Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1868-08-21

was agitated, the stock of the Va. L. Tenn
Railroad was worth from 80 TO 80 cents ia
the dollar. When the subject OF consolida-
ton was being urged upon the stockholders
Of the We. & Tenn. Railroad, and before the
Legislature, IL was asserted, persisiently as
serted, that consolidation would greatly en-
hdnce the value Of the stock 9f the road.
What was the RESULT
Upon the election Of General Malone as
President Of the Va S Tenn. II. r. Com
pany, which eleclio1 was claimed ty his
friends as a virtual installation of the oa1s
in question, the cock Of the road ran doom
to FIFTEEN DoLl ier share. What was
the cause Of the az declinef
We give our opa.4on and answer II was
the want of confidence in Gen. Mahones
ability to manage the road on the part of
capitalists or, it was purpose ON the part
of the friends Of consolidation to destroy I've
value Of the stock, and buy it up at a no nj
nal price, and thus perpetuate their control
of the road. Either horn of the dilemma
may be taken.
We merely allude TO the subject TO elicit
the attention Of the stockholders Of the Va
& Tenn, r. r. Co.-Abingdon VirgiRidR.
We clip the above from the Abingdon
Virgiaian, and we behold in it evidence
positive that the auti.consolidatiou party
are whetting their blades Tor another
contest for possession of the va. & Tenn.
Railroad. We had really hoped that
the triumphant administration of Gen.
Malone, incomplete in its development
though it be, had already satisfied every
reasonable mind, and that heneeforth
those who could not assent to the theory
of consolidation would eheerfully &C,
knowledge its practical workings as
success. We should be pleased to work
in harmony with our neighbor on all
questions of public policy, but if the
battle of consolidation is to be rcfought,
we must make up our minds to be found
on opposite sides, and we are certainly
content that while it pIeases him to rep
resent the past administration, VIC shall
be among those who represent the pres
ent one. We engage to meet the issue.
We deny the answer of the Virgiai0a
to its own query, add hence deny the
dilemma. We maintain that any de-
cline in the price of the stock was due
to the revolutionary action of part of
the opposition, who Boosted openly that
if Gen. Malone was elected, he would
neUer run The road. This boast was
followed by military odict, to the effect
that his election would not be permitted.
After the election of Gen. Malone,
some of them cried " Never, never to
his proposition for union of effort, and
went home Boosting that they would use
their influence to have the road sued on
every dollar it owed; and when, finally,
the road was turned over to tue manage
ment of the new president, it had rot
wood enough to run the trains for thirty
days, and that wood was green and unfit
for use. Coal had to be procured at
Clinton, Tenn, and mixed with it before
1t could be rendered efficient. We
charge, too, that the exhibit made of the
condition of the road aud the finances
misled the public in making an estimate
of its real condition Witness the
following, which we copy from the re-
port Of President Owen, Oct, 4, 1867 (:
"DuriNg the past year Seventy miles
ott the road have been ballas'ed with
broken stone, Que foot deep, aving nov
about twenty-five miles to be bAllasted."
This would have made one of the
finest road beds on the continent. 1t
was an item of intelligence of which
even we felt proud Judge Of the dis,
appointment of the stockholders when
they looked and found 1t not. In the
report for November IL, 1867, the float
ing debt of the company is shown to be
$500, 297.37, of which sum SD 800
ais due to individual, hands, &c.' Now
we have high authority for stating THAI,
besides the amount due at the las
change of its administration in the shape
of unpaid interest on bonds, the roaC
was actually left in debt TO the tune o
1901, 900, and OF this enormous amoun
over Sl2l 90 STOOD in the form Of pay
masters checks for labor running as ial
back as May, 1865. Yet, at the close
of the war they were in debt, as shown
by their own books, only about $4,000
Now between this last report and our
understanding Of tho state of affairs wher
the road actually changed hands, ther,
is a discrepancy 30 large as to be detu
mental to tue claim for executive ability
as set up by its friends for the part,
opposed to consolidation.
How much lower future developments
may run the stock Of the road, we shall
no, now speculate upon. For the pres
ent we desist and If, in attempting to
state facts, we have erred to the detri.
ment ofS1y party, we ask our ueighbor
10 correct us
THE death of ThaG lers Stevens is an
event which excitos more reflection than