The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1855-03-09


in doing this, he was not pretending, as we
understood him, either in words or figures,
to give the financial condition of the CON-
pany. We presume his reason for this was
that stockholders might better understand
how to appreciate the clamors of such as were
finding fault with the salaries paid these Of
hcers-a matter, if the President had been
Of our mind, he would not have given any
attention to, as the history of the enter
prise, from its inception to the present time,
proves that there are some men determined
to object to every movement and measure,
no matter how wisely conceived or how ju-
diciously carried out. But the figures in the
report now published will place misrepresen-
tation beyond the power of the caviler, and
show that if the stockholders had seen pro.
per to adopt the Presidents suggestion, it
would not have required any very great de-
gree of financial skill on the part of that Of
iicer to have carried out such an order.
The honesty and firmness of the President
and Directors in doing simple justice to Ger.
tain stockholders seems to have greatly ruff.
fed the temper and disturbed the equanimity
Of certain gentlemen whom, we suppose, had
no stock on which to claim dividends. We
ask the attention of the last while we brief.
y recapituate the facts, MS we have no doubt
we can edify them considerably. The char
ter of the Company provided that the road
should be considered rs complete and finish
ed when built to the South bank of the Ten
nessee river This was mplished-Bount
county made laudaLle effort to draw an ex.
tension of the road through her borders, to
connect at Knoxville, or elsewhere, with the
East Tennessee and Virginia Railroad. The
result was Legislation that allowed this Com.
pany to take choice as to routes-both sides
of the river proposing partnership. The
Company decided in favor of the route North
of the Tennessee, and took into partnership
new stockholders. Now, in the name of JUS
tice, who ever supposed that any OF these
new stockholders would ever set up claim
to any portion of the earnings of the old
Company: or by what rule Of equity is such
a claim now urged! Assuredy the original
shareholders were the lawful and only own
ers of the track from Dalton to Loudon, and
alone entitled to the profits. But this is not
all. The subscription gotten up on the part
of the new stockholders provided that ii was
roid unless the amount of two hundred
thousand dollars was subscribed. The effort
was a dead faiure-only about one hundred
and fifty thousand dollars of reliable stock
being subscribed. The old Company, by
their Directors, relieved the new subscr bers
from their difficulty by subscribing fifty thou.
sand dollars of stock on their list, payable
only ,ohen the subscriptions North of the Ten
nsssee had been paid up in full and expended.
This ACT was not only gratutous and liberal,
but more: At subsequent meeting-Janu-
airy, 1854, we believe-this same Directory,
waving the proviso or restriction, ordered
this fifty thousand dollars to be placed to the
credit of the President, to be used MS he
thought best in prosecuting the work North
Of the Tennessee river, which was DONE
Now are not these old stockholders entitled
to some showing for this fifty thousand in
some way! They are new stockholders to
that extent, and aside from the earnings out
of which this money was paid being Justly |
and legally theirs, it is surely their right to
have some evidence Of this stock They have |
the right to demand their earnings to the last
dollar in cash, yet they have permitted the |
funds TO be used for the extension of the road |
And now row is sought 10 be kicked up |
because the President recommends and the
Directory order the dividend of $500 to the
share each to be paid in stock, not only to
these men, but 10 ALL OTHERS ,cho ,oiH aid the |
extension Of The road 10 KNOXVILLE bv pau
ing up in full.
Can it be possible that II is Knoxville that
is driving at this game' Is it some of the
old JOINT stock company who are thus throw.
ing their cold and fatal embrace around the
"Standard," and using its columns to subserve
their private ends and crafty their spleenl-
We hope we are mistaken; yet it is strange,
passing strange, tina. the only two roads
Knoxville has any prospect of having the
benefit of for many, many years to come
the East Tennessee and Georgia and the
East Tennessee and Virginia-receive neither
aid or comfort from that quarter-on the
contrary, their only opposition comes from
thence. What is to be accomplished by such
n course-what object is had in view! Are
your pets, the Rawbone Gap and the Ken.
lucky enterprise in doubtful condition, es-
pecially the former, and is il desirable Just
at this time TO rase the cry of ''stop thiefT
We certainly have no disposition to en-
courage n controversy that, If continued,
must necessarily result in revival of all
the prejudices and bad feelings towards
Knoxville, which existed n few years ago,
and which were engendered by the system
of opposition and fault-fnding pursued by
few men at that place. Unless we are badly
mistaken, these same men are at work again,
misrepresenting, and endeavoring to create
difficulties and troubles, at a time when har.
mony and good feeling are desirable. Now
if they think they can make such A course