The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-11-14

Cutb l1lO CAlOnblOtl III bllC
con that the stockholders at their
meeting last year
FORMALLY AUTHORIZED THE STOCK.
HOLDERS
to proceed to make the extension
whenever they say proper. That au-
thority was given by the following
resolutions, which were adopted by
the meeting which was held one year
ago.
Col. McGhee offered the following
resolutions and stated that the time
was drawing near when it would be q
matter OF absolute necessity to build
the road from Stevenson TO Chaita-
nooga, and therefore presented these
resolutions, which were read, and on
motion, unanimously adopted:
Resolved, That for the purpose OF
raising the moneys necessary to fully
equip its road with motive power and
rolling stock, pay of it's floating debt
and complete lt1 road from Stevenson,
Ala, to Chattanooga, Tenn, the di-
rectors of this company are hereby au-
| thorzed, in their discretion, to iesue
the 6 per cent. coupon bonds OF this
company to an amount not exceeding
two and half million dollars, payable
thirty years after date, interest paya-
BILE semi-annuallY; and secure the
same by the execution OF mortgage
upon all the company's property, con-
tanning such terms and provisions as
| they may agree upon.
RESOLVED, That under this resolution
said directors shall have the power
and authority in their discretion to
cancel the mortgage which was au.
thorizsd by q resolution of the annual
meeting of the stockholders in No
vember, 1888, and retire the bonds Be-
cured thereby; and shall also have
authority to use the proceeds of the
bonds authorized for the purpose ex.
pressed in the resolution passed at
said annual Meeting in 1888.
RefolUd, That of the bonds hereby
authorized to b. issued as many may
be used as NAV be necessary to pay of
this Company's fl aliug indebt dusss
and pay fer equipment already pur-
Ghost d or contracted fer, but not TO
exceed $1,000 600; the remainder
thereof are to be Issued for the pur-
pose OF extending the road from
Stevenson to Chattanooga, and then
only as they may be needed for
the building OF such extension and ss
the work progresses, and equipping
the same when completed.
The stockholders yesterday inform.
ally discussed these resolutions, and
their action
AGAIN RATIFIED THEM,
and under this authority the directors
can proceed with the extension at any
time. The majority Of the directors
are favorable TO the extension, and the
ELECTION OF A CHATTANOOGA MAN
as a member OF the board SETS at rest
all further doubt as to the matter. All
surveys have already been made, and
the route has been located. The board
Of directors will meet in New York in
few days to organize, and it will then
doubtless be decided TO
BEGIN THE WORK AT ONCE.
The organization OF the Trust Com
pany, details Of which ere given BE-
| low, looks very much as II this organi-
cation ia made to negotiate the new
bonds Of the company and put 1t on a
thoroughly sound basis for pushing
this work vigorously. The company
now pays the Nashville and Ohatts.
noopa railroad 100000 per year for the
use of its tracks from Stevenson To
Chattanooga. This is 6 per cent. on
| 81, 100000. The extension can be
made for a less figure, and will make
the road thoroughly independent. II
looks very much like Jay Gould il
about to
MAKE AN ALLIANCE
with the East Tennessee system al
Memphis. This will increase the
necessity for the extension and will
give Chattanooga an entirely indie
pendent connection with the West
and cause the expenditure of nearly
| ST. 600, 900 in and about our city in the
next eighteen months.