Savannah morning news. [volume] (Savannah) 1868-1887, 1884-10-02
l. & Ms. STOCKHOLDERS.
$5,OOO.OOO IN UNLISTED BONDS
To BE PUT ON THE MARKET.

An Increase in the Earnings During the
Near-@o'S46,1Ii the Floating Indebt-
edness-The Operating Expenses ss,-
SsS,SS2, Leaving the Net Earnings
S5,0e5,3IO-A Majority or the stock
Represented.
LOUISVILLE, Oct. 1.-The stockh0Iders
Of the Louisville and Nashville Railroad
Company held a meeting for the purpose,
OF reorganization this evening. About
twenty-five stockholders were present. a
majority of the total stock being repre-
sented. The first business was the read
ing of the annual reports Of the President
and Secretary. The following facts and
figures are taken from President Smiths
report Mortgage debt outstanding Jnne
80, 1884, S51 $50, 7l2. and in August ST.. .a03
80. At the last report the capItaI stock az
the company consisted of S95.O00. 900 IN
outstanding line stock, and S.. coo. coo In
treasury stock unlisted. The floating
debt is S5,546, Ill against 50, ,13S. .94S on the
corresponding date in 1888. The earnings
of the road for the year were Si4.S5t .O02
against Sl4, ,9l6 for the preceding wear.
The operating expenses were Ss.S23. .7S2.
leaving the net earnings $6,527,3lO. The
reports were adopted.
THE RESOLUTIONS.
The following resolutions were uuani-
mously adopted:
WHEREAS, The stockholders Of tho comnang
at lts regular annual meeting in October. 1883.
by virtue OF the authority conferred nv
amendments to its charter, increased the can
tai stock OF the company bv an amount su1
hclent TO make the whole capital stock $40
O09,0O, and authorized and directed the hoard
OF directors TO take steps TO issue and at their.
discretion, from time 20 time dispose OF sueh
increase upon such terms and in such manner.
rs they might deem for the best interest OF the
company, but no disposition thereof to be
made at less than the market price at the
time OF the sale thereof and all said increase
or additional stock has been sold eXcept Ia. GOO
shares or S5,O0O,000 in amount thereof which
SAID shares rave not been listed at the New
York stock Exchange nor sold. but now re-
main the property OF the company; and
WHEREAS, In addition TO this company's
bonded Indebtedness it is largely indebted in
the aggregate amount Of 81, i,S35, 000 and II has
not money on hand nor any mode of raising
money TO pay said named Indebtedness eNccpf
by the issue and sale of its negotiable bonds 10
DC secured by a mortgage upon It's property
and the sale of said 5000, 900 shares OF mn
listed capital stock, being the unsold portion
OF the increase, and the President and direc.
tors nave, IN pursuance of their lawful au-
thority, decided that the company shall issne
and sell negotiable bonds TO the amount of
S5,0OO,OOJ IN the aggregate, and To secure their
payment To execute and deliver MORTGAGE
upon Its railroads and other property IN
Tennessee and Kentucky, executing its lines
from Louisville TO Lexington and from
La1irange.to Newport and Cincinnati bridge.
ana the Cecilia and Richmond branches
which action Of the President and directors Ia
hereby approved, 1t is therefore
ResoJCed, That the President and directors
are hereby authorized and requested to issue
and sell said bonds or borrow money on the
pledge thereof, said bonds to be secured a.
aforesaid by the mortgage of the property
aforesaid, and TO pledge for the company,sin-
debtedness or future bonds said S., ,0OO. 600
shares OF unlisted stock, and that the Presi-
dent and directors are further fully author
lied TO cell said S5,000.000 shares OF stock at
such price and upon such terms as in their
discretion and Judgment they may deem best
for the interests of the company, with like au-
thority to make in their discretion any agree-
ments for guarantees or financial aid. or To
make a combined sale of stock and bonds, or
sale OF bonds by themselves and stock by itself.