Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-10-02
Louisv,i,c ana Nnshy,Ire Railroad

iliy Telegraph 20 the Dispatch.
LOUISVILLE, KY, October 1.-The stock
noldcfs OF the Louisville and Nashville
railroad Company held meeting for the
purpose OF reorganization thi, afternoon.
Ahout twenty-five stockholders were pre-.
SENT the majority Of the total stock being
represented. The first business was the
fesolnS OF the annual reports OF the
president and secretary. The following
iacts ana figures are taken from President
smuhs report: Mortgage debt outstand.
Ing june 80. 1884, 2j7 .5S0.7l2, ,.ganst
SoI,yc3,230 ut last report. The capital
stock OF the company consists OF s2j,0oo,-
COO outstanding listed stock aud
s3.OCo,WO treasury stock unlisted. The
1oa,ing debt is e5,3lG.lli, against
s2.l3s,NS on the corresponding date N
1888. The earnings OF the road for the year
were sl4.3jl ,092, against Sl4, % 1915 for the
preceding wear The operating expenses
Tor the year were sS,s23,TS2; leaving the
net earnings at S5,j2T,3l0. The repor,s
were adopted.
The following resolution was unan.
mously adopted:
where's the stockholders OF the CON-
rany ut the regular annual meeting N Oc-
tober, 1882. by virtue OF the authority
charter, increased the capital .tock OF
the company by an amount suiii lent
10 make the whole capital stock $780,
OOO,OCO, and authorized and directed
the Board OF Directors to take steps
10 issue, and at their discretion. from time
TO time. TO dispose OF, such increase upon
such terms ana in :; eli manner rs they
might deem for the best interests OF the
company. but no deposition 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 j0,G0G shares or 100000
in the amount thereof, which said shares
have not been listed ut the New York
Stock Exchange nor sold, but now remain
tie properly OF The company; and whereas.
in addition TO this company's bonded in-
GebtedneSS il is largely indebted in the
aggregate amount OF Si,S3j 900. and It has
not money on band. nor any mode oi
raising the money, to pay the named
Indebtedness except 10y the issue aud
sale OF it, negotiable bonds 10 be secured
by mortgage upon property. ana the sale
Of the said %, 900 shares OF unlisted capital
stock being the unsold portion OF the in
crease. and the president aud directors have
10 Dur uance Of their lawful authority de-
ciGcd that the company shall issue and.
sell negotiable bonds 10 the amount OF
2jOC0.GO0 in the aggregate, aad t.
secure their payment TO execute and
and deliver a mortgage upon It's railroads
and other property in Tennessee and Ken
lucky, excepting lis lines from Louisville
TO Lexington and from Lagrange to New
port and Cincinnati bridge, and the Cecilia
and Richmond branches, which action Of
the PRESIDENT and directors is hereby APP
proved: 1t is therefore
RCSClrCd, That the president md dice
tors are hereby authorized and requested
TO issue and sell said bonds or borrow
money on the pledge thereof said bonds
10 be secured as aforesaid by the mortgage
Of the property Aforesaid. and to pledge for
the company >indebtcdneSs OF future bonds
lhe said $4,000 share, Of unlisted stock :;
and that the president and directors are
further fully authorized to sell the
said 10000 shares 81 stock nj such price
and upon snch terms As m their discretion
and judgment they may deem best for the
interests Of the company, with Ike author
~ to make in their discretion any agree
ments for guarantees or financial aid, or -
make combined sale Of the stock and
bonds. or sale OF bonds by themselves and
stock Iy ITSELF