Semi-weekly south Kentuckian. [volume] (Hopkinsville, Ky.) 1883-1889, 1886-08-24
GAINESVILLE.
THE AGONY OVER AND EVERY.
BODY HAPPY.
Terms Of Mr.. Gordon's Contract
With the Louisville &
Nashville.

GAINESVILLE, Aug 90 Special.
The agony is over. The railroad
middle was settled to-day in accor-
dance with Maj. Gordon's contract
with the Louisville & Nashville.
This might have been done five days
ago without so much excitement and
painful suspense bad the Louisville
" Nashville people come to terms.
One case was set for hearing to-day
in the Federal Court, and il was very
clear that The citizens would estab-
lish their title, being the only stock
holders who had paid anything for
the building of the road. The citi-
zens saw the sham in the contract
with Gordon was worthless 10 them
unless some stipulations were made
by contract with the subscribers, and
after suits were withdrawn the whole
thing might be cvaded.
The following is that portion of the
contract between Maj Gordon and
the Louisville Il Nashville which
provides for the interest of the local
subscribers. Gordon is the party of
the first part aud the Louisville 81
Nashville Railroad Company party
of the second part:
The party OF the second part here
by agrees with the party of the first
part that the party of the second part
will and il does hereby appropriate
$4,000 to purchase and pay for the
transfer aud assignments of the
rights, titles and interests of certain
subscribers to the first mortgage con-
struction bonds of said Indiana, Ala
bama 81 Texas Railroad Company.
under a certain contract dated the
18th day Of March, 1883, by and be-
tween said company and said sub
scribers. Each of said subscribers
who has made any payment or pay
ments under aud by virtue of said
contract of March -, 1883, aud who
shall procure from ID. N. Kennedy
trustee under said contract. certiii-
cate showing the amount paid by
such subscribers and shall execute
in due legal form an assignment or
transfer, transferring and conveying
to the second party all the right, title
aud interest Of such subscribers In
and to the bonds and stock of said
Indiana, Alabama Il Texas Railroad
Company referred to in said contract /;
then the said Kennedy, trustee, may,
upon attaching said approved certif-
cate aud said transfer or assignment
TO the draft, draw draft in favor of
such subscribers upon The second
party at sight and the second party
hereby agrees to promptly pay all
such drafts as may be drawn by Oct.
|, 1886, and as many TO not exceed in
the aggregate said $4,000. But the
liability Of the said second party I'M
der this clause is not in any event to
exceed $4,000 in the aggregate and
Is to become utterly void on aud af-
Ter Oct. |, 1886. The party of the
second part guaranteestlat the guagc
Of the Indiana, Alabama Il Texas
Railroad shall be changed TO a stand
ard guage and that the road shall be
as far as Cerulcan Springs
and that another road either the en-
tension of the Indiana, Alabama Il
Texas Railroad Company, or road
10 he owned by said West Kentucky
Y Tennessee Railroad Company shall
build from Ccrulean Springs to
Princeton, ali of which said second
party guarantees shall be done by
IAN. 1883, and that work shall he
begun at once and diligently prose-
Gated with the inteniiont0 complete
Inc road to Princeton by July |, 1887.
1t ia furthermore understood that
said party of the first part in liquida-
ing the debts Of the Indiana, Ala
hama Il Texas Railroad Company,
except TO an amount not exceeding
10000, distributed among right of
way claims and other small sundry
lebts; and the said part yof the
first part hereby guarantees that all
icbts of said company over and above
the sand sum of $4,000 he will pay
and liquidate.'
At a meeting of the Citizens Com
nitiee with Capt. Gracoy, Mr.. Bax-
er and others held to-day, it was
agreed that the stipulaiions of this
contract be entered ON the records of
The Chancery Court asa consent de-
rec, and thersupon the injunction
restraining the new company from
aking possession of the road be with
lrawn, and all other such pertaining
o the Indiana, Alabama a. Texas,
including that in the Federal Court
De stopped.
a meeting was held at the court
house tonight to ratify the contract,
John i. Couts was chairman. Mr..
John Hurst, chairman of the Sub.
'cribers' Committee. reported the set
lement as above, and requested that
Ill beneticiaries pay their proportion
If the expense, which amounts to
about | per cent ofthe amount paid
N, about $4,000, Subscribers will
,a', Oh inc trustee, hon: ID. N. Ken
ieoy' present receiver Tor subscrip-
ions Paiu III, ana draw adrait on the
L' a. ~;
Mr. hurst stated that the SUIT filed
y the citizens Drought these terms.
W W ith9nt suits they would have lost
III: ne ulu hos pane uoruon' lie
lad done good thlng.