Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1879-06-05
Railroad Meeting.


at the courthouse Saturday eve
ming, May 10Th, in the interest
of Duck River Valley r. r.,
Col. j. ID. Tillman was called to
the chair, Jno. Y. Gill elected
secretary. Addresses were made
by Maj. w. j. Sykes, w. I'll,
Moores and others. On taking
the chair Col. Tillman forcibly
portrayed thenecessity of build
ing the road and explained the
object Of the meeting.
Col. j. III. Holman offered the
| following resolution, viz:
Resolved, That it is the sense
of this meeting, that the town of
Fayetteville will subscribe one
third of the stock necessary to
secure the extension of the said
road from Petersburg to Fayette-
vile, and that we will use every
IeXertion to raise that amount of
subscription in the town.
After presenting his resolution
in appropriate remarks it was a.
dopted.
The property of organizing a
company to build narrow
gauge road from Petersburg to
Fayetteville or Huntsville was
suggested by Col. j. III. Holman;
whereupon, Col. j. II. Holman,
w. N. Wright and w. e.
Woods were appointed a COM
mittee to devise the best means
of building the road and the best
means to obtain subscriptions,
&C., and see how much stock can
raised, &c. On motion, Col. j..
ID. TiIlman was added to the
Committee.
Meeting adjourned till next
Thursday night.
Met at the courthouse Thurs
day, May Goth, according to adj
.journment. Col. j. d. Tillman
in the chair. The Committee on
deyising ways of raising sub
scriptions, &C., made the follow
ing report, viz:
The undersigned Committee
appointed at the last meeting of
this convention beg leave to
make the following report:
LIST. We favor the policy at
once of opening subscriptions to
build a narrow gauge road from
Petersburg to Fayetteville.
End. That the subscriptions
should be payable In money in
three equal instruments; the sec
ond and third to be payable six
and twelve months from the time
the first is called.
3rd. That in letting contracts
subscribers for stock should have
preference.
4th. The heading for subscrip-
tons should embody the abovel
mentioned propositions, and
should read substantially as fol-
lows:
We, the undersigned, hereby
agree with each other to sub
scribe the number of shares set
our respective names,
leach share being $3.50, for the
purpose of building a narrow
gauge rail road from Petersburg
to Fayetteville. These subscrip-
tons to be paid in three install
ments, the first instalment to be
paid upon the call Of a local
board of trustees OF directors APP
pointed by the undersigned or by
a majority of shares here sub
scribed, or if a majority of shares
leach share having one vote)
should so decide the first call
may be made by the directors
of the'Duck River Valley Mar
row Gauge Railroad Company;
the second instalmeEt to be paid
six months after the first install
ment is called for, and the third
six months after the
second instalment is due. A
majority of the share holders re-
siding in Lincoln county reserve
the right and power to expend
the money here subscribed in
building said road under their
own management and contracts,
or to place the subscriptions
obtained in Lincoln county at
the disposal of the said Duck
River Valley Railroad Company
as they may elect, each subscri-
Der here agreeing to be governed
by the action of a majority of
the share holders, leach share
holder having one vote for every
share of subscribed stock. But
all of these subscriptions shall
be expended in building the
said road between Petersburg
and Fayetteville. j. Ii. Hol-
man, w. n. Wright, j. ID. Till
man.
Which report after much dis
was adopted.
On motion the convention au-
thorized the appointment of a
committee of three whose
duty shall be to appoint sub
committees in each civil district
to solicit subscriptions to build