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Bw Green Wednesday Feby 6/62 |
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To Genl A S Johnston |
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The undersigned would respectfully represent that they
are as shown by the accompanying certified statement the duly
elected & serving Comrs of Logan County, holding $300,000, and
proxies for $100,000 private stock held & owned by individuals of
said county in the Memphis Branch Rail Road
{of the Louisville & Nashville RR}, extending from Bow{ling}
Green to Ky State Line & as such, in the absence of the regular
controll, we feel that we are the only representatives of the
proprietors, & entitled to the controll & management of the Road.
The $400,000 stock thus represented by us is all of the stock
in said Branch proper, owned & held within the Confederate lines, &
all total, save $300,000 held by the city of Hainesville,
subscribed & paid in its corporate capacity. There is upon the
property & franchise of the Branch above to $300,000 Mortgage
debt bearing 7% interest, represented by bond of $1,000 each. One
half about of which ??e debt, say $150,000, was purchased by & is
held by citizens of Logan County, $56,000 this past Novr/61 interest
upon that 150 Bonds is now over-due since Novt 1st past. A like am't
is also due 1st May next. By the terms of the Mortgage of record in
the counties through which the Road runs, in default of payment of
interest for 60 days upon application of any bond-holder the
Mortgage may be foreclosed & the Road & its rights sold to meet it.
To the extent that this interest is permitted to accumulate by
non-payment, the rights & interests of stockholders are impaired. |
| When the Mortgage debt is discharged the
Road is the property alone of the stockholders whom we
represent. We desire control of the Road that we may best administer
it for its liabilities & the stockholders to whom it belongs. |
| We feel it but just to pay the interest
upon the Bonds held by our citizens & to apply as may be deemed
best, any surplus earnings, either to payment of Mortgage Bonds or
dividends to the shareholders. |
| Appointment of Mr Fleece as
Superintendent was made by Genl Buckner to last until the
stockholders could organize & take possession of the Road as he
invited them to do. |
| The request that you by Special order
place us as Com's of Logan County in possession of the Road
and its property & whatever money it may have made to this date. |
| If preferred it will be at all times our
pleasure to confer with you on the appointment of a Sup't, & in the
management & operation of the Road. In order to secure your decision
we have concluded to remain on Bw Green until 3 1/2 Oclk, at which
time we hope to receive it. |
| Rauk H. Caldwell |
| Robt Browder |
| John H. Wood Comrs |
| PS |
| It affords us great pleasure to endorse the able
management of the present Sup't G B Fleece Esq & hope if we are
placed in charge of it as we request to be able to retain him
in that position. |
| Rauk H. Caldwell |
| Robt Browder |
| John H. Wood |
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