NP, GD 11/22/1877

From the Gainesville (Miss.) Dispatch
November 22, 1877
The Railroad Muddle
Mr. Editor,
   To save much time and temper, I submit to you the following facts, and data: The original stockholders of the M. G. & T. R. R. Co. {Mississippi, Gainesville & Tuscaloosa RR}, after expending $121,000.00, on the road bed, found themselves utterly powerless to raise any more funds on stock. In this emergency, the stockholders had a meeting, and resolved to mortgage the road bed and issue bonds to the amount of $100,000 to raise funds to iron the road and buy rolling stock. The bonds were sold at par, and mostly in this community; the M. & O. R. R. taking $30,000. This fund only went far enough to buy the iron and cross ties, and lay down the same, and left us without rolling stock. This we borrowed from the M. & O. R. R. {Mobile & Ohio RR} until after the war, when we purchased two engines and  number of cars from the government.
One of the Original Stockholders