St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-02
THE RAILROADS.
Extension Of the Northern
Pacific From Cinnabar to
the Park Hotel.
Meeting of the Stockholders of the
Louisville & Nashville at
Louisville.
Horace Russell and Theodore Houston
Appointed Receivers of the N. Y,
w. S. and Buffalo Railway.
Freight Rates on the Trunk Lines to Remain
Unchanged--The Late John w.
Garrett's viii.

Louisville 6 Nashville Reorganization.
LOUISVILLE, Oct. 1.-The stockholders OF
the Louisville & Nashville road held meet
ing for reorganization this afternoon. About
twenty-five stockholders were present. ma
jority OF the total stock being represented.
The first business was the reading of the an
nual report. The following figures are taken
from the presidents report: Mortgage debt
outstanding June 80, 1000, 712, against
S57, 1882, 200 at the last report. The capital
stock consists of 251 100000 outstanding
listed stock and 5000, 900 treasury stock un-
listed Floating debt So, 346, Ill, against
81, 13S, 94S last year. Earnings of the road
for the year SI4, 351, ,092, against s13, 234, 916
last year Operating expenses So, S23, 1S2,
leaving net earnings of S., 527, 80. Net in
come for the year 81, 125, 1886, against an out
lay of 81, ,26O,24 The reports were adopted.
The following resolutions were adopted:
WHEREAS, The stockholders of the COM
pany at the regular annual meeting in Oc-
tober, 1882, increased the capital stock of
the company by an amount sufficient to
make the capital strock $50, 900, 900 in stock,
authorized and directed the board of direc-
tors to take steps to issue and at their dis
cretion dispose of such increase in
such manner as they might deem
for the best interest of the company, but no
disposition thereof TO be made at less than
the market price, and all said increase or ad-
ditional stock has been sold excepting 50,-
coo shares at $5,0OO,000, which said shares
have not been listed at the New York Stock
exchange, nor sold, but now remain the
property of the company, and,
addition to thiS pQn-
pany's bonded Indebtedness, it is largely in
debted, in the aggregate amount about s4,
S35, 600, and it has no money in
hand nor any adequate mode of
raising money TO pay said last named in
| debtedness, except by the issue and sale of
its negotiable bonds, to be secured by mort
gage upon property and the sale of said
sc, 600 shares of unlisted capital stock, being
the unsold portion of the increase, and the
president and directors have decided that the
company issue and sell negotiable bonds to
the amount of So, 00,000 in the aggregate,
and to insure their payment to execute and
deliver mortgage upon its property in
Tennessee and Kentucky, excepting its lines
from Louisville to Lexington and from La
grange TO Newport, and Cincinnati bridge
and Cecilia and Richmond bran ches, which
action is hereby approved.
ReSolred, That the president and directors
be hereby authorized and requested to issuer
and sell said bonds or borrow money or
pledge thereof said bonds, secured by mort
gage, and 10 pledge for the company's in
debtedness or for future loans said 30, 900
shares of unlisted stock, and that the presi-
dent and directors are further authorized to
sell $4,000 shares at such prices and upon
such terms as they may deem best for the in
| terests of the company, with like authority to
make any agreements for guarantees or
financial aid, or to make a combined sale of
the stock and bonds, or a sale Of the bonds
by themselves and the stock by itself