The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1877-03-08
RAILROAD ITEMS.

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Capt. Tom Hutcherson, the very
man for the place, is conductor of the
Milan and Memphis Accommodation
train. All his friends will be glad to
know il.
The Mayor and Aldermen of Tren
ton have fled a bill Of injunction
against Issuing or circulating the bonds
OF that town, issued for the benefit of
the Tennessee Central Railroad.
Capt. Jas. F. Maclin, of Haywood,
the first conductor on the Memphis
and Ohio Railroad, was in town Tues
day, shaking hands with bis host of
friends. lie is now living the quiet,
peaceful life of a farmer.
The Louisville Evening News of
Thursday says: Mr. w. w. Thomp-
son, paymaster of the Louisville &
Nashville railroad, was the recipient
yesterday of testimonial in the shape
Of a splendid Jurgensen watch, the
value of which must be 5000. The
watch was simply laid upon his desk
by the donors, the names of whom
are not even known to Mr. Thompson.
1t is sufficient to say that those from
whom it came are capable of appre-
ciating faithful devotion to duty
such as characterized Mr. Thompson's
administration of the importantduties
of bis trust.
The Board of Directors of the Ten-
nessee Central met here yesterday af>
ternoon. Wise A. Cooper, DR. New
som, DIR Jordan, and j. e. McDear-
man werepresent. Capt. Cooper was
called to the chair. DR. Newsom re.
ported to the effect that the citizens
of Carroll would give aid, provided
they had an assurance that the road
would he built. Capt Cooper was
elected President, and w. Y. WI
hanson Secretary. The President
was authorized to confer with Col.
Cole of the n. c., & St. l.. Il. r., to
send an Engineer to estimate the cost
of bedding ard ties to complete the
road from Huntingdon to Milan.
The Sale of InsOlvcnt Railronds.
Mr. Johnson's bill, granting certain
powers to purchasers of railroads, and
authorizing the incorporation of such
purchasers, was passed on third read
ing, yesterday in the House.
The bill provides that purchasers of
railroads under mortgage sales shall
have the power to operate the road
and be entitled to all the privileges
and franchises of the original incorpo-
rators, except that nothing in the bill
is to be construed so as to exempt these
railroads from State, county or mu-
nicipal taxation.
There has been, and is now, di-
versity of opinion among the legal
profession in Tennessee as to whether
the franchises of a corporation pass to
the purchaser under a sale made in
the foreclosure of a mortgage. This
bill confers upon purchasers the fran
chise of the corporation, and gives
them all the rights, privileges, etc,
of the original incorporators under
their charters of Incorporation, except
as the original incorporators have for
feited, and their right to exemption
from taxation. The State Of Tennes-
see has a mortgage on the Mississippi
Central Railroad to the amount of
ST. 199, 900, and, should the bill be-
come a law, the Illinois Central Rail
road Company, which holds the third
mortgage bonds of the Mississippi
Central, will become the purchaser of
that road and pay off the mortgage
held by the State. There may be
other railroads in Tennessee in the
same condition, and the object of the
bill is to enable the State to realize
something from insolvent railroads not
yet sold.-Nashriile American.