| From the Gainesville (Miss.) Dispatch |
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| November 22, 1877 |
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| 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 |
|