The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1880-11-17


ma. Ala, if it could be done for 80, 25O,
O00.eO, payable in six pen cent. fifty
year registered coupon bonds Of this
company, and also to buy the balance Of
the stock in the Georgia Southern rail-
road. The beard of directors referred
both these questions to the committee
advisory to the president, with power to
act, and have received its report, and
have also received propositions from the
owners of the above roads for their sale,
which are submitted to the stockholders
herewith for their action at this meet
ing.
Of the 1927, 100000 of the cempany's
bonds maturing 1st of July, about 1907, =
600 have been redeemed, leaving $50
600, which have not been presented, but
will be redeemed on presentation.
1t is gratifying to be able to report
that after most elaborate and able ar
gument, before his homer, Judge Witty,
holding the UHited States circuit court.
the case of the Tennessee internal i'm
provcment bendholders against your
company and others similarly situated,
has been decided in favor of the rail
roads. Judge Witty, of Michigan, was
selected by both sides, on account of his
eminent legal attainnents, to hear the
case, and as we have stated, the case
was argued In May last, at great length,
and with Consummate ability on both
SIDES He held the case under consider
alton until October, and then gave his
opinion, in which he decided, that ac-
cording to the original act of 1851 and
1852, the Tennessee b0ndholders never
had any claim upon the railroads His
decision is clear and decisive OF the
question.
The expenses Of this prolonged and
heavy litigation have been considerable,
and will enter into the accounts Of the
| company during the current fiscal year
In conclusion, we take great pleasure
In acknowledging the invaluable services
to the company OF Major r. L. Wilson,
its former able president and at present
its efficient financial agent in New York
and our thanks are also due to Hon. G..
NJ. McGhee, vice-president, to whose
ability and devotion to the interest oil
| the company, it is greatly indebted, and
| to your kind consideration, we commend
| the heads of departments for their faith
| full and efficient management, as we'll as
| all the employees, for a prompt and salts
! factory discharge Of their duty.
| Respectfully submitted for the board oil
directors by
+. w. COLE, President.
At o'clock the meeting WAS agair
called to order, when the result Of ID,
election of Directors was announced a.
followsI Joseph r. Anderson, T. O Bar
rett, E. w. Cole, Henry 3. Davis, X. g.
Jackson, Joseph Jaqucs, w. q Kyle, e.
NJ. McGhee, b. f. Newcomer, James r
Ogden, r. IL. Richards, o. H. p Regain
Jas. A. Roosevelt, E. J. Sanford, II
| Walters.
Gen. Austell of Atlanta, Ca, offered
resolution thanking Col. G. NJ McGhet
and r T. Wilson for their able manage
ment of the property and interest of th,
Company confded to their charge
which was unanimously adopted, meet.
ing adjourned.
Immediately after the adjournment
| the Board of Directors went into al
! election Of officers, which resulted in the
reelection of Gel Il. w. Cole, Presi
dent, Col. c. NJ. McGhee, Vice Presi
dent and Major J. G. Mitchell, Treasur
err.