The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1889-04-06
THE I.C. GETS THE NJ d I.
I'M consolidation Ratified BY the
stockholders.
An Attempt to EDjOin the Deal.
,up r.. ST. L, G. N. AND NJ. & r. ARE
TINTED AND BECOME PART or THE
ILLINOIS cE>TRAL sYsTEM-$,-
100000 BOMBS TO BE ISSUED.
Memphis Avalanche, March so.

3Nlsmphls Avalanche, March so.
Yesterday afternoon in the Office o
he kllinois Central and Mississippi ano
Tennessee Railroads, No. 303 Mair
Street, the stockholders OF the NJ. q I
Road ratified the action of the directors
ii consolidating with the Chicago, st
Touis and New Orleans Railroad unde'
he acts of Mississippi and Tennessee.
After the consolidation the stockhold
rs of the consolidated company met
nd authorized the issuance of 4 pei
eat bonds to the amount of $500, ,O0O
|n the Mississippi and Tennessee road.
lso lease on the Mississippi a d
Tennessee Railroad to the Illinois Cen>
: raj tor the balance of the term for
Ehieh the Chicago, st. Louis and New
Orleans road is leased, which is 400 years
kom 1882.
"a TIE Illinois Central Railroad Compa-
undertakes as lessee of both the
her roads to guarantee both principal
ID interest of the bonds, thereby put
ng the Mississippi and Tennessee ses
brities at par
The road from Memphis to Grenada
~ Il continue urder the present manage
\ lent, and be known as the Memphis
jvision of the Illinois Central.
E#There were present at the meeting
esterday, Mr.. z, H. Hartman of New
brk, president Of the Mississippi and
epnessee; Mr.. A. G. Hacks aft of New
/ brk, secretary of the Illinois Central !;
S. B. McConnico of New Orleans,
peral agent of the Chicago, st, Louis
/ Ii New Orleans; Mr.. r. S. Charles OF
I W Orleans, local treasurer of the
/ icago, St. Louis and New Orleans; Mr..
7 hn G. Mannbf New Orleans, super
tendent of the Chicago, St, Louis ana
4 Pw Orleans; Judge Jas. Fentress of
Pw Orleans, general solicitor for the
iuois Central; Mr.. R N. Sedge of
mo, Miss, and Maj. NJ. Burke and
J. G, F. Vance of Memphis.
The gentlemen present represented
'1375, 100 in the stock of the Mississippi
Tennessee Railroad, and $10,00OO,000
the stock of the Chicago, St Louis &
ew Orleans Railroad.
|&The ratification and resolutions in re-
krd to the lease and assurance of bonds
t with the unanimous approval OF the
teting.
An attempt was made by the owners
( S$4650 Of stock in the Mississippi &
( nnessee Railroad to prevent by extra
{ mary process from the chancery court
I ratification of the consolidation, but
{ chancellor declined to grant the in>
bction upon the defendeus's entering
{ 10 bonds for $4,000, conditioned that
y will pay damages if awarded the
Rl of the suit upon ite merits.
n The petition for the injunction was
4 by Simon Borg &iCo. of New York
~ Edward Goldsmith of Memphis.
nplainants recite that they own stock
The Mississippi & Tennessee Railroad
Gimon Borg & Co; sixty,fve shares of
value of $50 each, and that Edward
idsmith owns twentySsix shares. The
ire capital stock of the Mississippi &
bneSsee is 1926, 1886. The directors of
railroad are Stuyvesant Fish, z. II.
rriman, John Antbon. P. F. Webster,
liter Luttgen, and S. V. Il. Cruger OF
w York aud N. r, Sledge, G. F, Vance
Michael Burke of Memphis.
Fhey charge that the Chicago, St Louis
New Orleans Railroad is operated un-
the Illinois Central system, and that
Illinois Central Railroad Company
chased several years ago a majority
he stock of The Mississippi & Ten
bee Railroad Company aud has by
Wing it-which complainants claim is
III gal-controlled the latter road.
he three railroads have the same set
irectors, with the exception of N. R
ge, G. F, Vance and NJ. Burke of the
sissippi Il Tennessee, and orators
Fge that they are directors merely to
the road legal status in Tennessee,
N March Z, by order of the directors
DE said railroads, the stockholders OF
Mississippi & Tennessee Railroad met
Grenada for the purpose of merging
Mississippi & Tennessee into the
cago, St Louis and New Orleans
road.
he Illinois Central Railroad, owning
ajority of the stock, passed the res
lion and ordered that the Mississippi
ennessee Railroad he mortgaged fol
100 600.
he meeting was adjourned to Mem
!. Tenn. where they were to assemble
March 30 and ratify the action of the
her meeting.
eomplainants hold that one rai!roaC
hpany cannot hold and vote stock il
ther railroad company, and claim ths
consolidation was a scheme of thu
hois Central Railroad Company tt
roy the interests Of minority stock
aers in the Mississippi & Tennessee.
he effect or the consolidation is II
Re the Illinois Central a Memphi.
in name, as 1t has been in fact eve
. the junction was made at Grenada
o., with the Mississippi & Tennessee
lioad.
'irst class Texas horses from IA to Il
nla h;ub for sala by i r. MOrpan a