The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1874-11-20
M, & K. r. r. co.
nEEr1NG OF STOCKHOLDERS,
Important Business Transacted.

1 DohFaFs 1eaa-s Nov. 10th, 1874. j
At an annual meeting Of the Stock
holders Of the Memphis J. Knoxville rail-
road company held at the OfEce of said
company in the town of Bolivar, on
Tuesday. Nov. 10, 1874, the following
proceedings were had:
Ga motion, D. I. Wells, ESQ, of Rar.
demaD Go. ; was elected President and
L. g. Upshsw made Secretary.
Mr.. Wells thanked the stockholders for
the honor conferred, and on taking the
chair at once announced that the meet.
ing wGs ready for business.
Gen Nicely moved that Wm. Rush and
h. ): Hardy, of Hardeman county. be
appointed judges on election, and James
Mc.aHn, Thomas Walton and John War
rem be appointed as committee on prOx>
les. which motions were carried.
! me ESesldent stated that the Stock
0 iers' bad come together ct their annu
al meeting for the purpose of eleeting
nine Directors to serve for one year
from thlS date, and then made a Ve bat
report OF matters pertaining to the busi-
ness oil me company, not thinking q
written report necessary. He said that
ali who sought to be so were fully con-
! versant with the affairs Of the company.
That the work between Bolivar and Hen
derson Station at the crossing of the Mo
bile and Ob$0 Railroad is far advanced
there only remaining about seyentv>ive
thousand yagds of earth to be moved.
That most of the bridging was yet to be
done, but IF he could command TWENTY
| five thousand dollars he could complete
this part ofthe road and have it run,
| ming in a few months. That he could
make arrangements to get the iron and
rolling stock necessary without difficulty.
lie dwelt at length on the Importance of
Keeping the work progressing and warn,
ed the stockholders of the serious injury
which must result to the enterprise IL
ne should be forced to suspend active
operation on the line of road.
Mr.. K 5. Hardy earnestly and warm
y advocated the importance of cOntinuS
ing the work if it should be found possi>
bic TO procure the means to 90 so.
General Nicely invited discussion and
au expression of the opinions and views
of the Stockholders, and very clearly and
fOrciblY demonstrated the Importance of
completing this part of the road at an
early day.
Judge Fentress spoke at length, second
ing the views of the gentlemen who had
proceeded him. He made the astonish-
ing declaration that no railroad in the
world paId less than twenty FIVE per cent.
on the capital legitimately invested there
in. The great error bad ever been found in
the fact that railway companies had, in
almost all cases, issued bonds, selling the
same for 40 o. SO per cent or even less,
then paying high rate of interest on
more than dcable the actual cost of built
ing the same; yet, when properly man
aged, they were always successful; but
the wonder was that.any succeeded, for
no other business can prosper which is
taxed with an annual interest Of 25 to 80
per cent The farmer, the merchant, in
fact anY-all business under such a tax,
save this, must 90 down. They pay this
and often more and live
He further stated that but for the
great stringeney Of the money markets
this company WO1id without difficulty be
able now to Issue its bonds, not to be
sold at thirty, forty, or fifty cents on the
dollar, but to be held by capitalists as COL
lateral for the money borrowed and actu-
ally invested in the work on which alone
we would have to pay reasonable inter>
est This arrangement would have placed
the Memphis Il Knoxville Railroad GEM
pany In a better condition than any of
the roads in the State, and hoping yet
TO consummate some arrangements of this
kind he would offer the following Reso>
Iutions, to-ssS8:
That the Stockholders of the Memphis
& Knoxville Railroad Company in con.
VentiOn assem6led--ResoLved,
LIST. That it is highly important that
that part the NJ b Il r. r. between
Bolivar and Henderson Station, upon
which the greater part of the grading has
been done, should be iroued and equip.
ped and put In active operation as soon
as possible.
End That the Directors of this COM
pany be and they are hereby instructed
to enter into CORES popdence and negOti-
atoms with such persons or companies as
they may see fit with the end in view of
securing upon the best terms means to
finish the road bed and prepare the same
for the iron, and the iron and equip
ments for that part of the road from
Bolivar to Henderson, Station, and from
Henderson Station to the Tennessee river.
3rd. That for this purpose the Board
are authorized to enter into such agree.
ments and contracts as the mOrtgaging
the Road AID the property of the COM
pany now owned or to be acquired as NAV
be necessary, subject to the approval Of
the stockholders.
satisfactory to the Directory may be
made for this purpose, then 10 that case,
the President shall Immediately call a
meeting of the Stockholders.
9Th That this convention, when it sd
journs, stands adjourned to meet at the
call Of the President Of the Company
The resolutions we're unanimously
adopted.
On motion, Col. C. ". Cason, of Mads
is0n, Judge Fentress and A. NJ Morri-
son, Of Hardeman county we're appointed
a comm ittee to select the names of nine
gentlemen who shall serve as board of
directors for the ensuing year. They re-
ported as follows
Thomas Davey of Hardin county g.
81. Cason, of Madison, county, B. b.
Tillmann, AeNary county, VIM. Rush,
P. I, Jones, w. 4. Armistesd and X. p
Neeiey of Hardeman county, and w. q.
bebane Of Fayette county.
The judges holding the election for di>
reetoTs submitted the above names TO
the vote of she stockholders and reported
that each one received the unanimous
vote of the stock represented-thatb being
POSI- shares
% motion of Gen. o. P, Neeley the
thanks Of the meeting were rendered 10
the President and other sf6cers Of the
Convention.
On motion the Conversion then adjourn-
ed to meet at the call Of the President
D. /. WELLS, President,
7. z. UPSHAW, Secretary.
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