Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-06-16

cent .............- 80. 2,6SI, Sln
Total due-.-.~.. .sll, 80, no
B~Ondholders will please note that
new bonds, issued to Tennessee
railroads, and funding series bonds.
not included in the above list, issued
in payment of interest which accrued
on railroad bonds under the funding
acts of 1866, 1868 and 1873, are also
statutory liens upon the railroads,
The members of the committee are
owners to a large amount of bonds
that are not liens on the railroads.
which they do not propose to fund
into the 30 and 4 per cent. bonds Of
fered. They believe that the enforce
ment Of the railroad liens will bring
about a much better settlement than Is
now proposed. 1t is our duty to inform
you hat the legality of the proposed
issue of the new 4 per cent. compro-
mise bonds is already questioned in
Tennessee, for want of sufficient ac-
ceptances to authorize the submission
Of the proposed settlement to popular
vote, as required by the act of the
last general assembly.
Holders Of North Carolina State
bonds, issued in aid Of the North
Carolina Railroad Company, will re-
collect how that State made. an un
successful attempt to deprive such
bondhOlders of the lien originally in.
tended for their security. A like
attempt in the State Of Indiana in the
case Of the Wabash and Erie Canal
was also unsuccessful, and the lien
decided in favor of the bondholders.
Bondholders wishing to secure the
benefits resulting from this litigation
can do so on the following conditions.
to wit, by depositing with the commit.
tee five dollars per lien bonds, in cash.
and one past due coupon from each
bond Of that description. This will
be required to defray the necessary
costs and expenses Of the litigation.
In no event will the bondholders be
called upon for any further assess.
ment, nor do they incur any personal
liability by uniting in this plan.
Should any surplus funds remain in
the hands of the committee after all
expenditures have been provided fer
the same will be returned to bond.
holders pro rata. Those who do not
comply with the aforesaid conditions
will be excluded from the benefits de-
rived from the action Of the commit
tee. A certificate will be issued to
each asserting bound, emitting it to
any and all advantages resulting from
these legal proceedings, and specifying
the railroad company bond for the
payment Of the bond. An arrange.
ment for calling these certiicated
bonds for dealings in them on the
New York stock exchange will be
When it is considered that the en-
foreement of these liens should make
the great mass of the internal improve
ment bonds worth par and accrued
interest or III per cent, the adYisa-
elllty OF the course which we have
adopted cannot be reasonably doubted
our signature to the enclosed assent.
stating color, number and serial letter
OF each of your bonds, is requested
before June 10th. Upon receipt BY
the committee of the assents of a
sufficient numher al honda, the hold.
ers Will be notified Of the issue of The
certificates to be attached to the lien
bonds. We propose to engage as
counsel Charles O'Conor and \. L.
Andrews, of New York, and George
Hoadly, of Cincinnati, 10 10 assisted
by competent counsel at Memphis
Nashville, Knoxville and Louisville.
EUGENE KELLY,
OF Eugene Kelly 4 Co.
JOHN 7. TERRY,
Of i. D. Morgan & Co.
ON JAS. &, K. DgE9,
pF James 4. *: Kings Sons.
PETER GEnnEs,
Of Geddes a. Smith.
r. s. MORGAN.
!. OF 1917 Fast 10Th St, N, Y.
pQm. Qf Tennessee bQldhoIders
T.. ANoRY STEyENs, Treasurer.
IHos. L. HoRINsoN, Secretary.
In his farewell speech at the Thea
ter Royal, in London. Mr.. Sotherl
said he was going to Canada To fisl
among the Indians, and that the BUR
suit Of the gentle art there was mic,
but exciting, as you had 10 angle Will
a rife cooked in your left hand, I,
bowie knife between your teeth an,
an uneasy feeling in the TOP of Won