully au.
thorlzed by resolution of the board Of di-
rectors OF said railroad company, to act
for said company on all occasions, and TO
Adopt all ncces a'ysteps to sesuro tho early
construction of the road, res 2ectfully rep.
resent that iu consequence solely OF the
default in tho delivery of the
bonds to which the company
are entitled, agreed by the
counties and townships along the line of
our road north Of Union county, to be do.
livered in payment of their several sub
scrplions to the capital stock of our road
tho railroad company have been crippled
in their financial arrangeme and have
, been unable in consequence thereof 70
complete their road rs promptly as they
!. had expected. They have now, however,
consumated some new preparatory meas
ures, which with very email assistance
, from the coun,ie, and cities south OF
jackson county, will result 10 very
prompt completion of tho road. We have
: the assurance of capitalists that II the un.
z delivered bonds of these cities and coun.
ties (hose Of the city Of Cairo amounting
to $50 ,000) are placed in the hands OF
2 trustees outside of tho state, TO be deliv-
= cred on the came terms and conditions al
are now prescribed for their delivery by
0 the ordinance and laws authorizing the
h subscription, they can BIO made available
i in connection with the credit of the COM
|. psny to raise money upon which 10 com.
plete tho road.
We have therefore TO ask of you thai
!, you will authorize tho appointment of {
n trustee or trustees to be named by your
= selves, outside of the state who shall hold
tao bonds, still undelivered, IL
escrow to DO delivered I,
d tho railroad company upon tn,
# Same terms and conditions as now pre-.
10 sGibed by the ordinance of the city coun
eli authorizing the subscription TO tn,
= capital stock Of our road.
N We are, very respectfully,
Or Your obi servants,
IN S.STAATs TAYLOR,
- +. BRoss, Executive
~ I. +. BoUToN, Committee.
n JSo. ii. OBERLY,
A. Alderman Halliday moved that MI
10 oberly be invited to address the oounc
tirthcr on the subject.
Alderman Thistlewooi moved to amen
% ~ deferring action until Tuesday nigh
:. iext. Amendment lost on division b,
vote Of to 8, the mayor voting sgsins
n he amendment.
10 Mr.. Oberly thereupon addressed tn
:. council further on the condition OF tn
}. road.
: At the conclusion of Mr.. Ooerly's al
/. dress, the council was further addressed
,. by Hon. d. t, Linegar, Hon. II. Watson
II Webb and Judge Rross.
!, RESOLUTIONS.
The following resolutions were pre
= sented by Alderman Halliday;
WHEKEAs, BY an ordinance of tho city
council, approved July 22d, 1871, sub.
3 scription Of 100000 was made by the
Q city to tho capital stock of the Cairo and
ST. Louis railroad company to be paid
> for in bonds Of the said city as provided
J. for in said ordinance. And
y WHEREAS, portion OF said bonds have
= been already delivered to said company
. in part payment OF said sub.
cription, and the bllance un-
delivered, are in the hands of
A. b. Stafford, Esq, held by him, in es.
n crow, rs trustee to be delivered 10 said
. railroad company whom certain conditions
as specified in said ordinance, are complied
with, and
WHEREAS, It is represented by said rail.
: road company that If said undelivered
a bonds are placed in the hands Of trustees
outside of the limits If the state, to DO
held by them in escrow upon tho same
terms and conditions as now
r held by the PRESENT tras.ee
they have the assurance of capital-
lists that they will make advances upon
the credit of the Same TO the railroad
, company to DO applied 10 the CON ple,ion
of the road from Marphysboro to Cairo,
Therefore DO il
Resolved, That---of--in the state
aud thew hereby
/. arc appointed trustees to hold said un-
, delivered bonds in escow, upon the same
terms and conditions as they arc now
held by A. ID. Ssford, EGG, and as are
specified in said ordnance, approved july
/ I'D, 1871, authorizing said subscription to
said Cairo ~ 81. Louis Railroad company.
Resolved, That said A. b.
Stafford, present trustee, DO and
he is hereby authorized and
instructed t. deliver TO said
/ ali the bonds tho city of Cairo held by
him under th, provisions OF said ordi.
nance above reerred to, an5 that said de-
livery shall be full acquitance and re-
{ lease to him from all responsibility 10
said city of Cairo, on account Of said
bonds, 1t BEN, understood and hereby
7 stipulated tina said bonds shall DO re.
, turned on Nopmber 2, next A. d., 1874
by said---who are hereby authorized
to do 80, TO saC A. Is. Stafford presenttr,s.
tee, to be held y him upon the same terns
as now held, phvided said road is not con.
structed and cas- run thereon from Cairo
: to East ST. Lolh, on or before that day.
Q Tho said new trustee shall not deliver