Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-11-23
The Memphis q Charleston
Railway.

khaAAWays
AT the 9th annual meeting Of the
NJ. 4 O. railway stockholders yes.
terday, 159, ,9l3 shares were represented
in power or by having, in all over
three -fourths of the capital stock.
The committees chosen we're Jere
Baxter, G. NJ. Fogg, w. M. Duncan
Nashville; 7. W. Evans, II. e. Garth
W. 7. Hatch, Simon Rorg, New York
Napoleon Hill, r. D. Frayser, j. A.
Hays, jr., w. NJ. Harrington, Mem.
phis; w. r. Rison, Huntsville; John
S. Wilkes, Pulaski. Afterwards
Messrs. VIM. NJ. Duncan and VIM.
7. Hatch, Esq, and Messrs. S. Tate
and Thos. r. Sharpe were chosen for
the vacancies. The directors elected
Hon. Jere Baxter, President, Thos.
r. Sharpe, Vice President, and S. R.
Cruise, Secretary and Treasurer. The
Executive Committee include N.
Hill, S. Tate, jrr j. Baxter, T. W.
Evans and 7. l.. Sharpe.
The annual report of Vice President
Baxter reported a proposal to cancel
the lease with the East Tennessee,
Virginia and Georgia Company. 1t
asked the cash payment Of 100000
and the payment in cash of moneys
advanced by the lessees and others,
amounting to $794,273, "any
further advance between this ar
rangement to be added thereto as a
part Of such payment. The $478,0OO
of the Memphis 4 Charleston 7 per
cent bonds named in your proposition
will be accepted as so much cash for
the sum Of $573,60O, provided said
bonds can he legally issued by the
Memphis & Charleston Railroad
Company, absolutely free and clear
from all cloud, lien or incumbrance,
and open to no objection which will
effect their market value;" the
Charleston road to remain in
possession Of the lessees until
the proposal was accepted
aid satisfactorily adjusted. 1t was
decided wise to accept the proposals and
the money was rendered on the lst
inst, but it was declined on account
of certain pending litigation. The
report further says;
Your committe, to provide the nee
essary funds to meet these payments,
advertised for subscriptions to the
S5,3l2,725 Ofcommon stock, as author
lied, and at the
Rate Of u cents on the dollar from
which will be realized the sum OFFS 637 ,527
From the proceeds Of the sales ofS3l6
COZ general mortgage bonds in the
treasury there viii be lized the
sum 367, 200
Il
Making total of...,,;,y.,. l,OO4,72T
The amount to be paid the East Ten
nessee, Virginia and Georgia Com
pany will be: For cancellation Of
lease 4OO,OO1
Amount claimed on account of aOat-
ing debt due September %. iSsS''''. Tl 1873
Interest to 7,9lj
Total, ,9O2, 1916
Balance to be provided for.............. 1877 ,5S6
AS the l72,0O0 general mortgage
bonds in the treasury, in addition to
the $306,000 were authorized to be
issued for special purpose, they can
not be used in the settlement of this
claim, and it is suggested that author
| ity be given to issue a sufficient amount
of mortgage bonds TO meet the defci.
ENJOY.
In making the report it is not in.
tended to approve or recognize the
amount Of the floating debt or the
validity of the lease, but merely con
slider them as basis of compromise.
When the lease is cancelled and your
property again placed under the man
agement OF your Board OF Directors,
it will be without floating debt, and
show only the following liability:
bonded ,lUJ,VuU
Preferred stock 3l2 rs